SMALL BUSINESS NEW JOBS PROGRAM
The Small Business New Jobs Program is a pilot program for
FY03 and will focus on existing Virginia companies which are:
- For-profit,
- Have been in operation in Virginia for a minimum of one
year prior to application date,
- And have 200 employees or less company-wide.
Minimum and maximum jobs allowed – The
Company must be creating at least five (5) net new jobs, not
to exceed a maximum of twenty-four (24) new jobs.
Required minimum capital investments – The
Company must be making at least $100,000 new capital investment
Minimum entry-level wage rate required – The
Company must be paying at least $8.00 per hour entry level wage.
In those cities and counties that have an unemployment level
of two times or more the state level of unemployment, as determined
by the Virginia Employment Commission’s most recent published
report, this wage minimum may be waived. Only full-time jobs
qualify for reimbursement.
Project funding limits – Funding for
recruitment and training will be based upon an agreed number
of new jobs to be created by the Company and all project funding
must be paid out by June 30, 2003. This job creation figure
will represent the maximum number of jobs eligible for reimbursement.
Funding will be limited for each project to the estimated one-year
payback of tax benefits based on sales and income tax estimates
paid to the Commonwealth. Projects that involve competition
with other states or countries, or have unusual job skill requirements,
or involve areas with high unemployment, can be approved for
funding for more than a one-year payback. All funds must be
spent for recruiting and training costs only. Justification
must be documented in approved budget as developed by the Workforce
Services Division.
Virginia Department of Business Assistance
Workforce Services Division
P.O. Box 446
Richmond, VA 23218-0446
804-371-8120
chart@dba.state.va.us
