Virginia Economic Development Incentive Grant
The Virginia Economic Development Incentive Grant (VEDIG) is a discretionary performance incentive, designed to assist and encourage companies to invest and create new employment opportunities by locating significant headquarters, administrative or service sector operations in Virginia. Selected companies must meet the following eligibility requirements:
A company locating in Montgomery County-Blacksburg-Christiansburg must:
- Create 200 new full-time jobs with average salaries at least 50 percent greater than the local prevailing average wage; and
- Make a capital investment of at least $6,500 per job
- The company is not currently participating in another Virginia performance grant program
The performance 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. VEDIG grants are paid in five equal annual installments, beginning in the third year after the capital investment and job creation are completed. 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