VCEDA Financing Programs

The Virginia Coalfield Economic Development Authority (VCEDA) is a unique regional economic development organization that uses a portion of local mineral severance taxes paid by the coal and natural gas industries to operate incentive financing programs to help enhance and diversify the economy of Virginia’s e-Region and create jobs.

VCEDA’s primary financing program is a revolving loan fund 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. An average wage of at least 1.5 times federal minimum wage is required. Priority will be given to projects requiring $10,000 or less for each new job created, and projects that create at least 25 new jobs within 12 months.  The project must provide at least 20% equity.

VCEDA also provides other financing designed to assist industrial development authorities with the purchase of real estate for economic development, development of industrial parks, business parks, and technology parks, and to assist with infrastructure within these industrial parks.

Incentives and financing are subject to and based upon eligibility, location, due diligence, funds availability, application and program requirements, and board approvals.

For further information on VCEDA funding, eligibility requirements, and the application process, please Email or call 800.735.9999.

For further information on other incentive and financing programs, Click Here.

VCEDA FINANCING

  • Low interest rate loans
  • For fixed asset needs such as the purchase of real estate, grading of sites, building construction or expansion,
    and the purchase of equipment, machinery, and tools
  • Working capital, operating expenses, inventory, and refinancing are not eligible
  • Collateral is required on all loans
  • Twenty percent equity required
  • Maximum loan term of 10 years on real estate loans and 5 years on equipment loans is desired
  • Seed Capital Matching Fund for businesses no older than three years and under 10 full-time employees

For more information, contact VCEDA at 1.800.735.9999 or Email 

Virginia Coalfield Economic Development Authority

P.O. Box 1060
527 East Main Street
Lebanon, Virginia 24266
Phone: 1-800-735-9999
Email: mail@e-region.org

LATEST NEWS

The Homestead on the Holston Awarded Seed Capital Matching Grant

VCEDA Closes on Loan for Trina Health Town Center Project

VCEDA  Participates in Trina Health of Pounding Mill Announcement

VCEDA Closes on Loan For Virginia Mountain Brewing 

Essential Roots & Herbs in Lee County  Receives VCEDA Seed Capital Grant

VCEDA Helps Russell County Welcome New Manufacturer, 50 Jobs

 

Special called VCEDA Project Review Committee meeting at 1 p.m. Sept. 29, 2017 VCEDA Office, 527 E. Main Street, Lebanon, VA 

The next scheduled meeting of the VCEDA Board is at 3 p.m. October 19, 2017 at the VCEDA Office, 527 East Main Street, Lebanon, VA  

Committee Meeting Times: Executive at 12  p.m. Business Development at 1 p.m. Finance at 1:30 p;.m. Project Review at 2 p.m.

QUICK OVERVIEW

Virginia's e-Region is marketed by the Virginia Coalfield Economic Development Authority - VCEDA - a regional economic development organization created by Virginia's General Assembly in 1988 to enhance and diversify the economic base of the seven-county, one-city, coal-producing region in southwestern Virginia.  Since its creation, VCEDA has helped create more than 20,000 jobs.