1. VIRGINIA ECONOMIC DEVELOPMENT PARTNERSHIP YESVIRGINIA.ORG VIRGINIA JOBS INVESTMENT PROGRAM VMA's 3rd Annual Workforce Development Symposium October 16, 2014 1

2. 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.  2 nd oldest state incentive (1965)  Most frequently used state incentive

3. 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

4. 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

5. 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

6. CONSULTING SERVICES  Needs Analysis  Recruitment Assistance  Training Assistance  Coordination of Resources Typically work with a company for a 3-year project cycle

7. 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!

8. 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

9. 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

10. 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

11. 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

12. 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

13. 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

14. 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.

15. CONTACT INFORMATION Debbie Melvin Valley Project Manager Virginia Jobs Investment Program (804) 921-0002 dmelvin@yesvirginia.org