| State: |
VA |
| Incentive Type: |
Cash Grants and Financing Incentives |
| Incentive Title: |
Direct Loans |
| Description: |
Virginia Coalfield Economic Development Authority works to enhance the economic base of the seven counties and one city of far southwestern Virginia (Buchanan, Dickenson, Lee, Russell, Scott, Tazewell and Wise Counties and the City of Norton). Low-interest loans are available to qualified new or expanding industries through its financing program. The loans may be used for real estate purchases, construction or expansion of buildings, and the purchase of machinery and equipment. Program funding currently available is $15.5 million and is derived from the local coal and gas road improvement tax and the natural gas severance tax. |
| Eligibility Requirements: |
Private businesses must be basic employers who will bring new income to the area. Priority will be given to loans requiring $10,000 or less for each new basic job created, and the average minimum hourly wage should equal or exceed 1.5 times the current federal minimum wage rate at the end of one year of employment. Any project providing at least 25 jobs within 12 months of start-up will be given priority. |
| Geographic Restrictions: |
Eligible SW VA counties & City of Norton |
| Granting Authority: |
VA Coalfield Economic Development Authority |
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