Are you in the zone? The Virginia Enterprise Zone, that is.
The Virginia Enterprise Zone (VEZ) is a partnership between the Department of Housing and Community Development (DHCD) and local governments to promote economic development through job creation and real property investment through the Job Creation Grant (JCG) and the Real Property Investment Grant (RPIG).
The benefits of being in the Norfolk Enterprise Zone (NEZ) are that it provides a business with the ability to leverage other available local, state, and federal programs. This enables and encourages private sector investment in targeted areas throughout the City of Norfolk. This program can help transformative projects come to realization.
We’re happy to announce that this year, five Norfolk businesses were a awarded a total of $334,376 in JCG grant funding and eight businesses/investors were awarded a total $721,478 in RPIG grant funding, for a grand total of $1,055,854 in grants. Here’s the rundown –
Job Creation Grant:
- BAE Systems
- Colonna’s Shipyard
- Provost Construction
- Seaward Marine
- Tabet Manufacturing
Real Property Investment Grant:
- Colley 24 LLC
- Ferebee Associates LLC
- Send it Climbing Gym
- IP Configuration
- MCLB Partners LP
- Monument Development Ten LLC
- Seaward Marine
- Security Storage & Van Company, Big Orange Truck
Over the next few weeks, we’ll highlight some of these businesses and their projects. Stay tuned!
Meanwhile, to determine if your business is within one of 14 designated zones and for additional information click on the link: Enterprise Zones – Norfolk Department of Economic Development or contact the Local Enterprise Zone Administrator George Hoddinott.
For more Development-related news sign up for our newsletter here: Norfolk Department of Development