Portsmouth Economic Development understands that business comes with a number of expenses and a main concern of owners and operators through the site selection or expansion process is cost mitigation. We have the expertise and relationships to connect new and expanding businesses with a wide variety of resources, including local, regional, and state incentives.
Let’s talk about why Portsmouth is the smart move for business.
**Please note that all incentives may be subject to funding availability.
EDA Local Incentive Program (LIP)
The Portsmouth Economic Development Authority offers a variety of matching grants available to provide financial assistance to Portsmouth businesses.
The Virginia Enterprise Zone (VEZ)
Portsmouth is home to two different Enterprise Zones. Qualifying businesses within these zones may apply for a number of incentive opportunities.
Tax Exemption Programs
To support the development and growth of businesses, there are several local and state tax credit programs available that are triggered by investment and job creation.
Historic Rehabilitation Tax Credits
As a historic City, Portsmouth can connect businesses with historic tax credit programs as the organizations redevelopment and improve existing buildings.
Foreign Trade Zone (FTZ)
As home to the Port of Virginia, Portsmouth businesses have immediate access to Foreign Trade Zone #20 and can benefit from FTZ designations.
Federal HUBZones (or Historically Underutilized Business Zones) are located throughout Portsmouth. Businesses located in HUBZones can receive additional resources through the SBA's program.
Opportunity Zones are federal area designations established by Congress in order to support long-term investment in select locations. Businesses in Opportunity Zones have the ability to qualify for additional resources.
Port Host Community Revitalization Fund
The Port Host Community Revitalization Fund is a state-administered program available to the five port host communities in Virginia. Port and industrial-related projects are eligible to apply for funding.