Governor Glenn Youngkin has announced the distribution of $40 million in Virginia Business Ready Sites Program (VBRSP) development grants to 13 sites across the state. The program, administered by the Virginia Economic Development Partnership (VEDP), aims to enhance Virginia’s ability to attract and retain business investment by increasing the number of project-ready industrial sites.
Of the total funds, $35.9 million will be allocated directly to site development, while $4.1 million is designated for accelerated site characterization—a new initiative designed to expedite due diligence on newly identified, high-potential sites.
“Business-ready sites are instrumental to Virginia’s ability to compete and win economic development projects and create great new jobs for Virginians,” said Governor Glenn Youngkin. “Since 2022, we’ve seen more than $125 billion in capital investment committed by companies expanding or moving to Virginia because they know they can move quickly on these landmark projects. The historic investments made during our administration and the projects we’ve won underscore why it’s so important that we continue investing in this program. The Virginia Business Ready Sites Program is a game changer for our economic development strategy.”
The VBRSP consists of two main components: site characterization, which assesses and designates a site’s current level of readiness; and site development, which supports improvements necessary for attracting employers and manufacturers. In addition to preparing sites for development, the program also helps secure permits and approvals needed for construction.
“In today’s competitive landscape, having project-ready sites available across multiple regions gives Virginia a real advantage,” said Secretary of Commerce and Trade Juan Pablo Segura. “The Virginia Business Ready Sites Program is making a measurable difference in communities throughout the Commonwealth by preparing sites that meet the demands of major employers. This latest round of investments will strengthen our statewide portfolio and help ensure that every region is equipped to compete for transformative economic opportunities.”
The grants are awarded competitively by an investment committee comprising leaders from VEDP and state administration. For localities larger than 35 square miles, eligible industrial sites must have at least 50 contiguous developable acres; smaller localities may submit sites with at least 25 acres. Local governments can apply for matching grants to cover costs related to assessment and development needed to increase a site’s readiness designation.
“Virginia is developing a next-generation portfolio of project-ready sites that are built to meet business needs from day one,” said VEDP President and CEO Jason El Koubi. “By preparing sites that align with the demands of today’s companies, we’re using infrastructure as a strategic tool to drive economic growth – and positioning every region to compete and win in the economy of the future.”
The VBRSP was created through collaboration among various state agencies, utility providers, civil engineers, business leaders, regional partners, railroad representatives, and environmental officials.
Further information about VBRSP can be found at https://www.vedp.org/vbrsp.
