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Feb 24

Grant Opportunities for Businesses Located in Enterprise Zones

Posted on February 24, 2017 at 8:12 AM by Communications Department

One of the Newport News’ most important tools supporting business growth within the City is the Virginia Enterprise Zone Program. This program provides state and local incentives to both new and existing companies and commercial property owners who make improvements or create new jobs within an Enterprise Zone. Newport News’ two Enterprise Zones are enterprise zone_SCamong the most utilized zones in the state, and each year many Newport News businesses benefit from the program.

Property owners and businesses that are located in an Enterprise Zone and invested more than $100,000 in qualified real property improvements or created at least 4 new full-time jobs in 2016 may qualify for Virginia’s Real Property Investment Grant or Job Creation Grant, respectively. The application deadline for real property improvements completed and jobs created during calendar year 2016 is April 1, 2017, and the application portal is on the Virginia Department of Housing and Community Development’s website.

Local Enterprise Zone incentives are also available to businesses meeting certain investment and job creation criteria, depending upon location. For additional information about the parts of Newport News included within the Enterprise Zones, as well as the specific state and local incentives available to businesses, please visit the Newport News Department of Development’s website