VCEDA Renewable Energy Fund
The Virginia Coalfield Economic Development Authority (VCEDA) has created a Renewable Energy Fund to help attract new jobs and investment to Southwest Virginia’s e-Region and to help diversify its economy. VCEDA is a unique regional economic development agency created by the Virginia General Assembly to enhance and diversify the economy of Buchanan, Dickenson, Lee, Russell, Scott, Tazewell and Wise Counties and the City of Norton in Southwest Virginia. To download a flyer about the VCEDA Renewable Energy Fund, click here.
What types of projects are eligible?
- Commercial/industrial electricity generation projects using renewable energy sources
- Manufacture of renewable energy products and components
- Workforce development and training projects to prepare the region’s workforce for renewable energy jobs
How can the funding be used?
- Funding is available as low-interest loans and/or grants
- Loans are available for real estate acquisition, building construction, equipment purchases, and other physical improvements that add value to real
estate, including associated soft costs
- Grants are available to assist with workforce development and training, such as tuition reimbursement, internships, and training equipment
What types of groups are eligible to apply?
- For-profit businesses
- Non-profit organizations
- Industrial/economic development authorities
- Must be developing a project in the region
How much is available?
- VCEDA has initially allocated $1 million
- Amount of funding per project is based upon factors including the number of jobs, wage rates, and private investment of the project