Coalfield Economic Development Fund

Land purchase, building construction and equipment are some of the qualifying uses for funds from the Coalfield Economic Development Fund. 

Financing is based in part on the number of new jobs created, amount of private investment, and wage rates. An average wage of at least the prevailing Virginia state minimum wage is required. Priority is given to projects requiring $10,000-$25,000 for each new job created, and to projects creating at least 15 full-time jobs within 36 months. The project must provide at least 20% equity.   

A limited amount of funding from the Coalfield Economic Development Fund is also provided on a loan or grant basis to assist local industrial/economic development authorities in the region with the development of industrial parks, business parks, and technology parks, and to assist with infrastructure for these industrial parks.  

Funding available from this fund varies by locality, based upon the amount of coal and natural gas severance taxes paid in that locality.