The success of the city’s business retention and expansion programs and services is extremely important to the overall economic development efforts of the Virginia Beach Department of Economic Development. Seventy percent of the total business growth in Virginia Beach comes directly from existing businesses. Business expansion stimulates the local economy by increasing the number of jobs, payroll, production and new capital investment. The presence of strong existing businesses stabilizes and expands the local economy during downturns in the national economy.
The purpose of the retention, expansion and assistance program is to promote, retain and expedite the profitable growth of targeted existing businesses. The successful expansion of these companies increases the economic vitality of the community and increases the demand for products, goods, supplies, and services. Business growth is facilitated by the identification of economic development opportunities, removal of the barriers that hinder expansion, and providing the necessary financial and human resources. A proactive and aggressive contact and visitation program is the vehicle to accomplish these goals and objectives.