VCEDA Board Approves $3.5 Million in Loans, $279,736 in Grants for Projects in 7 Counties

LEBANON, VA – DECEMBER 19, 2025 -- A total of $3.5 million in loans and $279,736 in grants, including 16 seed capital matching grants for $10,000 each were approved by the Virginia Coalfield Economic Development Authority (VCEDA) during Thursday’s meeting of the board in Lebanon, VA.

The board also elected officers for Calendar Year 2026, including Greg Edwards, chairman; Andy Hrovatic, vice chairman; Brian Hess, treasurer; and Troy Nichols, secretary.

Outgoing chairman, J.P. Richardson, was recognized for his service to the board and was presented with a Certificate of Recognition and Appreciation for his service. Richardson will remain on the board and continue to serve as chairman of the VCEDA Executive Committee.

Funding approved at Thursday’s meeting was as follows:

• A loan of up to $3 million to the Russell County Industrial Development Authority (IDA) for a project not yet announced;

• A loan of up to $500,000 to the Scott County Economic Development Authority (EDA) to be used to assist with the location of an as yet to be announced project at the Riverside development in Weber City, VA;

• A grant of up to $40,000 to the Tazewell County Industrial Development Authority (IDA) to be used to finance a preliminary engineering report and environmental impact review study concerning property owned by the IDA in Tazewell, VA, which is being considered for a possible housing development;

• A grant of up to $25,000 to the Wise County Industrial Development Authority (IDA) to be used to help finance the installation of sewer improvements and costs associated therewith in order to connect the Deen Building in St. Paul, VA, owned by St. Paul Tomorrow, Inc., a local non-profit community development organization, as part of the ongoing downtown revitalization of the Western Front area of St. Paul; and

• An up to $54,736.35 grant from the VCEDA Civil Penalties Fund to the Breaks Interstate Park Commission to be used to develop infrastructure and improvements at the Breaks Interstate Park, specifically including replastering and repairs of the waterpark.

Seed capital matching grants approved for $10,000 each included those in all seven VCEDA counties to the following businesses:

• Appalachian Home Monitoring LLC, Buchanan County;

• Seven Sacred Acres, LLC d/b/a Holy Smokes BBQ and More, Buchanan County;

• The Lemon Lab LLC, Dickenson County;

• Poor Boy HVAC & Elec., LLC, Dickenson County;

• Small Town Scoops, LLC, Lee County;

• 4U8 Construction & Services, Inc., Russell County;

• Wicks by Wendy LLC, Russell County;

• Andrews River Outfitters LLC, Scott County;

• Rhythmic Restorations LLC, Tazewell County;

• Stingerz, LLC, Tazewell County;

• Walker’s Xplicit Diesel LLC, Tazewell County;

• CP Stump Solutions LLC d/b/a Price Land Solutions, Wise County;

• Black Horse Cycle LLC, Wise County;

• Bus Stop Artisan Market and Workshop LLC, Wise County;

• Gap Antique Parlor LLC, Wise County; and

• Southern Sheds & Structures LLC, Wise County.

A request from the Buchanan County Industrial Development Authority (IDA) to forgive and convert into a grant the outstanding balance of $500,000 on the loan approved to the IDA on April 21, 2016 for the construction and development of the Southern Gap Visitor Center was also approved.

In other business, the board agreed to approve a request from the Buchanan County IDA to add the purchase and installation of tourism-related signage on Corridor Q in Buchanan County to the eligible uses of the up to $100,000 grant originally approved for the IDA in November 2024.

Also approved was a request from Paul’s Fan Company to amend and modify the loan agreement by and between VCEDA and Paul’s Fan Company related to the time period for achieving benchmark employment numbers concerning a facility purchased in 2019 by Paul’s Fan Company from the Lee County Economic Development Authority located in the Constitutional Oaks Industrial Park in Lee County, VA.

The board also agreed to extend the maturity date on the up to $2.85 million loan from VCEDA to the Scott County Economic Development Authority concerning the former Ttech building at Weber City, VA. for an additional five years to a new loan maturity date of December 11, 2030.

A request from the Wise County Industrial Development Authority for consent to lease a facility in the Lonesome Pine Regional Business and Technology Park in Wise, VA, for an as yet to be announced project, was also approved by the VCEDA board.

The board also heard an update on the Virginia Coalfields Expressway project. VCEDA provides staff support for the Virginia Coalfields Expressway Authority, whose board met the prior week on December 11.

In his executive director’s report, VCEDA Executive Director/General Counsel Jonathan Belcher noted 2025 has been one of the highest years in VCEDA funding approved in the organization’s history, in terms of both the total amount as well as the quantity of loans and grants approved.

“In 2025 year to date, VCEDA approved eight loans and 30 grants for $14,980,016.27 in new VCEDA funding for a projected 431 new full-time and 74 part-time jobs and $66,673,166 in private investment,” Belcher noted. “This does not include projects approved on the agenda at today’s board meeting, which add an additional two loans and 19 grants for an additional $3,779,736.35 in funding, 151 full-time and 45 part-time jobs and $110,291,277 in private investment.

Activity since the last board meeting has focused on processing new loan and grant applications, attendance at business development and project announcement events and support activities for the Coalfields Expressway.

Belcher noted that in 2025 year-to-date, VCEDA attended 31 outreach marketing events throughout the United States, handled 141 inquiries and participated in 31 prospect visits.

Eleven new projects have been announced in the region year-to-date, six of which were expansion projects projecting 339 new full-time jobs and $54.34 million in private investment.

“In total, there were 17 projects announced in 2025 year-to-date projecting a total of 479 new full-time jobs, 61 part-time jobs and $70.76 million in private investment,” Belcher said, noting several projects are still to be announced before the end of 2025.

“This was an improvement over last year,” Belcher added.

About Virginia Coalfield Economic Development Authority and Southwest 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 Southwest Virginia’s e-Region and its focus on electronic information technology, energy, education, emerging technologies, and entrepreneurship. 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.

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PHOTO CAPTION: Outgoing VCEDA Board Chairman J.P. Richardson, center, was presented with a certificate recognizing his service to the board in that capacity during Thursday’s meeting of the board. He is pictured here with 2026 officers, from left, Troy Nichols, secretary; Brian Hess, treasurer; Jonathan Belcher, VCEDA executive director/general counsel; Richardson; Andy Hrovatic, vice chairman; and Greg Edwards, chairman.