LEBANON, VA – FEBRUARY 20, 2025 — Two loans and three grants which combined totaled more than $4.58 million were approved Thursday during a meeting of the Virginia Coalfield Economic Development Authority board in Lebanon, VA.
An up to $4 million loan to West River Conveyors and Machinery Company to be used for the construction of a new building at the Southern Gap Industrial Park in Buchanan County was approved and will assist with the relocation and expansion of the business following a December fire at the existing Dismal River location of the business. The board also agreed to defer the monthly payments on a $1.225 million March 2020 loan to West River for a period of several months.
In other action, the board approved:
- An up to $350,000 loan to the Russell County Industrial Development Authority to be used to finance the replacement of the roof and costs associated therewith at the former Acme building in Lebanon;
- An up to a $9,142 grant from the VCEDA Telehealth Fund to Appalachian Family Care, LLC in Grundy, VA, to be used to finance hardware, software, licensing fees and associated costs of the Appalachian Family Care Telehealth Initiative for the purpose of expanding telehealth access and addressing telehealth and telemedicine needs in the VCEDA region;
- An up to $200,000 grant to The University of Virginia’s College at Wise Foundation, Inc. from the VCEDA Coalfield Workforce Development and Training Fund to be used for workforce development and training related to new LEAD SWVA regional leadership training, effective supervisor training and entrepreneurial thinking training/programming, for residents of the VCEDA region; and
- An up to $27,358.27 grant from the VCEDA Civil Penalties Fund to the Breaks Interstate Park Commission to be used to develop infrastructure and improvements at the Breaks Interstate Park and an environmental assessment report needed to access Appalachian Regional Commission funding for improvements to the Ratliff Hole River Access Area. The board also approved adding the construction of a wildlife viewing tower at the Breaks Interstate Park Commission to the eligible uses of grant funding previously awarded to the park last September.
VCEDA Executive Director/General Counsel Jonathan Belcher gave board members an update on activity since the last board meeting, noting it has been primarily focused on closing of loans and grants approved by the board, attendance at various outreach events for business development purposes, work on the 2024 VCEDA annual report, ongoing management of active business development projects and review of numerous pre-applications for the upcoming spring round of the Seed Capital program.
“In terms of business development, manufacturing and seed capital are still seeing the most activity,” Belcher said. “Time has also been spent working on several initiatives to help advance the Coalfields Expressway.”
Belcher noted the authority is also working with Chmura Economics & Analytics on an updated economic impact analysis of the coal and natural gas industries in Virginia. Data for that study is being collected now.
In other business at Thursday’s meeting, the board agreed to approve a request from the Industrial Development Authority of Dickenson County to consent to the establishment of a Climate Resilience Hub on a portion of the former Haysi High School site; and to approve a request from the Dickenson County IDA to release VCEDA’s lien on “Dorm #7” of the Dickenson County substance abuse rehabilitation facility at Red Onion.
Loan and grant disbursement deadlines were also extended for the Scott County Economic Development Authority related to a March 2019 agreement concerning the Riverside development, to a new loan disbursement deadline of March 26, 2026; for the Southwest Virginia Community College Educational Foundation, Inc., related to an April 2021 grant agreement to a new grant disbursement deadline of April 15, 2026; for the Lee County Economic Development Authority (EDA) related to a March 2018 loan agreement to a new loan disbursement deadline of March 8, 2026; for the Lee County EDA on a loan related to the Constitutional Oaks Industrial Park expansion, extending the maturity date for an additional 10 years to a new loan maturity date of March 9, 2035; and for the Russell County IDA related to a September 2024 loan agreement concerning the Alcoa building and site to a new loan closing deadline of March 18, 2026.
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.