The Virginia Coalfield Economic Development Authority (VCEDA) Revolving Loan Fund provides low-interest loans to qualified new or expanding industries. It's objective is to enhance the economic base of the region, attract new diversified industry, and assist in the expansion of existing industry in Virginia. VCEDA's primary financing program is a revolving loan fund designed to provide low-interest loans for fixed asset needs (e.g., land purchase, building construction, equipment).
Financing is based in part upon the number of new jobs created, amount of private investment, and wage rates. An average wage of at least 1.5 times federal minimum wage is required. Priority will be given to projects requiring $10,000-$25,000 for each new job created, and projects that create at least 15 full-time jobs within 36 months. The project must provide at least 20% equity. VCEDA also provides other financing designed to assist industrial development authorities with the purchase of real estate for economic development, development of industrial parks, business parks, and technology parks, and to assist with infrastructure within these industrial parks. Incentives and financing are subject to and based upon eligibility, location, due diligence, funds availability, application and program requirements, and board approvals.
Local Government; Non-Profit Organization
Eligible Recipients Detail:
Industrial/economic development authorities in Southwest Virginia's E-Region. The region includes the Virginia counties of Buchanan, Dickenson, Lee, Russell, Scott, Tazewell, and Wise, and the City of Norton.
Building Infrastructure; Last Mile Infrastructure; Broadband Enabled Devices
Eligible Purpose Detail:
Fixed asset needs (e.g., land purchase, building construction, equipment).
Other Eligibility Criteria:
Applicants must be from Southwest Virginia's E-Region. The region includes the Virginia counties of Buchanan, Dickenson, Lee, Russell, Scott, Tazewell, and Wise, and the City of Norton.