The Virginia Small Business Financing Authority (VSBFA) is the Commonwealth of Virginia’s business and economic development financing arm.

VSBFA provides businesses and localities with debt financing resources for economic development projects and other small business and entrepreneurial financing needs. VSBFA’s definition of “small business” is $10 million or less in annual revenues over each of the last three years, or a gross net worth less than $2 million; or 250 employees or fewer in Virginia; or qualification as a 501(c)(3) nonprofit entity.

The Rail Industrial Access (RIA) program provides funds to construct railroad tracks for new or substantially expanded industrial and commercial projects having a positive impact on economic development in Virginia.

The Economic Development Access (EDA) program is a state-funded incentive to assist localities in providing adequate road access to new and expanding manufacturing and processing companies, research and development facilities, distribution centers, regional service centers, corporate headquarters, and other basic employers with at least 51% of the company’s revenue generated from outside the Commonwealth. EDA is administered by the Virginia Department of Transportation (VDOT).

The Virginia Investment Performance Grant (VIP) encourages continued capital investment by existing Virginia companies, resulting in added capacity, modernization, increased productivity, or the creation, development, and utilization of advanced technology. The program targets existing manufacturers or research and development services supporting manufacturing. There must be an active and realistic competition between Virginia and another state or country for attracting the project, and matching local financial participation is expected.

The Virginia Economic Development Incentive Grant program (VEDIG) assists and encourages companies to invest and create new employment opportunities by locating significant headquarters, administrative, or service sector operations in Virginia. There must be an active and realistic competition between Virginia and another state or country for attracting the project.

The Port of Virginia Economic and Infrastructure Development Grant (EID Grant) is designed to incentivize companies to locate new maritime-related employment centers or expand existing centers to encourage growth of facilitate cargo growth at The Port of Virginia. EID Grants are administered by the Virginia Port Authority.

For additional program information, refer to Growth Incentive Grants.
 

The Commonwealth’s Development Opportunity Fund (COF) is a “deal-closing” fund to be employed at the Governor’s discretion to secure a company location or expansion in Virginia. Administered by the Virginia Economic Development Partnership (VEDP), the COF serves as a final resource for Virginia in the face of serious competition from other states or countries.

The COF grant is a negotiated amount determined by the Secretary of Commerce and Trade, based on the recommendation of VEDP, and subject to approval of the Governor.

AFID is a discretionary incentive to grow Virginia’s agriculture and forestry industries.

AFID grants are made to localities at the discretion of the Governor with the expectation that the grant will be critical to the success of a project, which will result in creation of new jobs and investment from companies that add value to Virginia-grown agriculture and forestry products.