VCEDA recently closed on a loan of up to $150,000 to Virginia Mountain Brewing LLC, doing business as Painted Peak Brewing Company in Tazewell. On hand for the ceremonial check presentation were, from left, J.W. Groseclose, Larry Blankenship, and David Blankenship, owners, Painted Peak Brewing Company; Jonathan Belcher, VCEDA Executive Director/General Counsel; Pat Green, Tazewell County Administrator; Mike Thompson, Tazewell County Economic Development Director; and Eric Young, Tazewell County Attorney.
Lebanon, VA (July 31, 2017) — Up to 25 new jobs are expected to be coming to the region due in part to a loan of up to $150,000 by the Virginia Coalfield Economic Development Authority (VCEDA) to Virginia Mountain Brewing LLC, doing business as Painted Peak Brewing Company, of Tazewell, Va. VCEDA recently closed on the loan to the company at which time it was noted within five years, the new venture is anticipated to create up to 15 full-time and 10 part-time jobs.
Painted Peak Brewing Company is a start-up craft brewing company which will produce craft beer products in the Town of Tazewell. David Blankenship, his father Larry D. Blankenship and J.W. Groseclose are the principals involved in the new company, which is also providing a significant private investment in the project.
“VCEDA is pleased to be able to assist in this project as it moves forward and ultimately provides additional needed jobs in our region,” said VCEDA Executive Director Jonathan Belcher, who also serves as the authority’s general counsel.
Phase One of the Painted Peak project included the acquisition of a 13,000-square-foot building located at 318 W. Main Street in the Town of Tazewell, which is to be the location of the brewing company, tap room and brew pub. It also includes engineering, planning and design for initial and long-term renovations; renovation of the building to prepare for the tap room; initial brewing equipment; and preparation for Phase Two which includes acquisition of large scale production equipment and canning and bottling capabilities. Phase Two is expected to take 12 to 18 months to complete.
It is anticipated three full-time and five part-time employees will be hired within the first year. A total of 15 full-time and 10 part-time employees are expected to be employed within five years of the project start.
Funds for the VCEDA loan come from the VCEDA Tourism Capital Improvement Matching Fund and will be used to finance the purchase of equipment for the Main Street, Tazewell craft brewery.
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About Virginia Coalfield Economic Development Authority and 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 Virginia’s e-Region and its focus on electronic information technology, energy, education and emerging technologies. 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.