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.

Incentives Options

Technology Zone Grants and Incentive Program

A 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: