Virginia Enterprise Zone (VEZ)

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The Virginia Enterprise Zone (VEZ) program is a partnership between state and local government that encourages job creation and private investment. VEZ accomplishes this by designating Enterprise Zones throughout the state and providing two grant-based incentives, the Job Creation Grant (JCG) and the Real Property Investment Grant (RPIG), to qualified investors and job creators within those zones, while the locality provides local incentives.

For a list of zones, see the VEZ map

Announcements:

PROGRAM HIGHLIGHTS

  • Funding Allocation Revisions
    In an effort to prioritize job creation, Job Creation Grants will receive funding priority should grant request exceed available funds. In the event that grant requests exceed allocated funding, Real Property Investment Grants may be subject to proration.
  • Job Creation Grant Revisions
    The Virginia Enterprise Zone (VEZ) Job Creation Grant (JCG) has reduced the wage rate threshold for job grants in areas with unemployment rates that are equal to or more than one and one-half times the state average to 150 percent of the federal minimum wage or $10.88 to receive grants. High unemployment area zones authorized by this new provision are listed on the link below.

Wage Rate Threshold* Grant Per PFTE Eligible Businesses 
$10.88 $500 HUA Businesses
$12.69 $500 All Businesses
$14.50 $800 All Businesses

 

 

 

 

 

 

PARTNERS/INTERMEDIARIES

  • In addition to state incentives, each locality offers its own package of incentives tailored to their unique needs. To find out whether a business or real property is located within an enterprise zone, or to learn more about a specific zone’s local incentive package, see the contact list of Local Zone Administrators.