Incentives, Loans and Grants for New and Expanding Businesses
The City offers a variety of services to new and existing businesses, chiefly through the Department of Development. These include programs of financial, information and technical assistance. A successful Business Visitation Program keeps the Business Retention Coordinator in touch with local managers and CEOs through visits and roundtable events, to talk about ways that the City can help them succeed. Managers have a chance to find out about programs that the City offers and to discuss common concerns. The Development Department is ready to help new and expanding businesses select the right location in Newport News. The following are incentives available to new and expanding businesses:
Technology Zone Grants and Incentive ProgramA technology zone can be a valuable tool for the encouragement of new and expanding technology businesses in a locality. Virginia’s cities, counties, and towns have the ability to establish, by ordinance, one or more technology zones to attract growth in targeted industries. Establishment of a technology zone allows localities to create special incentives for qualified businesses locating or expanding operations in a zone. These incentives may include: a reduction of user and permit fees, local tax incentives, special zoning treatment, exemption from local ordinances or other incentives adopted by ordinance. Once a local technology zone has been established, incentives may be provided for up to 10 years. Each locality designs and administers its own program. The Newport News Economic Development Authority, through a funding agreement with the City of Newport News, will provide grants for qualifying projects meeting the following criteria:
- Provide engineering, professional or business services to the non-carbon-based energy development industry or to the shipbuilding industry;
- Design or development or technology-based products, processes or services for lease, sale or license;
- Other technological research and development.
- Perform a qualifying activity, which it has not previously performed in the City;
- Create at least 25 new positions engaged in the qualifying activity, paying an average annual salary of at least 150% of the prevailing wage for the City;
- Not transfer positions from an existing location in Hampton Roads to the Newport News location performing the qualifying activity.
- Business license tax abatement of 50% for a period of 10 years.