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Grants & Loans

Grants Opportunities

Governor’s Development Opportunity Fund Program
http://www.virginiaallies.org/assets/files/incentives/GOFGuidelines.pdf
 

  • The Governor’s Development Opportunity Fund (GOF) provides either grants or loans to localities to assist in the creation of new jobs and capital investment in accordance with criteria established by legislation. The statutory provisions for the GOF can be found at Section 2.2-115 of the Code of Virginia of 1950, as amended (the GOF Act).
  • Eligibility
    • General Eligibility Thresholds:
    • If the average annual wage is twice the prevailing average annual wage, the Governor may reduce the new jobs threshold to as low as 25.
    • The average annual wage for the new jobs must be at least equal to the prevailing average annual wage in the locality, excluding fringe benefits.
    • 25 new jobs / $100 million capital investment.
    • 50 new jobs / $5 million capital investment;
    • Eligibility Thresholds in Localities with Above-Average Unemployment or Above-Average Poverty:
      • If the average annual wage of the new jobs is less than 85% of the prevailing average annual wage, but the customary employee benefits are offered, the Governor may still award a grant or loan, but the Secretary of Commerce and Trade must furnish a written explanation to the Chairmen of the Senate Finance and House Appropriations Committees setting forth the urgent need to provide a grant or loan to that project
      • Jobs may pay below the prevailing average annual wage in the locality, but must pay at least 85% of such prevailing average annual wage.
      • 25 new jobs / $2.5 million capital investment.
      • For a locality with an unemployment rate for the most recent calendar year for which such data is available above the average statewide unemployment rate for that calendar year or with a poverty rate for the most recent calendar year for which such data is available above the statewide average poverty rate for that calendar year.
    • Eligibility Thresholds in Localities with Above-Average Unemployment and Above-Average Poverty:
      • If the average annual wage of the new jobs is less than 85% of the prevailing average annual wage, but the customary employee benefits are offered, the Governor may still award a grant or loan, but the Secretary of Commerce and Trade must furnish a written explanation to the Chairmen of the Senate Finance and House Appropriations Committees setting forth the urgent need to provide a grant or loan to that project.
      • Jobs may pay below the prevailing average annual wage in the locality, but must pay at least 85% of such prevailing average annual wage.
      • 15 new jobs / $1.5 million capital investment.
      • For a locality with an unemployment rate for the most recent calendar year for which such data is available above the average statewide unemployment rate for that calendar year and with a poverty rate for the most recent calendar year for which such data is available above the statewide average poverty rate for that calendar year.

Virginia Department of Housing and Community Development (VDHCD)

Community Development Block Grant Planning Grant
http://www.dhcd.virginia.gov/index.php/community-partnerships-dhcd/79-community-development-block-grant-cdbg-planning-grant.html

  • Funds may be utilized to
  • Assist in promoting awareness of potential CDBG eligible activities and gauging stakeholder interest.
  • Creating a management team of potential user groups to oversee the creation of a Telecommunications Plan.
  • Conduct surveying efforts to document the eligibility of future telecommunication planning and implementation efforts for CDBG funding.
  • Conduct informational and training programs.
  • Identify and procure professional assistance as necessary.
  • Funds for telecommunications implementation can only be accessed when there is a completed community-based telecommunications plan.
    • CDBG funds can only be used for open-access networks that support competition among providers
  • Available from January through September 2015 or until funds are depleted.
  • Eligibility:
  • Funding Amount:
    • Up to $30,000 per project is available for telecommunications planning
    • Although there is no requirement for local match, Planning Grants may or may not cover the full cost of all planning activities for future projects. Localities should expect to contribute resources to the planning process in order to develop a successful project.

Virginia Tobacco Indemnification and Community Revitalization Commission
http://www.tic.virginia.gov/overview.shtml

Economic Development Grant Program

  • Promote economic growth and development in tobacco-dependent communities in an equitable manner throughout the Southside and Southwest regions of the Commonwealth in order to assist such communities in reducing their dependency on tobacco and tobacco-related business.
  • Eligibility:
    • Local governments, economic development organizations, and IRS-designated nonprofits (funds that will ultimately benefit a private entity must have a public purpose and flow through a public or nonprofit grantee, based upon terms of a performance-based agreement).
  • Application Cycle:
    • Announced annually. The Commission staff reviews applications for feasibility and the potential to positively impact the regional economic base, then provides recommendations to the Commissioners serving on the respective program Committee. Committee recommendations are determined in public meetings and are then forwarded to the full Commission for final action at one of its quarterly meetings.

Loan Opportunities

Virginia Resources Authority
https://www.virginiaresources.gov/page/virginia-pooled-financing-program/

  • The Virginia Resources Authority provides innovative, cost-effective and sustainable financial solutions to build vibrant and healthy Virginia communities. Created by the General Assembly in 1984.
  • Will finance broadband infrastructure and equipment (wired and wireless).
  • VRA makes loans to counties, cities, towns, and authorities in several loan programs with the advantage of below market rates or credit enhancement.
  • VRA conducts a thorough credit review of each project and borrower in its loan programs and provides post closing monitoring of every loan.