Incentives

The City of Franklin and Southampton County are strategically located in the Mid-Atlantic with a superior transportation network providing swift access to domestic and world markets. Over two-thirds of the nation’s population is within 750 miles or a two-day truck drive away. With a location in rural western Hampton Roads, access to inexpensive property with exceptional supply chain superiority is available. Both the Port of Virginia and the I-95 corridor are less than 50 miles from Franklin and Southampton.

Board Room at The Franklin Business Center

Business Incentives

The City of Franklin and Southampton County aggressively recruits companies seeking to make a significant investment in both capital and new jobs within the community. One recruitment strategy is the joint Enterprise Zone designation which offers local incentives and state grants to qualifying companies. Within or outside the Enterprise Zone, Franklin Southampton Economic Development, Inc. will work with the Commonwealth of Virginia to customize incentive packages that positively impact the bottom line of companies seeking to relocate or expand.

Local Incentives program

Local Incentives

The City of Franklin and Southampton County offer local incentives through their Joint Enterprise Zone along with various state grants. If a company chooses not to locate in one of the six Enterprise Zones, then the City of Franklin and Southampton County may offer other local incentives for potential new companies. Local incentives are project-specific in nature and their provision depends on the overall economic impact to the region. Consideration is given to the amount of capital investment made by the company, total job creation, average wage and benefit package per employee, and potential tax revenue base to the local government entity. General business support services are also provided by Franklin Southampton Economic Development, Inc. as needed.

State Incentives

The Commonwealth of Virginia has a comprehensive suite of incentives to offer new or relocating businesses. For the entire listing of state incentives visit the Virginia Economic Development Partnership.

Commonwealth's Opportunity Fund (COF)

Commonwealth's Opportunity Fund (COF)

provides discretionary funds to secure business location or expansion projects for Virginia. Grants are awarded to localities on a local matching basis to support industrial development projects that create new jobs and investment in Virginia.

Virginia Jobs Investment Program (VJIP)

Virginia Jobs Investment Program (VJIP)

offers customized recruiting and training assistance to companies that are creating new jobs or experiencing technological change. The program is designed to reduce the human resource department cost of new and expanding companies.

Virginia Investment Partnership Grant (VIP) and the Major Eligible Employer Grant (MEE)

Virginia Investment Partnership Grant (VIP) and the Major Eligible Employer Grant (MEE)

are discretionary performance incentives designed to encourage continued capital investment by Virginia companies, resulting in added capacity, modernization, increased productivity, or the creation, development, and utilization of advanced technology.

The Virginia Economic Development Incentive Grant (VEDIG)

The Virginia Economic Development Incentive Grant (VEDIG)

is a discretionary performance incentive, designed to assist and encourage companies to invest and create new employment opportunities by locating significant headquarters, administrative, or service sector operations in Virginia.

The Virginia Enterprise Zone (VEZ)

The Virginia Enterprise Zone (VEZ)

program provides state and local incentives to businesses that invest and create jobs within Virginia’s Enterprise Zones. The City of Franklin and Southampton County share a joint Enterprise Zone with six identified zones, three in the City and three in the County. Combined, there are over 4,200 acres identified in the Franklin Southampton Joint Enterprise Zone. Qualifying companies who locate or expand in these zones can take advantage of local incentives and state grants.

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