Virginia Investment Partnership Grant And Major Eligible Employer Grant
The Virginia Investment Partnership (VIP) Grant and the Major Eligible Employer Grant (MEE) are discretionary performance incentives designed to encourage continued capital investment by Virginia companies, resulting in added capacity, modernization, increased productivity, or the creation, development and utilization of advanced technology. The program is targeted at companies that have operated in Virginia for at least five years and propose projects that fall into one of the following two categories:
- VIP: A Virginia manufacturer, or research and development service supporting manufacturing, that makes a capitalized investment of at least $25 million while at least maintaining stable employment levels.
- MEE: A Virginia major basic employers (manufacturing and nonmanufacturing) that make a capitalized investment of at least $100 million and create at least 1,000 new jobs (a minimum of 400 jobs, if average pay is at least twice the area’s prevailing average wage).
The amount of each VIP and MEE grant is determined by the Secretary of Commerce and Trade, based in part on the Virginia Economic Development Partnership’s return on investment analysis and recommendation, and is subject to the approval of the Governor. VIP and MEE grants are paid in five equal annual installments. VIP grant installment payment begins in the third year after the capital investment and job creation or retention is achieved, or in the second year after if the company is locating in a fiscally distressed area of the state. MEE grant installment payments begin in the sixth year after the capital investment and job creation are achieved, or in the fourth year after if the company is locating in a fiscally distressed area of the Commonwealth.
Companies are required to execute a performance agreement before receipt of the grant to ensure that performance expectations are met. The project must not be publicly announced prior to award of a grant.
For additional information, including guidelines and application information, please contact:
Virginia Economic Development Partnership
Post Office Box 798
Richmond, Virginia 23218-0798
Questions? Contact us,
MCDED is here to help.
Montgomery County businesses can leverage a wide variety of programs that support their efforts to sustain and grow their business.
For more information, contact:
Montgomery County, VA
Economic Development Dept.
Call: (540) 382-5732