​​​Economic Development Investment Program (EDIP) ​

Note: We are no longer accepting new applications at this time.

A purpose of the City Virginia Beach Development Authority is it to promote small business, and as such, this Part E of the EDIP is intended to allow the Authority to contribute to the economic health of the City and Commonwealth by providing small business assistance grants. 

Business Qualifications/Criteria

• Business with fewer than 250 employees;
• As of March 23, 2020, it has operated in the City of Virginia Beach for at least one year.
• It continues to operate during the Local Emergency, or was ordered closed by Governor Northam’s Executive Order 53 issued on March 23, 2020;
• The COVID-19 pandemic has caused a major disruption to the revenues of the business so that the business will be unable to continue generating sufficient revenue to make rent payments, utility payments, or to meet its other obligations without reducing the number of employees; and

• The business agrees that it will forestall any reduction in its workforce during the local emergency.
  

• Each Grant shall not exceed the lesser of (i) identified rent, utility, taxes, and other business expenses related to the COVID-19 Pandemic, or (ii) $10,000.