An up to $3,373,287.00 loan to the Russell County Industrial Development Authority (IDA) was closed recently by VCEDA to build out the Russell County shell building for Polycap LLC. From left, (seated) are Tom Lato, Polycap president; Jonathan Belcher, VCEDA executive director/general counsel; and (standing) Jean Jordan, VCEDA funds administrator; Lonzo Lester, Russell County administrator; Tony Dodi, Mayor, Town of Lebanon; Peter Gossmann, Polycap vice president; Lawrence Fine, Polycap; Ernie McFaddin, Russell County IDA chairman; and Katherine Patton, Russell County IDA legal counsel.
Canadian Manufacturer Moving to the Region
A Canadian-based manufacturer of specialty plastic caps and closures will soon establish its first U.S. manufacturing facility in Russell County, Virginia, creating 48 new jobs within three years and 65 new jobs within five years at the Russell County Shell Building in Lebanon. In the process of establishing a presence in Lebanon, Virginia, the Canadian company will undergo a rebranding of its trade name to Polycap while continuing under the same corporate structure. An up to $3,373,287.00 loan to the Russell County Industrial Development Authority (IDA) was closed recently by the Virginia Coalfield Economic Development Authority (VCEDA) to build out the Russell County shell building for Polycap LLC.
“VCEDA was pleased to assist the Russell County IDA and the Town of Lebanon in recruiting this project to Lebanon. The company will be providing jobs in a diversified manufacturing sector that will add to the excellent base of manufacturing companies already operating in the region, while providing good manufacturing jobs for the citizens of Russell County and the surrounding area.”
Jonathan Belcher, VCEDA Executive Director/General Counsel
Read more about the Polycap Announcement.
An up to $77,000 grant requested to be used to conduct a feasibility study for a proposed regional education and events center was closed by VCEDA in April at SWCC. On hand for the ceremonial check presentation were, from left, (seated) Susan Lowe, SWCC vice president of institutional development; and Jonathan Belcher, VCEDA executive director/general counsel; and (standing) David Leonard, former Russell County Industrial Development Authority chairman; David Eaton, Russell County supervisor; Travis Hackworth, Tazewell County supervisor; Dr. Tommy Wright, SWCC president; and Ernest McFaddin, Russell County Industrial Development Authority chairman.
VCEDA Awards Grant for SWCC Events Center Study
An up to $77,000 grant requested by the Southwest Virginia Community College Educational Foundation from VCEDA to be used to conduct a feasibility study for a proposed regional education and events center to be located in Tazewell and Russell counties near Southwest Virginia Community College (SWCC) was closed in April at the community college. SWCC, Tazewell County and Russell County have agreed to work together to explore the concept of developing a regional education and events center near SWCC.
“VCEDA is pleased to assist with the feasibility study which will help in making a determination as to whether an events center such as the one proposed is a good fit for that area in terms of viability, cost and other factors. We look forward to seeing the study results.”
Jonathan Belcher, VCEDA Executive Director/General Counsel
Read more about the SWCC Events Center Feasibility Study.
VCEDA presents a ceremonial check for an up to $90,000 loan to Sugar Hill Cidery, LLC, to help with the establishment of a new cidery and restaurant in Norton. From left, are Greg Bailey; Jennifer Bailey, owner of Sugar Hill Cidery; Jonathan Belcher, VCEDA executive director/general counsel; and Roseann Jones, finance director, Cumberland Plateau Planning District Commission, which also has approved financing to Sugar Hill Cidery.
VCEDA Closes Loan for Sugar Hill Cidery LLC in Norton
VCEDA recently closed on an up to $90,000 loan to help with the establishment of a new cidery and restaurant in Norton. The loan from the VCEDA Tourism Capital Improvement Matching Fund is to Sugar Hill Cidery, LLC, owned by Jennifer Bailey, which will be located in a building under renovation at 815 Park Avenue SW in the City of Norton. The building, owned by the Norton Industrial Development Authority (IDA), has been identified by the city as a central piece of its economic and downtown revitalization strategy and Sugar Hill Cidery will lease space at the building from the IDA. The cidery will include a full-service restaurant and offer a casual dining experience.
“VCEDA is very happy to help new businesses create jobs and we are glad to help Sugar Hill Cidery with this project which is an important part of the City of Norton’s economic development strategy for the downtown area.”
Jonathan Belcher, VCEDA Executive Director/General Counsel
Read more about the Sugar Hill Cidery LLC project.
VCEDA Awards 18 Seed Capital Grants
Seed capital matching grant funding totaling up to $180,000 was approved for 18 new small businesses in Southwest Virginia during the VCEDA meeting, April 18 in Lebanon. The grant funds, approved by the board, will see each of the businesses receive up to $10,000 from the VCEDA Seed Capital Matching Grant program established two years ago in April 2017.
“VCEDA’s seed capital matching grant program has been a very successful program since it was started in 2017. The program has successfully resulted in investment by small businesses in our local communities and has also created jobs benefitting residents in VCEDA’s seven county, one-city area. In addition to VCEDA’s other programs and initiatives which are more targeted to traditional industrial development, we believe that supporting entrepreneurship and small business growth is another very important component of enhancing the economy of the region.”
Jonathan Belcher, VCEDA Executive Director/General Counsel
Read more about the Seed Capital Grants.
Scott County EDA officials, legislators and VCEDA representatives take part in a ribbon cutting at the new Daniel Boone Wilderness Trail Interpretive Center opening.
VCEDA Takes Part in Daniel Boone Wilderness Trail Interpretive Center Ribbon Cutting
VCEDA was pleased to take part in the ribbon cutting celebrating the opening of the Daniel Boone Wilderness Trail Interpretive Center in Scott County in April. VCEDA’s involvement in the project began in March 2007 — now more than 12 years ago — when VCEDA approved a $200,000 grant to the Scott County Economic Development Authority for the project. The grant was approved from VCEDA’s Tourism Capital Improvement Matching Fund.
VCEDA Attends Virginia Energy, Infrastructure Conference
VCEDA Marketing Ambassador Mary Rae Carter, right, represented VCEDA at the Virginia Chamber of Commerce Energy and Infrastructure Conference held recently in Roanoke. She is pictured here with Mary Begley, manager of external Affairs for Appalachian Power Company.