VCEDA Approves 14 New Grants
Fourteen new grants were awarded and other project changes have been approved by the Virginia Coalfield Economic Development Authority. The board has also approved its business development plan for the coming fiscal year.
The new grants approved included three for tourism-related projects in Tazewell and St. Paul; and 11 seed capital matching grants.
Read more about new grants.
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VCEDA Executive Director/General Counsel Jonathan Belcher, right, and Dickenson County Industrial Development Authority Chairman Larry Yates, shred the $1,004,890 promissory note, used on the Red Onion waterline replacement project, as the loan was converted to a grant by VCEDA.
Red Onion Water Line Loan Converted to Grant
The promissory note for an up to $1,004,890 loan from the Virginia Coalfield Economic Development Authority (VCEDA) to the Dickenson County Industrial Development Authority (IDA) was shredded in July following earlier action by the VCEDA board to forgive the loan and convert it into a grant.
The funds, originally awarded in 2018, were used by the IDA to finance the replacement of the water line serving the Red Onion State Prison and the Red Onion Industrial Park in Dickenson County. Originally, the loan was approved for up to $1,004,890, however, only $807,074.04 was disbursed for the project which was completed under budget with the assistance of the Town of Clintwood.
“VCEDA is pleased to assist the Dickenson County IDA by converting this loan into a grant and relieving them of this debt. Infrastructure projects, like the Red Onion project, help to lay the important groundwork for economic development in Southwest Virginia’s e-Region, thereby creating jobs and opportunities for additional growth. We would like to thank the IDA and the Town of Clintwood for working together to make this project happen.”
Jonathan Belcher, VCEDA Executive Director/General Counsel
Read more about the Red Onion Water Loan Grant.
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VCEDA Executive Director/General Counsel Jonathan Belcher, right, presents Russell County Industrial Development Authority Chairman Ernie McFaddin with a ceremonial check representing a $25,000 grant to the IDA to be used to assist TDEC’s Russell County location with workforce development and training.
VCEDA Closes on $25,000 Grant for TDEC in Russell County
A $25,000 grant from the Virginia Coalfield Economic Development Authority (VCEDA) to the Russell County Industrial Development Authority (IDA) was closed recently to assist Russell County business, TDEC, with workforce development and training. The grant is from VCEDA’s Workforce Development and Training Fund.
The grant will help TDEC add approximately 14 new full-time and part-time jobs in a five-year period, according to the IDA’s application to VCEDA.
“VCEDA was pleased to be able to assist the Russell County IDA in its continued work with TDEC and the company’s projected expansion. VCEDA worked with TDEC and the county on the company’s original location to the region two years ago. Seeing them continue to grow and expand is a win for TDEC, a win for Russell County and a win for Southwest Virginia’s e-Region.”
Jonathan Belcher, VCEDA Executive Director/General Counsel
Read more about TDEC.
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Jonathan Belcher, VCEDA executive director/general counsel, right, presents a ceremonial seed capital matching grant check to Eric Brown, of P & E Wholesale LLC, a new floral supply business in Southwest Virginia’s e-Region.
P & E Wholesale LLC Receives VCEDA Seed Capital Grant
For Eric and Pamela Brown, of Honaker, the floral business has been in their backgrounds for decades. Earlier this year, they took things one step further, opening P & E Wholesale LLC and in July, they received a $10,000 seed capital matching grant from the Virginia Coalfield Economic Development Authority (VCEDA), to assist them in growing their new business.
P & E Wholesale LLC is a wholesale floral supply business which sells to retail floral and gift shops in southwest Virginia, southern West Virginia and eastern Kentucky. Weekly, sales calls and deliveries are made to shops on the route in the three-state area. The Browns own a cargo trailer which is stocked with items ranging from silk flowers and vases to gifts and other home décor items often used by flower shops in the design of floral bouquets and by gift shops for outright sale items.
“VCEDA was pleased to assist P & E Wholesale LLC with a seed capital matching grant. The business projects up to three full-time employees and one part-time employee within four years as it continues to grow.”
Jonathan Belcher, VCEDA Executive Director/General Counsel
Read more about P & E Wholesale LLC.
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