50 New Projects, Expansions Highlight Most Active Year in VCEDA History
Fifty new projects and expansions were announced in 2019, the highest number in the Virginia Coalfield Economic Development Authority’s 31-year history, the details of which are highlighted in the organization’s annual report released today.
The 50 projects and expansions are projected to create 575 full-time and part-time jobs and more than $29 million in private investment and involved projects approved during 2019 in all eight localities in the VCEDA region which includes Buchanan, Dickenson, Lee, Russell, Scott, Tazewell and Wise counties and the City of Norton.
“This year was another historic year for the Virginia Coalfield Economic Development Authority. Not only did VCEDA set records in 2019 for the number of loan and grant approvals and loan and grant closings, but also for the number of marketing events and prospect visits in which VCEDA was involved, making 2019 the most active year in the history of VCEDA.”
Jonathan Belcher, VCEDA Executive Director/General Counsel
Read more about the 2019 Annual Report
Read the 2019 Annual Report.
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VCEDA Executive Director/General Counsel Jonathan Belcher, second from right, presents a ceremonial check in the amount of $2 million to Russell County Industrial Development Authority Chairman Ernie McFaddin, center, for the Clinch River Hemp Company, LLC project. From left are Kerry McCormick, National Hemp Group COO; Jeff Taylor, Clinch River Hemp Company, LLC CEO; McFaddin; Belcher; and Jean Jordan, VCEDA funds administrator.
VCEDA Awards $2 Million Low Interest Loan for Clinch River Hemp Company, LLC
A low-interest loan of $2 million from the Virginia Coalfield Economic Development Authority (VCEDA) to the Russell County Industrial Development Authority to be used in the development of Clinch River Hemp Company, LLC’s processing facility operations and the up to 62 new jobs it will bring with it was awarded recently.
Clinch River Hemp Company, LLC is a new start-up company, which will provide services from hemp cultivation, through extraction, processing and packaging of hemp products. The Clinch River Hemp Company plant will focus on refining hemp for the therapeutic benefits of CBD and other plant-based chemical compounds that can be derived from hemp.
The new business will be located at Hansonville in the former Freedom Ford car dealership building. Forty-one new full-time jobs and five part-time jobs are anticipated within the first year as the project gets underway.
“The loan funds provided by VCEDA to the Russell County IDA are being used for the purchase of the facility for this project and equipment. Within five years, the business is projected to grow and according to the application, job numbers are anticipated at 58 full-time and four part-time by the fifth year.”
Jonathan Belcher, VCEDA Executive Director/General Counsel
Read more about Clinch River Hemp Company LLC.
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In mid-March, VCEDA closed on an up to $1.225 million loan to West River Conveyors and Machinery Company in Buchanan County. On hand for the ceremonial check presentation were, from left, Scotty Wampler, Buchanan County marketing director; Jonathan Belcher, VCEDA executive director/general counsel; Pete Savage, West River Conveyors and Machinery Company vice president of business development; and Eric Alsup, West River project manager.
VCEDA Closes on $1.225 Million Loan to West River Conveyors and Machinery
The Virginia Coalfield Economic Development Authority (VCEDA) closed on an up to $1.225 million loan to West River Conveyors and Machinery Company in Buchanan County in mid-March. The funds will be used in the expansion of West River’s business which is anticipated to add 12-15 new full-time jobs in the next 10 years.
The VCEDA loan funds will be used toward an approximately 8,000-square-foot building expansion, construction of a covered in-feed conveyor shed and concrete pad and the upgrade of equipment, which company officials said will result in better operating efficiencies and the ability to take on additional work at West River’s Oakwood location. The replacement, or addition, of several items of equipment is also planned and will include a CNC plasma table, CNC plasma beam line, sandblasting system, compressor, 3D scanner, shelving and software. Some of the new capabilities will allow West River to better evaluate customer assemblies for manufacturing fit, while providing analysis tools for product simulation and the ability to create visualization of systems for customers.
“West River Conveyors and Machinery Company is an established Buchanan County business, having operated in the county for nearly 40 years. The company has continued to grow, adding new markets to its service area and growing its job numbers through the years. VCEDA is pleased to assist them in their latest expansion and in helping them to create the new jobs that are part of this project.”
Jonathan Belcher, VCEDA Executive Director/General Counsel
Read more about West River Conveyors and Machinery.
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VCEDA Executive Director/General Counsel Jonathan Belcher, right, presents a ceremonial check in the amount of $60,900 to Breaks Interstate Park Superintendent Austin Bradley. The funding is for improvements at the park, including the implementation of a guided rock climbing program.
VCEDA Awards $60,900 Grant to Breaks Interstate Park
A new guided rock climbing program planned to start at the beginning of the summer season is among the plans the Breaks Interstate Park has for the use of an up to $60,900 grant from the Virginia Coalfield Economic Development Authority (VCEDA). The park plans to use the VCEDA funding in part to purchase additional rock climbing equipment including harnesses, ropes, carabiners and for other associated gear to allow the park to begin leading guided climbing trips. Additionally, the funds will be used to develop infrastructure and for improvements, including the purchase of new HVAC units for the Rhododendron Lodge and Conference Center; and for new washers and dryers servicing the park’s lodging facilities.
“The new grant to the Breaks Park will increase opportunities for employment and enhance the economic base of Dickenson and Buchanan counties and of the Virginia Coalfield Region. Its intended use will also help to grow the tourism economy further in the region.”
Jonathan Belcher, VCEDA Executive Director/General Counsel
Read more about The Breaks Interstate Park.
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VCEDA Executive Director/General Counsel Jonathan Belcher, left, presents a ceremonial seed capital matching grant check in the amount of $10,000 to Red Roof Home, LLC owner Renee Perkins.
VCEDA Presents Seed Capital Grant to The Red Roof Home, LLC
Renee Perkins used to live next door to the home on 516 Carline Avenue in Tazewell, Va., but when that home went up for auction, she bid on it and won the bid. The next step was to decide what to do with the 100-year-home. With the help of her brother, who did most of the contracting renovation work on the project, Perkins turned it into The Red Roof Home, LLC — appropriately named based on its red tin roof — which provides lodging to area visitors. The Red Roof Home, LLC was recently approved for a Virginia Coalfield Economic Development Authority $10,000 seed capital matching grant.
“VCEDA was pleased to assist The Red Roof Home, LLC in its efforts to renovate the property to provide additional lodging options for tourists coming into the area as this region’s tourism economy continues to grow. Additional plans Renee Perkins has for the property will see it grow further and according to the application, she anticipates the business will grow to include one full-time and three part-time employees.”
Jonathan Belcher, VCEDA Executive Director/General Counsel
Read more about The Red Roof Home, LLC.