INCENTIVES

From our local Economic Development Investment Program (EDIP) and tax exemptions to state workforce and investment grants and tax credits, there are numerous incentive programs available for both new and existing businesses in Chesapeake.

Our team will also work with you to guide your company through the application process.

LOCAL INCENTIVES

Chesapeake offers various performance-based incentives for new and expanding companies, including our Economic Development Investment Program (EDIP) grants, Foreign Trade Zone cost savings, and tax exemption opportunities for local business licenses and environmental restoration sites.

WHAT’S OFFERED?

  • Economic Development Investment Program
  • Foreign Trade Zone
  • Business, Professional, and Occupational License Tax Exemption
  • Brownfield Restoration Program

SOUTH NORFOLK INCENTIVES

WHAT’S OFFERED?

  • Hub Zone
  • Technology Zone
  • Revitalization District Tax Exemption
  • Opportunity Zones

The South Norfolk business district, or “SoNo,” is Chesapeake’s urban neighborhood. The community is lined with historic buildings and homes and blessed with excellent access to major interstates, the South Norfolk Jordan Bridge, and Chesapeake’s working waterfront.

STATE & FEDERAL INCENTIVES

Virginia eagerly works with businesses with incentives designed to target the needs of both the company and the development plans of localities and the state. The U.S. federal government offers various financial incentives to help businesses grow, many can be paired with other State and Local incentives.

WHAT’S OFFERED?

  • Investment Incentives
  • Workforce Incentives
  • Opportunity Zones

THE INCENTIVE PROCESS

Checkmarks on a piece of paper

WHAT YOU NEED TO KNOW

Chesapeake Economic Development guides qualified companies through a simple application process. Our staff is dedicated to bring investment and quality jobs to Chesapeake.

The Steps

  1. EDA & City Council adopt resolution
  2. Company & City sign Development Agreement
  3. Disbursement of Funds
  4. Company submits application
  5. CED qualifies project
  6. Incentive offer letter sent to company

Please contact us to further explore possible incentives for your project. 

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