Virginia Beach Economic Development

What Virginia Beach Economic Development does

The Virginia Beach Department of Economic Development is a municipal government department of the City of Virginia Beach, established in 1994, that drives business attraction, retention, expansion, and small business development. It serves companies ranging from startups and entrepreneurs to large enterprises considering relocation or expansion, offering free services including site selection, permitting facilitation, incentive navigation, workforce development partnerships, and one-on-one business counseling. The department operates alongside the Virginia Beach Development Authority (VBDA), a legally separate political subdivision that administers the Economic Development Investment Program (EDIP), Façade Improvement Grants (FIG), Atlantic Avenue Grants (AAG), and the Attainable Workforce Housing Performance Grant. The core service platform is The HIVE, a small business resource center launched in 2021 at 140 Independence Blvd., which provides free one-on-one counseling, workshops, mentorship (SCORE, SBDC), and access to capital programs through 20+ partner organizations.

The department's underlying technology is essentially the city's physical and digital infrastructure rather than a proprietary product. The city maintains approximately 150 miles of fiber connecting 70 sites and 110 city buildings, plus 120 miles of fiber for Virginia Beach City Public Schools, and the region hosts three subsea fiber cables providing global connectivity. There is no proprietary software platform; service delivery is mediated through the YesVirginiaBeach.com website, an interactive property search and mapping tool, and a YouTube channel. The department supports seven priority industry clusters: Defense, Advanced Manufacturing, Technology & Innovation (cybersecurity, uncrewed systems, digital port), Energy Economy, Maritime & Logistics, Professional Services, and Tourism.

The business model is municipal: there are no fees for services, the department is funded by the City of Virginia Beach, and "revenue" in the commercial sense does not exist. Grant programs are funded through city allocations and administered by VBDA. Marketing is conducted through YesVirginiaBeach.com, monthly newsletters, workshops at The HIVE, YouTube, social media, and partner referrals. Notable recent economic outcomes include a $45.8 million expansion by Acoustical Sheetmetal Company (350 new jobs), recruitment of UK-based SubSea Craft for its U.S. headquarters, and recognition as the #3 Top City for Small Business by the Diverse Chamber of Commerce and Industry in 2026.

Name

Virginia Beach Economic Development

Legal name

Virginia Beach Department of Economic Development

Website

https://yesvirginiabeach.com

Company type

Private

Founded year

1994

Operating status

Operating

Headcount range

11–50 employees

Short description

The Virginia Beach Department of Economic Development is a municipal government department that drives business attraction, retention, and expansion, providing free site selection, incentive administration, and small business support through The HIVE resource center to startups, mid-market firms, and large enterprises across the Hampton Roads region.

Ownership category

akta.pro rank

Product category

Economic Development Services

NAICS

Administration of General Economic Programs (92611), Administration of Housing Programs, Urban Planning, and Community Development (925)

SIC

Federal & Federally-Sponsored Credit Agencies (6111)

akta.pro primary industry

Regional Development Banks (BPADACAB)

akta.pro secondary industry

SBA/Government-Backed & Development Finance Loans (FSAKAGAI)

Keywords

• Economic development services
• Business incentive programs
• Workforce development services
• Small business support
• Site selection assistance

Headquarters

HQ city

Virginia Beach

HQ country

United States

HQ region

North America

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Others

Revenue model

1. Economic Development Investment Program (EDIP): The VBDA administers a discretionary local incentive program that provides cash grants to qualifying companies based on new jobs created and capital investment made. The program is funded through the City of Virginia Beach and administered since 1994. Additionally, VBDA issues industrial revenue bonds to provide tax-exempt financing assistance to private sector entities for acquiring or constructing industrial and commercial facilities.
2. Façade Improvement Grant Program: A matching grant program providing up to $10,000 in grants to small businesses for exterior improvements. Since inception, VBDA has awarded $458,105 in grants to 69 small businesses who invested $2 million in properties. Grants are performance-based and paid after successful completion of improvements.
3. Atlantic Avenue Grant (AAG) Program: A matching grant program launched in January 2026 for businesses between 2nd and 40th streets on Atlantic Avenue, offering grants of $10,000 to $25,000 (50% match of actual capital investment) for exterior improvements including signage, landscaping, outdoor café upgrades, and façade improvements.

Go-to-market motion2 records

Distribution channels5 records

Marketing channels8 records

Core offering

The Virginia Beach Department of Economic Development is a municipal government department that provides free business attraction, retention, and expansion services. It administers discretionary cash incentive grants through the Virginia Beach Development Authority (VBDA), operates The HIVE small business resource center, and provides site selection, permitting, workforce development, and international market-entry support to businesses operating in or relocating to Virginia Beach.

Product overview

Virginia Beach Economic Development is a government department offering a portfolio of business support services and incentive programs rather than a traditional product platform. The core offerings include The HIVE small business resource hub, the Economic Development Investment Program (EDIP) for business incentives, multiple grant programs (Façade Improvement Grants, Atlantic Avenue Grants, Attainable Workforce Housing Grants), workforce development services, and property search tools. These programs work together to attract new businesses, support existing business expansion, and empower entrepreneurs through free resources, expert counseling, and financial incentives.

Differentiator

Problem solved

Functional benefit

Brands

• The HIVE: Small business resource hub providing free one-on-one support, workshops, mentorship, and access to capital for entrepreneurs and startups in Virginia Beach.
• YesVirginiaBeach.com
• VBDA
• Atlantic Avenue Grant (AAG)
• Façade Improvement Grant (FIG)

Products and services

• The HIVE (Small Business Resource Center) A one-stop small business resource hub providing free one-on-one counseling, business plan development, licensing assistance, grant and loan application support, workshops, and access to computers and technology for startups and growing businesses in Virginia Beach.
• Economic Development Investment Program (EDIP) A locally funded discretionary incentive program providing cash grants to qualifying companies based on new jobs created and capital investment made over 36 or 48 months.
• Façade Improvement Grant (FIG) A matching grant program providing up to $10,000 to small, locally-owned businesses for significant exterior improvements including windows, doors, awnings, signage, and building material upgrades in commercially or industrially zoned areas.
• Atlantic Avenue Grant (AAG) Program A matching grant program supporting businesses between 2nd and 40th streets on Atlantic Avenue, offering grants of $10,000 to $25,000 (50% match of actual capital investment) for exterior improvements including signage, landscaping, outdoor café upgrades, and façade improvements.
• Attainable Workforce Housing Performance Grant
• Property Search and Mapping Tool
• Workforce Development Services
• Business Retention, Expansion and Workforce (BREW) Program
• One-on-One Business Support
• Access to Capital Directory

Quantifiable outcome

• Virginia Beach ranked #3 Among Top Cities for Small Business nationally by Diverse Chamber of Commerce and Industry in 2026
• +8 more outcomes

Named customers7 records

Segments6 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

20 partnerships are on record, tiered core, major and minor.

• SubSea CraftcoreStrategic or Co-development Partner · 20 May 2026UK-based maritime technology and defense company selecting Virginia Beach for U.S. expansion. The company specializes in advanced surface, subsurface, and autonomous maritime capabilities. Virginia Beach Economic Development led the project in partnership with Hampton Roads Alliance, with EDIP grant support from VBDA and recruitment assistance from Virginia Economic Development Partnership.
• Hampton Roads AlliancecoreStrategic or Co-development PartnerRegional economic development organization representing the Hampton Roads region. Partnered on SubSea Craft recruitment and provides regional business attraction support. The Alliance connects companies to the region's maritime and defense industrial base.
• Virginia Economic Development Partnership (VEDP)coreStrategic or Co-development PartnerState-level economic development organization that provided support for recruiting SubSea Craft to Virginia Beach. VEDP assists with statewide business attraction and international trade initiatives.
• Virginia Wesleyan UniversitymajorStrategic or Co-development PartnerEducational institution partner offering workforce training programs including low or no-cost workshops for essential business needs—from public speaking to IT certifications. Also home to Virginia Museum of Contemporary Art campus.
• Tidewater Community College (TCC)majorStrategic or Co-development PartnerEducational partner providing workforce solutions certification programs spanning IT, manufacturing, healthcare, logistics, and leadership. TCC offers short-term, industry-recognized credentials that are flexible and built to fit business needs. Also provides hard skills training through mobile lab partnerships.
• Hampton Roads Workforce CouncilcoreStrategic or Co-development PartnerRegional workforce development partner providing customized hiring events, on-the-job training programs, incumbent worker training, and connection to Virginia's statewide job search platform. Assists businesses with talent recruitment and workforce development.
• Old Dominion University (ODU)majorStrategic or Co-development PartnerUniversity partner offering programs in cybersecurity, data science, logistics, and maritime operations. ODU's Business Development Center and Women's Business Center provide internship and hiring opportunities and business support services for the region.
• SCORE - Hampton Roads ChaptermajorStrategic or Co-development PartnerService Corps of Retired Executives volunteer mentors providing free in-person business counseling at The HIVE. Walk-in appointments available on Tuesdays and Thursdays. SCORE mentors help with business planning, marketing, financial guidance, and business growth strategies.
• Hampton Roads Small Business Development CentermajorStrategic or Co-development PartnerRegional SBDC providing free business counseling, market research, and assistance with business plans, financing applications, and government contracting. One of many resources recommended for starting and growing businesses in Virginia Beach.
• Virginia Beach SWaM Business OfficecoreStrategic or Co-development PartnerCity office dedicated to advancing growth of small, women-, minority-, and service-disabled/veteran-owned businesses. Provides resources, training sessions, and certification support to help businesses obtain contracts with the City of Virginia Beach.
• Virginia Department of Small Business and Supplier DiversitymajorStrategic or Co-development PartnerState agency providing resources and support for small and diverse businesses. Works in partnership with Virginia Beach's SWaM office to provide certification and contracting opportunities.
• Veterans Business Outreach CentersmajorStrategic or Co-development PartnerFederal program supporting veteran entrepreneurs with business training, counseling, and assistance with government contracting. Virginia Beach leverages this partnership to connect outgoing service members with local employers through programs like SkillBridge.
• Urban League of Hampton RoadsmajorStrategic or Co-development PartnerCivil rights organization providing economic empowerment programs and business support services. Part of The HIVE's partner network offering resources to underserved entrepreneurs and small businesses.
• Virginia Beach Public LibraryminorStrategic or Co-development PartnerPublic library system providing business resources, research tools, and community spaces that complement The HIVE's services for entrepreneurs and small business owners.
• Poole Brooke Plumlee PC (Legal Partners)minorImplementation/ SI/ Consulting PartnerLegal services firm providing consultation services to HIVE clients on business structure, contracts, and legal protections. One of several legal partners in The HIVE ecosystem.
• Virginia Beach City Public SchoolsmajorStrategic or Co-development PartnerK-12 school system with career and technical education programs through the Entrepreneurship and Business Academy. Partnership connects businesses to the next generation of skilled talent and supports workforce development initiatives.
• Virginia APEX AcceleratormajorStrategic or Co-development PartnerFormerly known as DCAA PTAC, this organization provides government contracting assistance to small businesses, helping them win federal contracts through training, counseling, and market research.
• Local Initiatives Support Corporation (LISC)minorStrategic or Co-development PartnerNational community development organization that supports small businesses and community development in Hampton Roads. Provides resources for underserved entrepreneurs and community-based economic development.
• Global Technical SystemsmajorStrategic or Co-development PartnerVirginia Beach-based defense company collaborating with SubSea Craft on maritime defense projects. Represents the type of local defense industry partnerships that attract international companies to the region.
• 757 CollabmajorStrategic or Co-development PartnerHampton Roads innovation ecosystem organization that includes 757 Angels investment network. Connects entrepreneurs with investors, mentors, and resources across the region.

Scale indicators14 records

Recent moves6 records

Expansion highlights8 records

Regional players

• Greater Phoenix Economic Council: Public-private economic development council marketing the Phoenix metro to relocating and expanding companies. Useful comparable for incentive structure and cluster-marketing approach.
• Charlotte Regional Business Alliance: Public-private economic development partnership for the Charlotte region. Comparable in scale and mission (business attraction/retention/entrepreneurship) but operating in a different East Coast metro.
• Austin Economic Development Department: City-level economic development office that similarly blends small-business support (e.g., HIVE-equivalent programming) with attraction of tech and advanced-industry employers.

Direct peers

• Hampton Roads Alliance: Regional economic development organization covering the Hampton Roads metro. Operates as a co-marketer and co-recruiter alongside VB on regional defense and maritime wins.
• Virginia Economic Development Partnership (VEDP): State-level economic development authority for the Commonwealth of Virginia. Direct collaborator and co-funder on major projects like SubSea Craft; competes for the same site-selection decisions at the state vs. local layer.
• Greater Richmond Partnership: Regional economic development group for the Richmond metro in Virginia. Competes for the same statewide corporate attraction capital and incentive budget.
• Norfolk Economic Development: Neighboring city economic development office with overlapping defense, maritime, and port-adjacent employer base. Direct competitor for the same set of expansion and relocation projects.
• Chesapeake Economic Development: Adjacent Hampton Roads municipality running comparable business attraction, retention, and incentive programs targeting logistics, distribution, and advanced manufacturing tenants.

Broad incumbents

• Metro Atlanta Chamber (Economic Development): Long-established regional economic development arm for the Atlanta metro. Comparable in operating model (multi-channel marketing, partner network, cluster focus) at larger scale.

Others

• International Economic Development Council (IEDC): Industry association for economic developers globally. Not a competitor but a peer network, training provider, and standard-setter that influences program design for municipal departments like VB.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks7 records

Key highlights7 records

Customer concentration

• Xtwitter.com/VABeachEconDev
• YouTubeyoutube.com/user/VABeachEconDev
• LinkedInlinkedin.com/company/vbed
• Facebookfacebook.com/vbecondev

Revenue estimate

Valuation estimate

Number of profiles

Profiles11 records

Subsidiaries4 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Virginia Beach Economic Development