VIRGINIA ECONOMIC DEVELOPMENT PARTNERSHIP YESVIRGINIA.ORG VIRGINIA JOBS INVESTMENT PROGRAM VMA's 3rd...
Transcript of VIRGINIA ECONOMIC DEVELOPMENT PARTNERSHIP YESVIRGINIA.ORG VIRGINIA JOBS INVESTMENT PROGRAM VMA's 3rd...
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