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  • Virginia Tourism Growth Fund

    Virginia Tourism Growth Fund

    The VTGF (Virginia Tourism Growth Fund) is a VTC program established to grow tourism development projects in the Commonwealth of Virginia. Eligible projects include new or expanded facilities or venues for lodging, recreation, entertainment, epicurean, cultural, or destination retail products or services designed to attract travelers to the Commonwealth.

    Please read below for guidelines:

  • WHO can apply?

    • Non-profit and for-profit private sector businesses authorized to transact business in the Commonwealth
    • Political subdivisions

    WHEN can one apply?

    • VTC accepts VTGF applications at any time

    WHICH projects are eligible?

    • Eligible projects include new or expanded facilities or venues for lodging, recreation, entertainment, epicurean, cultural, or destination retail products or services designed to attract travelers to the Commonwealth

    WHAT are the criteria?

    • A tourism development project must agree to
      • VTGF grant awards cannot exceed 15% of project cost
      • Minimum 1:1 locality match of VTGF grant award
      • In-kind (non-cash) contributions by a partnering locality are limited to 25% of match amount
      • Public financing cannot exceed 30% of project cost (for non-profit and for-profit private sector businesses)
      • Must create net new jobs
      • Cannot have more than one active VTGF grant or loan application at one time
      • Successful grant applications may be fully or partly funded depending on available funding
    • An applicant must provide …
      • Proof of authorization to transact business in the Commonwealth
      • Letters of support from the local political subdivisions and, if applicable, destination marketing organization
      • Current business plan
      • Statement describing how the project fills a VOID in the tourism business community and visitor experience
      • Statement illustrating why VTGF funding is an essential factor in financing the development project
      • Statement and supporting data showing that visitor interest exists for the project
      • Statement describing impact on supporting or related local businesses
      • Statement providing projections of jobs created

    HOW does the application process work?

    • Download the VTGF application
    • Submit the application to VTC
    • VTC internal review committee reviews grant applications within 30 days
    • The applicant is contacted by VTC with one of the following outcomes:
      • 1- Approval of application | 2- Address application deficiencies | 3- Denial of application
       
    • Once approved, the applicant must enter into an MOU with VTC
    • Monies are disbursed upon grant award
    • A one-year performance review is required

     

     

    VTGF Guidelines - PDF

    VTGF FAQ - PDF

    VTGF Application - WORD Doc

    VTGF Sample Application - PDF

    Doing Business in Virginia - PDF

     

    For more information on the VTGF, please contact VTC’s Wirt Confroy » 804.545.5552 │wconfroy@virginia.org

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  • Quick Links

    VTGF Guidelines - PDF

    VTGF FAQ - PDF

    VTGF Application - WORD

    VTGF Sample Application - PDF

    VTGF Doing Business in Virginia - PDF