Areas Served: Buchanan, Dickenson, Lee, Russell, Scott and Tazewell counties
The Virginia Coalfield Economic Development Authority is a unique economic development organization that operates incentive and funding programs.
VCEDA’s mission is to help enhance and diversify the region’s economy by encouraging new job creation.
VCEDA REVOLVING LOAN FUND VCEDA’s primary incentive program is 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, and is generally limited to $10,000 per new job created.
An average wage of at least 1.5 times minimum wage is required.
The project must provide at least 20% of project coSt. COALFIELD REGIONAL OPPORTUNITY FUND This loan and grant program is designed to assist with closing deals with for-profit basic employers locating or expanding within the region.
Eligibility is based in part on the number of jobs, investment and wage rates.
A performance agreement warranting the projected job and private investment thresholds is required.
Contact InformationVirginia Coalfield Economic Development Authority
Address: P.O. Box 1060
City: Lebanon
State: Virginia
Website:
http://www.vaceda.org
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