virginia jobs investment program overview
TRANSCRIPT
![Page 1: Virginia Jobs Investment Program Overview](https://reader033.vdocument.in/reader033/viewer/2022051706/58ef20591a28ab4e418b4641/html5/thumbnails/1.jpg)
VIRGINIA ECONOMIC
DEVELOPMENT PARTNERSHIP
YESVIRGINIA.ORG
VIRGINIA JOBS
INVESTMENT
PROGRAM
1
Doug Parsons
Project Manager
Virginia Jobs Investment Program
(804) 317-7516
![Page 2: Virginia Jobs Investment Program Overview](https://reader033.vdocument.in/reader033/viewer/2022051706/58ef20591a28ab4e418b4641/html5/thumbnails/2.jpg)
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
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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
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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
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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
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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
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CONSULTING SERVICES
Needs Analysis
Recruitment Assistance
Training Assistance
Coordination of Resources
Typically work with a company for a
3-year project cycle
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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!
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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
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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
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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
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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
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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
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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
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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.
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CONTACT INFORMATION
Doug Parsons
Project Manager
Virginia Jobs Investment Program
(804) 317-7516