The Commonwealth of Virginia announced that it is setting up four enterprise zones, also referred to as VEZ designations. The zones will be in Portsmouth, Winchester, Pulaski, Scott and Radford Counties.
This is handled by the Virginia Department of Housing and Community Development. This program supports job creation and private investment; it provides state and local incentives, such as the Job Creation grant and the Real Property Investment grant to businesses that qualify, and to investors that are in the zone.
Businesses can earn up to $200,000 during a five year period in Real Property Investment Grants. For Job Creation Grants, they can earn up to $800 per position per year over a five year period, depending on the wages offered. Since 1995, this program has supported more than $1 billion in investments and the creation of more than 40,000 jobs.