The Virginia Tourism Corporation (VTC) aims to support the Virginia travel industry through funding programs. These initiatives are designed to enhance tourism development and contribute to the economic prosperity of Virginia’s communities.
The Tourism Development Financing Program (TDFP) provided by VTC offers gap financing for the capital investment required for new tourism product development in Virginia. This program is designed to support projects that fill a proven deficiency in local tourism as identified through comprehensive research. Economic Development Organizations play a crucial role in demonstrating this deficiency based on visitor demand, utilizing data from Community Comprehensive, Tourism Development, and Marketing Plans. Once a developer proves that their project addresses this gap through detailed pro forma and market study research, and certification is achieved, the state then contributes a portion of the quarterly sales and use tax collected from the project as financing support.