Virginia
Coalfield Economic Development Authority board of
directors approves $1,825,000 in loans and grants
Lebanon,
Va.—(April 21, 2005)—The Virginia Coalfield
Economic Development Authority (VCEDA) board of directors
today approved $1,825,000 in loans and grants for
economic development activities in the VCEDA service
region.
The
board, meeting at the VCEDA office in Lebanon, approved
a $150,000 grant to the University of Appalachia School
of Pharmacy. The grant will be used to purchase IT
and lab equipment, as well as furniture and lecture
hall seating for the university’s new location
at the Buchanan Information Park facility in the Slate
Creek section of Grundy.
The
board approved a $175,000 loan to Mountain Forest
Products, LLC, a chip mill and sawmill located in
Dickenson County. The funds will be used to finance
the rebuilding of its spare main chipper motor, which
will allow the company to retain 48 full-time and
5 part-time employees.
The
board also approved a $600,000 loan to VFP, Inc. VFP
manufactures concrete and lightweight equipment shelters
in Duffield. The VCEDA loan will be used to purchase
equipment, machinery and tools that will assist VFP
in its current $2.2 million expansion of the Duffield
plant.
“Existing
industry expansion is critical to economic development
success,” said Donald Baker, VCEDA chairman.
“These industries know the workforce and economic
climate of the region, and their decision to reinvest
in our area is gratifying.”
The
board also approved $900,000 for projects in Tazewell
County.
Pyott-Boone
Electronics, Inc. received a $400,000 loan to be used
for site development, building construction or expansion
and the purchase of equipment, machinery and tools.
Pyott-Boone manufactures electronic sub assemblies
and products for the mining and aerospace industries
at its Tazewell plant.
The
board approved a $500,000 loan to a confidential start-up
company that plans to locate in Tazewell County. The
company, which will invest more than $5.8 million
in the project, will use VCEDA’s loan to purchase
equipment, machinery and tools.
“These
projects represent a substantial investment and the
potential for 170 new jobs that will benefit Tazewell
County and the region,” said Charles Yates,
VCEDA executive director.
