LEBANON, VA – March 31, 2023 — An up to $250,000 loan from the Virginia Coalfield Economic Development Authority (VCEDA) to the Russell County Industrial Development Authority (IDA) to be used to finance additional renovations and improvements at the former Acme building and site soon to be occupied by Bates Family Farm, LLC, was closed recently.

Bates Family Farm relocated to Russell County in 2019 and not only raises goats, but is also a manufacturer of goat milk lotions and soaps. 

The IDA has continued to work with Bates Family Farm, LLC to expand into the former Acme building, located at 1309 and 1315 East Main Street in Lebanon, Va. Once upfits to the property are completed, the business will occupy the entire building and begin processing its products from that location. Once the upfits to the property are completed, according to the IDA, Bates Family Farm plans to be in the building later this spring, in May 2023. 

“The IDA has been working with Bates Family Farm, LLC, on its planned expansion to develop a manufacturing/processing plant, bringing with it up to 35 full-time jobs within five years,” said Jonathan Belcher, VCEDA executive director/general counsel. “We are pleased to be able to assist the IDA with the funding needed to meet the Bates Family Farm’s upfit needs for the building.”

The most recent loan is the third one approved by VCEDA for the building. In June of 2021, the VCEDA board approved an up to $500,000 loan request from the IDA to assist with the purchase and renovation of the former Acme building. The building, which is approximately 41,602 square feet, was constructed around 1980. The site is approximately 2.19 acres and has public water and sewer. Natural gas is nearby. 

In February 2022, the VCEDA board approved an additional up to $200,000 loan to be used to finance additional renovations and improvements.

The recent $250,000 loan will be used to complete the project and finish out the facility and also to address parking lot/drainage issues at the site.

“VCEDA’s continued support for the Bates Family Farm Project is exciting and will prove to be a great asset to Russell County,” said Russell County IDA Executive Director Ernie McFaddin. “The farm’s expansion project is a much needed aspect to this business and we are excited to see their continued growth. We look forward to seeing them in their expanded site in May of this year.”

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.