​​​Economic Development Investment Program (EDIP) ​


Economic Development Investment Program Part E Grant

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.

Economic Development Investment Program (EDIP)

The City's Economic Development Investment Program (EDIP) is a locally funded  discretionary incentive program available to assist qualifying companies with their growth needs in Virginia Beach. The Virginia Beach Development Authority (VBDA) has been administering this program on behalf of the City Council since 1994. The program may provide cash grants to eligible companies based on the average annual salary and number of new jobs created, and/or new capital investment made over a 36-month period or 48 months for APZ-1 awards.​

​EDIP Application Process​​​​​

Economic Development projects are presented for incentive consideration at the VBDA monthly meetings​. To ensure the project is submit​ted in a timely manner, contact the applicable business development manager​ to discuss project eligibility and to receive guidance on the required application process and financial documentation. ​


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 Application Process
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