​​​Economic Development Investment Program (EDIP) ​

​​​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. ​


    EDIP Application Process

    1

    Step 1

    Contact Virginia Beach Economic Development

    2

    Step 2

    Submit Application, Disclosure Statement, and Project Summary

    3

    Step 3

    Staff Review and Recommendation (2-3 days)

    4

    Step 4

    VBDA* Closed Session Briefing (monthly meetings)

    5

    Step 5

    VBDA Public Action (monthly meetings)

    6

    Step 6

    Submit Performance Documentation

    7

    Step 7

    Staff Review (up to 30 days)

    8

    Step 8

    Grant Disbursement

    *VBDA - Virginia Beach Development Authority

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