VIRGINIA ECONOMIC DEVELOPMENT PARTNERSHIP YESVIRGINIA.ORG VIRGINIA JOBS INVESTMENT PROGRAM...

VIRGINIA ECONOMIC DEVELOPMENT PARTNERSHIP

YESVIRGINIA.ORG

VIRGINIA JOBS INVESTMENT PROGRAM

VMA's 3rd Annual Workforce Development Symposium

October 16, 2014

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VIRGINIA JOBS INVESTMENT PROGRAM

Mission = Support the creation of jobs for the citizens of Virginia by reducing the up-front human resource development costs for new and expanding companies throughout the Commonwealth.

2nd oldest state incentive (1965)

Most frequently used state incentive

VIRGINIA JOBS INVESTMENT PROGRAM

Moved to the Virginia Economic Development Partnership on July 1, 2014

Streamlined access to business incentives

Strengthened collaboration between economic & workforce development

Working closely with VEDP’s Business Expansion & Business Attraction Managers

STATEWIDE PROGRAM ACTIVITY

Fiscal Year 2014 Made 193 Prospect Presentations Worked with 346 Projects

• 60 existing business expansions

• 27 new locations

• 214 small business locations & expansions

• 37 retraining + 8 small business retraining

Supported the Creation or Retraining of 11,197 Jobs

PARTNERS

Governor & Cabinet Secretaries Regional & Local Economic Development Virginia Community Colleges Virginia Employment Commission Workforce Investment Boards Career & Technical Education Virginia Colleges & Universities Department of Aging & Rehabilitative

Services Virginia Companies

CONSULTING SERVICES

Needs Analysis Recruitment Assistance Training Assistance Coordination of Resources

Typically work with a company for a 3-year project cycle

FUNDING

Project budget based on company’s recruitment and training costs

Typically 10% to 40% of company’s costs Cash – NOT tax credit! Company chooses training providers,

including company subject matter experts Performance-Based Program

Reimbursement made after new hire employed for 90 days or after retraining has been completed. ROI within 3 months!

ELIGIBLE BUSINESS SECTORS

For Profit Companies in:• Manufacturing

• Corporate HQ (if they have multiple facilities)

• Regional Distribution Centers

• Regional Shared Service Centers

• B2B Information Technology

• R&D Facilities

50% of revenue must come from out-of-state, directly or indirectly

NEW JOBS PROGRAM ELIGIBILITY

Company must be: Creating at least 25 net new full-time jobs Paying a minimum hourly wage of

$9.79/hour Making a new capital investment of at

least $1,000,000 Expansion or location in Virginia must be

in competition with at least one other state or country

SMALL BUSINESS NEW JOBS PROGRAM ELIGIBILITY

Company must be: 250 employees or less company-wide Creating at least 5 net new full-time jobs Paying a minimum hourly wage of

$9.79/hour Making a new capital investment of at

least $100,000

RETRAINING PROGRAM ELIGIBILITY

Funding to retrain existing workforce Means upgrading workers’ skills that are

essential to production or distribution of product or services• integrating new technology• changing product lines• substantially changing service

delivery processes

RETRAINING PROGRAM ELIGIBILITY

Company must be: Retraining at least 10 full-time

employees Paying a minimum hourly wage of

$9.79/hour Making a new capital investment of at

least $500,000

SMALL BUSINESS RETRAINING PROGRAM ELIGIBILITY

Company must be: Retraining at least 5 full-time employees Paying a minimum hourly wage of

$9.79/hour Making a new capital investment of at

least $50,000

VIRGINIA JOBS INVESTMENT PROGRAM

MAKE IT EASY By helping economic development projects navigate state and local workforce development resources.

FOCUS ON RESULTS By planning and developing solutions for a company’s unique recruitment and training needs.

COMMIT TO LONG-TERM SUCCESS By providing ongoing support for future growth.

CONTACT INFORMATION

Debbie Melvin

Valley Project Manager

Virginia Jobs Investment Program

(804) 921-0002

dmelvin@yesvirginia.org