LEBANON, VA – NOVEMBER 22, 2024 – Two loans, including one for an as yet unannounced new jobs project and one for an existing business expansion, as well as 13 grants – which all combined totaled $4.57 million — were approved Thursday during a meeting of the Virginia Coalfield Economic Development Authority Board in Lebanon, Va.
An up to $3 million loan to the Tazewell County Industrial Development Authority for an as yet unannounced project to be located in the Bluestone Regional Business and Technology Center shell building was the new jobs project approved. The funds will be used for site development, paving, installation of utilities, building construction and upfits as well as for workforce development and training, on-the-job training and/or the purchase of equipment, machinery and tools.
The approvals agreed to Thursday bring total VCEDA funding approved in 2024 to $13,342,233.29 in the form of six approved loans totaling $11,529,000 and 31 approved grants which make up the remainder of the approved 2024 funding. Most of the activity has been in manufacturing and in seed capital matching grants. Eleven seed capital matching grants were approved Thursday to assist new small business start-ups.
VCEDA Executive Director/General Counsel Jonathan Belcher noted staff are currently working around 34 active business development projects, adding, year-to-date in 2024, VCEDA has closed two loans and 27 grants totaling $4.4 million for a projected 317 new full-time and 117 part-time jobs and $23.9 million in private investment.
He also noted in 2024 year to date, VCEDA has attended 29 outreach marketing events throughout the United States.
In other action, the VCEDA Board approved an up to $1.315 million loan for an as yet unannounced existing business new jobs expansion to be used to finance the purchase of equipment, machinery and tools, workforce development and training.
Two projects related to tourism were approved and included an up to $100,000 grant to the Buchanan County Industrial Development Authority to be used to finance a preliminary engineering report and construction of a scenic wildlife viewing pullover along Corridor Q in Buchanan County; and an up to $50,000 grant to the Town of Clintwood to be used to finance the replacement of the marquee sign at the Jettie Baker Center in the Town of Clintwood.
Eleven seed capital matching grants for $10,000 each were approved for Little Notions Quilt Shop LLC, Dickenson County; MT.3D Printing LLC and Outsiders Pizzeria and Bar, Lee County; Stay Fly Drone Service, LLC, Russell County; J Starnes Enterprises LLC d/b/a Blue Line Treats, Franco’s Gate City Bistro LLC, Revolutionary Market LLC and ELH Investments LLC d/b/a The Edison, Scott County; The Athlete’s Bakery & Blends LLC and Triple J Angus Farms, LP, Tazewell County; and Foam Solutions LLC, Wise County.
In other business, a request from the Wise County Industrial Development Authority to forgive and convert into a grant the outstanding balance of $701,553.65 on a $900,000 loan approved by VCEDA to the IDA on April 22, 2004 for Lonesome Pine Regional Business and Technology Park site development and infrastructure was also approved.
A request from non-profit Appalachian Agency for Senior Citizens to forgive and convert into a grant the outstanding balance of $154,166.82 on a $250,000 loan approved by VCEDA to AASC on February 6, 2017 for the Falls Mills adult day care center project was also approved.
Board members also approved the extension of disbursement deadlines for the following:
- Breaks Interstate Park, for a February 2023 grant approved for improvements at the park, to a new grant disbursement deadline of February 16, 2026;
- Dickenson County Industrial Development Authority, for the IDA/Green and Haysi lots study, to a new date of November 18, 2025;
- Appalachian Council for Innovation, for the IN Appalachia project, to extend the loan maturity date to May 16, 2025; and
- Southwest Virginia Community College Foundation/Solar Accelerator project, to a new disbursement deadline of November 18, 2026.
The board also approved a request from Simmons Equipment Company to amend and modify its $250,000 loan from VCEDA with the November 29, 2024 payment and due on the 29th of each month until October 29, 2025, with all other terms and conditions to remain the same.
Lastly, officers for calendar year 2025 were elected and include J.P. Richardson, chairman; Greg Edwards, vice chairman; Brian Hess, treasurer; and Troy Nichols, secretary.
About Virginia Coalfield Economic Development Authority and Southwest Virginia’s e-Region: The Virginia Coalfield Economic Development Authority, created by the Virginia General Assembly in 1988 to enhance and diversify the region’s economy and help create jobs, markets Southwest Virginia’s e-Region and its focus on electronic information technology, energy, education, emerging technologies, and entrepreneurship. VCEDA is a unique economic development organization that manages funds for economic development projects from a percentage of the coal and natural gas severance taxes paid by coal and natural gas companies that operate in the region. Located in southwestern Virginia, the region includes Buchanan, Dickenson, Lee, Russell, Scott, Tazewell, and Wise counties and the City of Norton. www.vceda.us or www.e-Region.org.