VIRGINIA BEACH, Va. (May 15, 2020) — The Virginia Beach Development Authority (VBDA) awarded an Economic Development Investment Program (EDIP) grant to Valkyrie Enterprises, Inc. Headquartered in Virginia Beach with locations in California, Washington, Florida and Washington, D.C., they provide engineering and related technical services and training to various commercial and governmental clients, including the Federal government and Department of Defense. The grant of $125,000 is based on the creation of 100 full-time equivalent (FTE) jobs in Virginia Beach, with average annual salaries of $75,000 or more.
"Valkyrie Enterprises epitomizes the real value of these grants," said Economic Development Director Taylor Adams. "It is an award-winning employee-owned firm based in Virginia Beach with seven other locations around the country that provides highly specialized and technical services to a wide variety of customers, including U.S. Fleet Forces Command, Norfolk Naval Shipyard and Naval Network Warfare Command, to name just a few. By investing modest funds to grow Valkyrie's footprint in Virginia Beach, we add the kind of high-paying jobs to our local economy we are always looking to support."
Founded in 2007, Valkyrie Enterprises now employs 202 people in Virginia Beach at its current location at 4460 Corporation Lane. It plans to accommodate its anticipated growth by relocating to 66,000 sq. ft. of leased space at 2877 Guardian Lane. Valkyrie Enterprises will add 100 jobs over the next 36 months in the areas of project management, engineering design and technical writing.
"After entering Valkyrie's 13th year in business and in Virginia Beach, I am reminded of the Helen Keller quote, 'Alone, we can do so little, together we can do so much', said Gary M. Lisota, president and CEO of Valkyrie Enterprises. "The city of Virginia Beach has been a supportive partner since the day I started this business. I am convinced an ingredient to our success is because of our headquarters' location and our municipality. The city itself is large enough to serve a defense contractor like us and small enough to really know us. I am excited to see our Virginia Beach company growth so aptly accommodated by the City's grant program. This sought-after metropolis furnished a home base to most of my employees while they were in uniform and now serves them as they wear the Valkyrie logo."
The City Council put the EDIP program in place more than 25 years ago to help qualifying companies with their growth needs. Economic Development Department staff work with potential award seekers to evaluate a business' potential to qualify for an award and the VBDA administers the program. Awards are not guaranteed. Criteria for awards is based on a number of factors, from the amount of capital investment and/or job creation over a 36-month period to whether the company will locate in the APZ-1 area or is among the City's target industry sectors.
For more information about the EDIP, visit https://www.yesvirginiabeach.com/Business-Environment/incentives/Pages/economic-development-investment-program.aspx