April 6, 2005

For Immediate Release

Contact: Charles Yates, VCEDA, 276-889-0381
Jonathan Belcher, VCEDA, 276-889-0381

Virginia Coalfield Economic Development Authority awards loan to Hill Mandolins, Inc.

CLINTWOOD, Va.—(April 6, 2005)—The Virginia Coalfield Economic Development Authority (VCEDA) today awarded a $35,700 loan to Hill Mandolins, Inc. The loan will be used toward site development, building construction and equipment costs associated with a musical instrument manufacturing facility.

The loan was the first awarded from VCEDA’s Seed Capital Matching Loan Fund, which was launched in 2003 to encourage development of regional small businesses.

“Musical instruments have long played a role in our region’s heritage,” said Donald Baker, VCEDA chairman. “Hill Mandolins is an excellent example of the intricate craftsmanship that exists in our area.”

Dr. Ralph Stanley has agreed to allow the instruments to bear the name “Stanley Tone.”

VCEDA’s loan will be matched by funds from the Virginia Small Business Financing Authority.

“These funds will allow Mr. Hill to expand the facility where he currently manufactures these high-quality musical instruments,” said Charles Yates, VCEDA executive director. “We believe this business will be an asset to Dickenson County.”