Nov. 23—TAZEWELL, Va. — A major loan will help bring a new project to the Bluestone Regional Business and Technology Park in Tazewell County.
The Tazewell County park was among almost $5 million in grants and loans announced this week by the Virginia Coalfield Economic Development Authority.
Two loans, including one for an as yet unannounced new jobs project and one for an existing business expansion, as well as 13 grants — which all combined totaled $4.57 million — were approved Thursday during a meeting of the Virginia Coalfield Economic Development Authority Board (VCEDA).
An up to $3 million loan to the Tazewell County Industrial Development Authority for an as yet unannounced project to be located in the Bluestone Regional Business and Technology Center shell building was the new jobs project approved, VCEDA officials said. The money will be used for site development, paving, installation of utilities, building construction and upfits as well as for workforce development and training, on-the-job training and/or the purchase of equipment, machinery and tools.
The approvals agreed to Thursday bring total VCEDA funding approved in 2024 to $13,342,233 in the form of six approved loans totaling $11,529,000 and 31 approved grants which make up the remainder of the approved 2024 funding, VCEDA officials said. Most of the activity has been in manufacturing and in seed capital matching grants. Eleven seed capital matching grants were also approved last week to assist new small business start-ups.
VCEDA Executive Director/General Counsel Jonathan Belcher said that staff are currently working around 34 active business development projects, adding, year-to-date in 2024, VCEDA has closed two loans and 27 grants totaling $4.4 million for a projected 317 new full-time and 117 part-time jobs and $23.9 million in private investment.
He also said in 2024 year to date, VCEDA has attended 29 outreach marketing events throughout the United States.
In other action, the VCEDA Board approved an up to $1.315 million loan for an as yet unannounced existing business new jobs expansion to be used to finance the purchase of equipment, machinery and tools, workforce development and training.
Two projects related to tourism were approved and included an up to $100,000 grant to the Buchanan County Industrial Development Authority to be used to finance a preliminary engineering report and construction of a scenic wildlife viewing pullover along Corridor Q in Buchanan County.
Eleven seed capital matching grants for $10,000 each were approved for The Athlete's Bakery & Blends LLC and Triple J Angus Farms, LP in Tazewell County; Little Notions Quilt Shop LLC in Dickenson County; MT.3D Printing LLC and Outsiders Pizzeria and Bar in Lee County; Stay Fly Drone Service, LLC in Russell County; J Starnes Enterprises LLC d/b/a Blue Line Treats, Franco's Gate City Bistro LLC, Revolutionary Market LLC and ELH Investments LLC d/b/a The Edison in Scott County; and Foam Solutions LLC in Wise County.