                                 CODE OF VIRGINIA

SMALL BUSINESS NEW JOBS AND RETRAINING PROGRAMS (§ 2.2-2240.6)

A. The Authority shall develop as a component of the Virginia Jobs Investment
Program the Small Business New Jobs and Retraining Programs to support the
establishment or expansion of Virginia&#8217;s small businesses or to improve
their efficiency through retraining.

B. In addition to the requirements of subsection D of &#xA7; 2.2-2240.3
regarding company eligibility, to be eligible for assistance for new job
creation a company shall create a minimum of five net new jobs for full-time
employees and make a capital investment of at least $100,000. In addition to the
requirements of subsection D of &#xA7; 2.2-2240.3 regarding company eligibility,
to be eligible for assistance for retraining a company shall demonstrate that
(i) it is undergoing integration of new technology into its production process,
a change of product line in keeping with marketplace demands, or substantial
change to its service delivery process that would require assimilation of new
skills and technological capabilities by the firm&#8217;s existing labor force
and (ii) for each such integration of new technology, change of product, or
substantial change to its service delivery process, (a) no less than five
full-time employees are involved and (b) a minimum capital investment of $50,000
will be made within a 12-month period.
			The Secretary of Commerce and Trade may waive these requirements but shall
promptly provide written notice of any such waiver to the Chairmen of the Senate
Finance and House Appropriations Committees, which notice shall include a
justification for any waiver of these requirements.

HISTORY: 2014, cc. 41, 464.