virginia jobs investment program overview
TRANSCRIPT
VIRGINIA ECONOMIC
DEVELOPMENT PARTNERSHIP
YESVIRGINIA.ORG
VIRGINIA JOBS
INVESTMENT
PROGRAM
1
Doug Parsons
Project Manager
Virginia Jobs Investment Program
(804) 317-7516
PROGRAM BENEFITS
• Cash reimbursement for each net new job created over a
three year period ($500-$1,100 per employee)
• Workforce Training and Recruiting Resources
– Virginia Community College System
– Virginia Universities
• VA Tech
• UVA
• George Mason
– Workforce Investment Board
– Virginia Employment Commission
• Networking opportunities and private sector resources
VIRGINIA ECONOMIC DEVELOPMENT PARTNERSHIP2
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
Doug Parsons
Project Manager
Virginia Jobs Investment Program
(804) 317-7516