Annual Report, Virginia Coalfield Economic Development Authority
Summary
The 2025 Annual Report of the Virginia Coalfield Economic Development Authority (VCEDA), with a letter to Governor Spanberger and the General Assembly. The letter states that the VCEDA Board approved 59 loans and grants for $18,759,753 in new funding for projects in a seven-county, one-city region, projected to help create and retain 584 full- time and 124 part-time jobs and $180,214,443 in private investment. The table of contents lists sections on project highlights, seed capital highlights, marketing the e-Region, the Coalfields Expressway, loan and grant approvals and an independent auditors' report. The report ends with a Statement of Cash Receipts & Disbursements for the year ended December 31, 2025.
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“Annual Report, Virginia Coalfield Economic Development Authority.”
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ANNUAL REPORT
VIRGINIA COALFIELD ECONOMIC DEVELOPMENT AUTHORITY
Chairman’s
H A I R M A N Letter
’S LETTER
The Honorable Abigail Spanberger
Governor of Virginia
Patrick Henry Building, 3rd Floor
1111 East Broad Street
Richmond, Virginia 23219
Dear Governor Spanberger,
J.P. Richardson We are pleased to submit to you and the General Assembly the 2025 Annual Report of the
Chairman Virginia Coalfield Economic Development Authority (VCEDA).
2025 marked one of the highest funding years in the organization’s history with the approval
by the VCEDA Board of 59 loans and grants for $18,759,753 in new VCEDA funding for
projects in the seven-county, one-city region, projected to help create and retain 584 full-
time and 124 part-time jobs and $180,214,443 in private investment.
Thirty-three projects were announced in the VCEDA region that included new locations and
existing industry expansions within the region, with 26 new business start-ups supported
by grants from VCEDA’s Seed Capital Matching Fund program. Announcements included
the location of Appalachian Highlands Housing Partners to Russell County; West River
TABLE OF CONTENTS Conveyors expansion of its operations in Buchanan County; VFP, Inc.’s major expansion
2 Chairman's Letter of its manufacturing operations in Scott County; an expansion by White Rock Truss and
3 Executive Director’s Report Components in Lee County; and Tate, operator of a data center components manufacturing
facility at St. Paul, VA, is expanding as well to the former Alcoa building in Lebanon, VA.
4 2025 Projects & Expansions
Expansions by Simmons Equipment Company and Lawrence Brothers, Inc. were also
5-13 2025 Project Highlights announced. Another highlight in 2025 was the opening of an additional 2.74 miles of the
14-23 Seed Capital Highlights Coalfields Expressway.
24-29 Marketing the e-Region VCEDA remains committed to its mission and role in assisting to enhance the region’s
30 Coalfields Expressway economy. We look forward to working with the Governor’s Office and the General Assembly
31 VCEDA Board to help our region continue to diversify and grow.
32-33 Loan & Grant Approvals
34-35 Independent Auditors’ Report Sincerely,
35 VCEDA Statement of Cash Receipts
& Disbursements
J. P. Richardson
Mission of the Virginia Coalfield Economic Development Authority VIRGINIA COALFIELD ECONOMIC DEVELOPMENT AUTHORITY
The primary purpose of the Authority is to enhance the economic base for the seven-county and one-city coalfield region of Virginia (Lee, Wise,
Scott, Buchanan, Russell, Tazewell and Dickenson Counties and the City of Norton). The Authority shall provide financial support for the purchase
of real estate, construction of buildings for sale or lease, installation of utilities, direct loans and grants to private for-profit basic employers; may apply
for matching funds from the state or federal government, or the private sector; and any other support improvements it deems necessary.
Code of VA Title 15.2 Chapter 60, Section 15.2-6002
2
EXECUTIVE DIRECTOR’S REPORT
The Virginia Coalfield Economic Development Authority (VCEDA) was formed by the Virginia
General Assembly in 1988 to enhance and diversify the economy of the seven-county, one-city
coalfield region of Southwest Virginia, which includes the counties of Buchanan, Dickenson, Lee,
Russell, Scott, Tazewell and Wise and the City of Norton. Since VCEDA was formed, the region
has seen significant progress in job creation, private investment, and improvements in the economic
diversity index and the unemployment rate of the region.
2025 was another year of such progress, with the following being some of the highlights of the year:
» The announcement of 27 new projects in the region, projected to create 189 full-time and 106 part-
time jobs and $17,364,124 in private investment.
» The announcement of 6 expansion projects in the region, projected to create and retain 369 full-
time and 1 part-time jobs and $58,344,319 in private investment.
Jonathan Belcher
Executive Director/
» The approval by the VCEDA Board of 59 loans and grants for $18,759,752.62 in new VCEDA
General Counsel funding for projects in all 7 counties in the VCEDA region, projected to help create and retain 584
full-time and 124 part-time jobs and $180,214,443 in private investment.
» The closing of 34 approved loans and grants totaling $17,537,516.27, projected to help create and
retain 249 full-time and 52 part-time jobs and $37,749,848 in private investment.
» Twenty-six new business start-ups in the region supported by grants from VCEDA’s Seed Capital
Matching Fund program, projecting a total of 100 full-time and 106 part-time jobs.
» Thirty-one outreach marketing events to promote the region throughout the United States.
» The opening of an additional 2.74 miles of the Coalfields Expressway as a four-lane highway.
Important projects announced during the year in the region include the location of Appalachian
Highlands Housing Partners, projecting 89 new full-time jobs, assisted by an up to $3 million
loan approved by VCEDA to the Russell County Industrial Development Authority. West River
Members of the VCEDA staff Conveyors also announced a major expansion of its operations in Buchanan County, which is being
include (from left) Mitzi White,
assisted by an up to $4 million loan approved by VCEDA. VFP, Inc. announced a major expansion
economic development specialist;
Charlotte Mullins, business of its manufacturing operations in Scott County, projected to create 200 new jobs and $35 million
development specialist; Susan in private investment, and assisted by an up to $312,500 grant and up to $3 million loan earmark
Copeland, marketing coordinator; from VCEDA. An expansion by White Rock Truss and Components in Lee County was announced
Jonathan Belcher, executive projecting 27 new jobs, which is supported by an up to $500,000 loan approved in 2024 by VCEDA
director/general counsel; Marketta
to the Lee County Economic Development Authority. Tate, which already operates a data center
Horton, funds administrator; Diane
Thomas, business development components manufacturing facility in the region at St. Paul, VA, is expanding as well to the former
specialist; Angie Farmer, economic Alcoa building in Lebanon, VA and creating at least 35 new jobs, supported by a $4 million loan
development specialist; and approved in 2024 by VCEDA to the Russell County IDA. Job-creating expansions by Simmons
Cathy St. Clair, communications Equipment Company and Lawrence Brothers, Inc. were also announced, both supported by loans
coordinator.
from VCEDA. Loan and grant funds were approved by VCEDA
for a variety of other projects throughout the year including for
infrastructure development, telehealth, workforce development and
training, tourism development, and entrepreneurship.
As always, the successes of 2025 were possible because of the region’s
team approach as VCEDA and its economic development allies
work towards a common goal for the betterment of the region. It
is this team approach that will continue to be critical as the region
continues to work to enhance and diversify the economy of the
coalfields of Virginia.
3
2025 NEW PROJECTS, EXPANSIONS & RETENTIONS
NEW PROJECTS LOCALITY JOBS PRIVATE INVESTMENT
Just Breakin Bread LLC Buchanan 4 FT / 3 PT $25,000
Appalachian Home Monitoring LLC Buchanan 7 FT / 2 PT $14,500
Seven Sacred Acres, LLC d/b/a Holy Smokes BBQ and More Buchanan 3 FT / 4 PT $79,430
LIn’s Bistro, LLC Dickenson 4 FT / 4 PT $35,500
The Lemon Lab LLC Dickenson 1 FT / 2 PT $18,836
Poor Boy HVAC & Elec., LLC Dickenson 3 FT / 2 PT $25,100
Painting Outside the Lines Studio LLC Lee 1 FT / 2 PT $15,147
Small Town Scoops, LLC Lee 1 FT / 2 PT $18,594
Harwood Cavalier Properties LLC d/b/a River Hill Farms Russell 2 FT / 4 PT $340,476
PBall’s Smoke & Grill LLC Russell 2 FT / 9 PT $20,000
Appalachian Highlands Housing Partners Russell 89 FT $15,328,206
4U8 Construction & Services, Inc. Russell 6 FT / 4 PT $10,000
Wicks by Wendy LLC Russell 2 FT / 1 PT $14,450
Two Sweet Bees, LLC Scott 1 FT / 3 PT $33,473
Andrews River Outfitters LLC Scott 1 FT / 2 PT $25,500
Ardent Construction, LLC Tazewell 10 FT $15,604
Neeka Skincare LLC Tazewell 5 FT / 4 PT $10,101
Painted Mountain Riverbend Retreat, LLC Tazewell 2 FT / 7 PT $322,292
Fearless Ventures LLC Tazewell 20 FT / 25 PT $277,048
Rhythmic Restorations LLC Tazewell 4 FT / 3 PT $10,000
Stingerz, LLC Tazewell 2 FT / 4 PT $10,000
Walker’s Xplicit Diesel LLC Tazewell 10 FT / 5 PT $37,500
CP Stump Solutions LLC d/b/a/ Price Land Solutions Wise 1 FT / 4 PT $340,500
Black Horse Cycle LLC Wise 2 FT $12,500
Bus Stop Artisan Market and Workshop LLC Wise 2 FT / 2 PT $47,175
Gap Antique Parlor LLC Wise 3 FT / 2 PT $223,600
Southern Sheds & Structures LLC Wise 1 FT / 6 PT $53,592
TOTAL NEW PROJECTS (27) 189 FT / 106 PT $17,364,124
EXPANSIONS/RETENTIONS LOCALITY JOBS PRIVATE INVESTMENT
West River Conveyors and Machinery Company Buchanan 55 FT / 1 PT* $11,250,000
White Rock Truss and Components LLC Lee 27 FT $1,500,000
Simmons Equipment Company Russell 15 FT $1,544,319
Tate Russell 35 FT $6,250,000
VFP, Inc. Scott 200 FT $35,000,000
Lawrence Brothers, Inc. Tazewell 37 FT $2,800,000
TOTAL EXPANSIONS/RETENTIONS (6) 369 FT / 1 PT $58,344,319
TOTAL NEW PROJECTS &
558 FT / 107 PT $75,708,443
EXPANSIONS/RETENTIONS (33)
FT = full-time; PT = part-time; *Note: West River Conveyors includes 30 full-time and 1 part-time retained jobs
4
HIGHLIGHTS
Appalachian Highlands Housing Partners
Russell County / $3 Million Loan
A modular housing production facility that includes construction training and
education is planned for Russell County, due in part to an up to $3 million loan
approved by VCEDA to the Russell County Industrial Development Authority
(IDA). Appalachian Highlands Housing Partners (AHHP), a 501 c3 non-profit
corporation formed in 2024 by the Wellspring Foundation of Southwest
Virginia, worked with the IDA on the project that anticipates creating 89
jobs within five years. The funds will be used to finance the purchase of
real estate, building upfits and improvements at the former Buster Brown
Building in the Russell County Industrial Park. Plans call for at least 260
units of modular housing to be manufactured the first year and a workforce
education component to inspire employees to learn about careers such as
electrician, plumber, HVAC, carpentry, engineering, project management and
other skills.
VFP, Inc. / Scott County
$312,500 Grant and $3 Million Loan Earmark
Coinciding with the company’s 60th anniversary, VCEDA joined Governor
Glenn Youngkin and other state and local officials in a manufacturing
announcement by VFP, Inc., that the company will invest $35 million to
expand its operations in Scott County. This latest expansion is expected to
create 200 new jobs at the Duffield, VA manufacturing campus, making VFP
one of the largest manufacturing employers in Southwest Virginia. The VCEDA
Board approved a $312,500 grant to the company for workforce development
and training and also approved a loan earmark of up to $3 million to the
Scott County EDA to assist with the purchase and installation of equipment
as the expansion develops. VFP, a producer of custom-designed enclosures
used to protect critical infrastructure, has continued to grow and expand its
manufacturing presence in Duffield and has become a true bedrock of the
region’s economy.
Tate / Russell County / $4 Million Loan
Tate, a Kingspan company and global leader in mission-critical data center
infrastructure solutions, announced an expansion of its U.S. manufacturing
operations into the 131,000-square-foot former Alcoa manufacturing
building in Lebanon, VA. In 2024, VCEDA approved an up to $4 million
loan enabling the Russell County IDA to purchase and prepare the building
for new industrial use, and Tate is leasing the upgraded facility. Located
just 18 miles from the company’s existing St. Paul site, the Lebanon
location expands Tate’s North American production footprint, strengthens
manufacturing resiliency and is expected to create up to 35 new full-time
jobs within three years. The building, originally built in the 1990s, is situated
on an approximately 11-acre site adjacent to four-lane U.S. Route 19.
5
HIGHLIGHTS
West River Conveyors and Machinery Company
Buchanan County / $4 Million Loan
VCEDA approved an up to $4 million loan to Apex Leasing Corporation, an
affiliate of West River Conveyors and Machinery Company, to be used for West
River to relocate and expand to the Southern Gap Industrial Park. The loan
will be used to finance site development, construction of an approximately
65,000-square-foot manufacturing facility on the land it has acquired from
the Buchanan County IDA at Southern Gap, as well as for the installation of
utilities, concrete, paving and parking lot construction and the purchase of
equipment, machinery and tools. With the expansion and new location, West
River has projected it will retain 30 full-time and 1 part-time jobs and create
an additional 25 new full-time jobs.
Lawrence Brothers, Inc. / Tazewell County
$1.315 Million Loan
In 2024, VCEDA approved a $1.315 million loan to Lawrence Brothers, Inc.
(LBI), a manufacturing company in Tazewell County, to be used to assist
in an expansion announced in 2025 at its Bluefield, VA location which will
result in the creation of new jobs and the purchase of a Mitsubishi fiber
optic laser. With this latest expansion, the company has indicated it plans to
add up to 37 new full-time jobs and invest at least $2.8 million. The funds
will allow the company to add a third laser and is expected to increase its
manufacturing capacity by 75 percent. Incorporated in 1975, LBI specializes
in heavy metal fabrication and custom metal applications for various
industries, including underground mining, energy and electrical, automotive,
material handling, airline and the general metal industrial goods industry.
White Rock Truss & Components LLC
Lee County / $500,000 Loan
VCEDA joined Virginia Gov. Glenn Youngkin and a host of others at a ribbon
cutting marking the expansion of White Rock Truss & Components LLC in
Lee County, VA. The expansion will see the company invest $1.5 million in
the project and create 27 jobs. VCEDA approved a $500,000 loan in 2024 to
the Lee County Economic Development Authority to assist with the purchase
of equipment for the expansion project. Project funding, in addition to that
from VCEDA, also came from a $100,000 grant from the Commonwealth’s
Opportunity Fund and a $50,000 grant from the Tobacco Region Opportunity
Fund, administered by the Tobacco Region Revitalization Commission.
Established in Lee County in 2005, White Rock Truss & Components
manufactures construction products and engineered lumber which it supplies
to residential construction companies and home improvement retailers.
6
Simmons Equipment Company
Russell County / $500,000 Loan
VCEDA approved an up to $500,000 loan in 2024 to be used to finance building
upfits and improvements for the Russell County Industrial Development
Authority’s (IDA) Russell Place property in Lebanon, VA, to support the
continued expansion of Simmons Equipment Company. Last year, Simmons
announced an expansion of its operations into two buildings in Lebanon –
the former Polycap building and the former Russell Place building — along
with the creation of 75 new full-time jobs and the retention of 40 full-time
jobs. These upfits to the Russell Place property are expected to create an
additional 15 new jobs – more than anticipated when the project first began.
Simmons is a manufacturer of mining equipment with operations in both
Russell and Tazewell counties.
Virginia Coalfields Expressway Section Opening
Buchanan County
Virginia Coalfields Expressway Authority and VCEDA board members were
pleased to join the Virginia Department of Transportation (VDOT), Virginia
Secretary of Transportation Shep Miller, VDOT Commissioner Stephen Brich,
Congressman Morgan Griffith, Sen. Todd Pillion, Bizzack Construction and
a host of other state, federal and local officials at the ribbon cutting event
marking the opening of the newest 2.74-mile section, Poplar Creek Phase A,
of Corridor Q of the Coalfields Expressway (Rt. 460/121) in Buchanan County,
VA. It was a great day to celebrate the construction progress being made
on the road between Southern Gap Road and Poplar Creek Road which is
now officially open to traffic. Following the completion of Poplar Creek Phase
A, only 2.07 miles of Corridor Q construction remain in Virginia. The last
portion of Corridor Q under construction is the Poplar Creek Phase B portion,
scheduled to open in late 2027.
Hillside Trail Park / Russell County / $50,000 Grant
A new 11-acre site described by the Russell County Industrial Development
Authority (IDA) as the gateway for broader tourism efforts tied to the Clinch
River will be developed due in part to an up to $50,000 grant from the VCEDA
Tourism Capital Improvement Matching Fund. The grant will be used to help
finance the construction of the Hillside Trail Park which will be developed
on the hillside in front of the Lebanon Farmer’s Market and Russell County
Government Center in downtown Lebanon, VA. The site for the park lies within
the Clinch River Watershed with water from the site flowing more than seven
miles through Big Cedar Creek into the Clinch River State Park -- Virginia’s
first blueway state park.
7
HIGHLIGHTS
Red Onion Industrial Site
Dickenson County / $2.09 Million Loan
VCEDA approved an up to $2,093,186 loan to the Dickenson County IDA to be
used to assist with the continued development of the Red Onion Industrial
Site. The funds will be used to finance site development, grading, road
construction and utilities installations to further the development of the Red
Onion Industrial Site (formerly known as the Coalfield Regional Industrial
Park), approximately 99.4 acres of former surface mined land near Red
Onion State Prison. VCEDA also previously funded the installation of sewer
and replacement of the water line to serve the industrial site; and in 2020,
approved an additional up to $1.2 million grant to the Dickenson County
IDA to help with site development and infrastructure. Fully developed, the
park will have three graded pads ranging from five to 15 marketable acres,
significantly improving Dickenson County site availability for future business
and industry development in the region.
Southern Gap / Buchanan County
$1.6 Million Grants
VCEDA approved three grants totaling $1.6 million to benefit projects at
Southern Gap in Buchanan County. The projects include up to $1 million to
be used to finance site development and infrastructure for a new 130-acre
mixed-use development within Phase II of the Southern Gap Industrial Park;
up to $500,000 to be used to finance site development and infrastructure
for a proposed commercial area at Southern Gap; and up to $100,000 to be
used to finance site development and infrastructure for a proposed housing
development at Southern Gap. The mixed-use site is located behind the
existing Southern Gap Regional Office Park and the existing residential area
at Southern Gap and will be near the county’s new consolidated high school
currently under construction.
Telehealth / Buchanan County / $125,000 Grant
VCEDA approved an up to $125,000 grant from the VCEDA Telehealth Fund
to the Buchanan County IDA to be used to finance the provision of Starlink
Internet service to eligible unserved and/or underserved citizens with
telehealth and telemedicine needs in Buchanan County. Eligible households
will receive the equipment necessary to provide them with the service through
an agreement between the IDA and Appalachian Broadband Innovators. The
grant covers the costs and expenses of hardware, wiring, installation and
two-year subscriptions for each household served. The VCEDA Telehealth
Fund is made possible by special funding provided through the state budget
to help address telehealth and telemedicine needs in the VCEDA region.
8
Breaks Waterpark / Buchanan and Dickenson
Counties / $82,095 Grants
A $27,358.27 grant and a $54,736.35 grant from VCEDA to the Breaks
Interstate Park will be used to help replaster the park’s waterpark pool. The
VCEDA funds for both grants come from the VCEDA Civil Penalties Fund
set aside specifically for infrastructure and improvements at the Breaks
Interstate Park. The waterpark was constructed in 2012, and the funds from
VCEDA will be used to apply a new coat of marcite plaster. The waterpark is
a very popular attraction for locals and tourists alike who are visiting the
Breaks Interstate Park. The park is one of only two interstate parks in the US
and lies within Buchanan and Dickenson Counties in VA and Pike County, KY.
Study Eyes Economic Impact of Coal and Natural
Gas Industries and VCEDA in Southwest Virginia
A study authored by Chmura Economics & Analytics, a Richmond, VA-
based firm, reported that VCEDA and the coal and natural gas industries in
Southwest Virginia continue to play a critical role in the region’s economic
growth and diversification. The study highlights the contributions of all
three to the economy and found that combined, they created $13.48 billion
in economic impact including direct, indirect and induced measures and
supported a combined total of 51,245 jobs in the region. In the state of
Virginia, Chmura estimated that the total annual economic impact (direct,
indirect, and induced) of VCEDA-assisted businesses was $12.8 billion
which supported 53,051 jobs.
Simulated Workforce Pilot Program
Wise County / $129,080 Grant
VCEDA approved an up to $129,080 grant to the Appalachian Council for
Innovation (ACI) from the VCEDA Coalfield Workforce Development and
Training Fund to be used to implement a Simulated Workforce pilot program
in the VCEDA region. The funds will be used specifically for costs and
expenses of implementing the pilot program with the Wise County Public
Schools Career and Technical Education Center. ACI, formerly known as
the Southwestern Virginia Technology Council, a 501(c)(6) non-profit
Virginia corporation, explained the model places students in simulated
workplace company settings which imitate a workplace or job site, rather
than a traditional classroom. Phase 1 of ACI’s simulated workforce project
will implement the program in Wise County; Phase 2 will expand it into
another school system in the VCEDA region. Dickenson County has already
implemented a simulated workforce program.
9
HIGHLIGHTS
UVA Wise Foundation / Regional / $200,000 Grant
VCEDA approved an up to $200,000 grant from the VCEDA Coalfield Workforce
Development and Training Fund to the University of Virginia’s College at Wise
Foundation, Inc., to be used for workforce development and training. The
funds will be used to assist in workforce development and the implementation
of the new LEAD SWVA program, effective supervisor/leadership training and
entrepreneurial thinking training/programming for residents of the VCEDA
region. The workforce development program will offer six training cohort
opportunities, available to targeted industries and organizations throughout
the VCEDA region. Announced by UVA Wise in December 2024, the LEAD SWVA
program will seek to foster individuals who aspire to grow their communities
through leadership.
Southwest Virginia Community College Educational
Foundation / Regional / $250,000 Grant
Workforce development needs will be addressed through a $250,000
grant from VCEDA to the Southwest Virginia Community College (SWCC)
Educational Foundation. The funds will be used for workforce development
and training — specifically, scholarships for the emerging workforce, training
instructional costs, customized workforce training for area businesses,
work-based learning opportunities, costs of assessments and costs of
administering National Career Readiness Certificate and other workforce
testing for residents and/or workers in the VCEDA region. For the past several
years, VCEDA has provided funding from its Coalfield Workforce Development
and Training Fund for both SWCC and Mountain Empire Community College
for scholarships and related funding to support workforce training.
Mountain Empire Community College Foundation
Regional / $200,000 Grant
VCEDA approved an up to $200,000 grant to the Mountain Empire Community
College (MECC) Foundation from the VCEDA Coalfield Workforce Development
and Training Fund to be used for workforce development to support future
training and certification needs for residents in the VCEDA service territory
for the next two years to meet the ongoing demand for skilled, trained workers
in high-need manufacturing, technology and health care sectors. The grant
funds will be used for VCEDA region resident scholarships, tuition, training
instructional costs, retraining costs and customized workforce training for
area businesses. MECC anticipates training 500 or more students in 2025-
2026, with existing industries expanding their employment offerings. More
than $1.2 million in grants have been approved by VCEDA to the MECC
Foundation since an initial $500,000 grant approved in 2018.
10
Riverside Housing Development
Scott County / $100,000 Grant
VCEDA approved an up to $100,000 grant to the Scott County Economic
Development Authority (EDA) from the VCEDA Regional Account to be used
to finance site development and infrastructure including the installation of
utilities for a proposed housing development at the Riverside Development
in Scott County. The plan calls for no fewer than 50 workforce houses being
built on site. The nearly 100-acre property was first purchased by the EDA
in December 2010 with a $2.02 million loan from VCEDA. In 2022, VCEDA
agreed to the Scott County EDA’s proposal to convert Riverside to a mixed-
use development. As plans have further developed, the EDA has also
been focused on other aspects of the mixed-use development, including a
significant housing component.
WRAP Technologies / City of Norton
$3.16 Million Loan
VCEDA was in attendance in Norton, VA for a ribbon cutting celebrating
WRAP Technologies location into a newly constructed facility in Intersection
Business Park. Virginia Gov. Glenn Youngkin attended the event along with
Virginia Secretary of Commerce and Trade Juan Pablo Segura, Del. Terry
Kilgore and Sen. Todd Pillion. This project is a testament to the hard work of
the LENOWISCO Planning District Commission, the Lonesome Pine Regional
Industrial Facilities Authority, the region’s legislators, the Commonwealth
and the company. VCEDA approved a $3,160,000 loan in 2023 to the Norton
Industrial Development Authority to assist with the construction of the new
facility for this project at the Intersection development.
Dickenson Community Business Launch
Dickenson County / $42,500 Grant
VCEDA approved a $42,500 grant to the Dickenson County Industrial
Development Authority (IDA) to assist in the development of a small business
incubator space at the Dickenson Center for Education and Research (DCER)
in Clintwood, VA. The funds will be used to make improvements to 3,200
square feet of unused space at the DCER and for workforce and small
business development and training as the Dickenson County Community
Business Launch program is implemented to foster local entrepreneurship
by offering small business incubator space and comprehensive support
services to assist businesses going through the new program.
11
HIGHLIGHTS
Virginia Business Magazine Names Jonathan
Belcher to Power 500 Listing
VCEDA Executive Director/General Counsel Jonathan Belcher was named to
the Virginia Business Power 500 listing for the fourth year in a row. The 2025-
2026 list recognizes what the magazine defines as Virginia’s most powerful
leaders across 21 sectors ranging from real estate and manufacturing to
higher education and federal contracting. The magazine referenced two
notable job announcements in the past year including a $1.3 million loan
with Lawrence Brothers, a Tazewell County manufacturing company, for an
expansion expected to create new jobs; and a $3.2 million loan to the Norton
Industrial Development Authority to assist with construction of a new facility
for WRAP Technologies at Intersection Business Park anticipated to create
126 jobs. Southwest Virginia honorees in addition to Belcher in the edition
included Delegate Terry Kilgore, Donna Henry, Elizabeth McClanahan, Allie
Evangelista and Travis Staton.
Bates Family Farm Facility / Russell County /
$350,000 Loan
VCEDA approved an up to $350,000 loan to the Russell County IDA to be
used to finance the replacement of the roof at the former Acme building in
Lebanon, VA. The IDA currently has the building under lease to Bates Family
Farm, LLC which is utilizing the space as their manufacturing facility for
goat milk lotions and soaps. VCEDA previously approved nearly $1 million in
loans to the Russell County IDA to assist with the purchase and renovation
of the building and the new loan for replacing the roof is part of the ongoing
development of the space. The building is approximately 41,602 square feet
and was constructed around 1980 on an approximate 2.19-acre site.
Lonesome Pine Regional Business and Technology
Park / Wise County / $50,000 Grant
VCEDA approved an up to $50,000 grant to the Wise County IDA to be used
to finance the purchase and installation of a new sign for the Lonesome Pine
Regional Business and Technology Park in Wise County, VA. The Lonesome
Pine Regional Business and Technology Park in Wise, first established in the
1990s, is one of the premiere economic development locations in the region
and is home to several businesses and hundreds of workers. The Wise County
IDA, in partnership with the Wise County Office of Economic & Industrial
Development, has undertaken a branding and marketing plan that includes
a new branding logo, marketing materials and a dedicated economic
development website for the county, as well as the addition of signage at
the technology park.
12
Buchanan County Child Day Care Facility
Buchanan County / $120,000 Grant
VCEDA approved an up to $120,000 grant to the Buchanan County Industrial
Development Authority (IDA) to be used to finance a planning study for a
proposed child day care facility in Buchanan County to be located in the Town
of Grundy. The availability of affordable child day care has been identified
by the Buchanan County IDA as an important issue for the county and is an
issue of importance for area employers.
Dickenson County Welding Classes
Dickenson County / $20,000 Grant
Welding classes will be added to the offerings at the Dickenson Center for
Education and Research (DCER) in Clintwood, VA, thanks to an up to $20,000
grant from VCEDA’s Coalfield Workforce Development and Training Fund. The
funds will be used to cover the costs and expenses of electrical upgrades
to support the establishment of welding classes through Mountain Empire
Community College (MECC). MECC plans to install eight welding booths,
complete with brand-new welders and all necessary equipment. Upgrades
to electrical circuits, panels and transformers serving the facility are needed
prior to the installation.
Southern Gap Call Center Facility
Buchanan County / $440,000 Loan
VCEDA approved an up to $440,000 loan to the Buchanan County Industrial
Development Authority (IDA) to be used to finance building repairs and
improvements at the IDA’s call center building to support the Virginia
Employment Commission (VEC) call center which is located within the
building. Improvements include the repair and/or replacement of HVAC
units and a battery backup system in the building built in the Southern
Gap Industrial Park and formerly occupied by Sykes Enterprises. The VEC
relocated and expanded its Buchanan County customer service call center to
the Southern Gap building in 2021.
13
S E E D C A P I TA L H I G H L I G H T S
VCEDA SEED CAPITAL MATCHING FUND
VCEDA established the VCEDA Seed Capital Matching Fund in
2017 to provide a source of matching grant funds to assist new,
start-up and emerging small businesses located within the region
and to attract small businesses from outside the region to locate
within the region.
STATISTICS
Stats on Seed Capital Matching Fund
SINCE 2017
NEW START-UPS 230
VCEDA region for-profit businesses in qualifying business sectors
which have been in operation for one year or less and which have
1,714 (927 FULL-TIME;
less than 10 full-time employees are eligible to apply for dollar- PROJECTED JOBS
for-dollar matching grants up to $10,000 from the VCEDA Seed
787 PART-TIME)
Capital Matching Fund. Applicants work with the Small Business
Development Centers at Mountain Empire and Southwest Virginia PROJECTED INVESTMENT $14,006,438
community colleges to prepare their applications to VCEDA.
Those applications include detailed business and financial plans.
To qualify, businesses must be located in, or plan to locate in, the In 2025, VCEDA approved grants from the Seed Capital Matching
VCEDA region and must be in one of the qualifying business Fund to assist 26 new small business start-ups throughout the
sectors. region. A total of 100 full-time and 106 part-time jobs in a five-
A February 2021 study of the Seed Capital Matching Fund year period are projected by those businesses, which also anticipate
completed by Virginia Tech’s Center for Economic & Community private investment of $2,035,918.
Engagement found the VCEDA seed capital program had a very Since the seed capital program was created in 2017, a total of 230
high return on VCEDA’s investment at a ratio of approximately businesses have been approved for match funding, projected to
34:1. The study also found VCEDA has played a critical role create a total of 1,714 full- and part-time jobs within five years.
in the development of small businesses and in support of Total investment by these businesses in a five-year period is
entrepreneurship. projected to be $14 million.
How to Apply
Subject to the availability of funds, VCEDA typically considers applications for the Seed Capital Matching Fund program twice per year.
Applicants begin the process by contacting and working through the applicable Small Business Development Center (SBDC) for their
area (Mountain Empire Community College or Southwest Virginia Community College). The SBDC will then help coordinate the
request with VCEDA.
Applicants are also required to obtain a letter or resolution of support for their application from the county industrial development
authority of the county in which their project is located (or from the Norton Industrial Development Authority for businesses in the
City of Norton).
The Seed Capital program is funded from a portion of the natural gas severance taxes paid by the region’s natural gas industry.
14
Appalachian Home Monitoring LLC
Buchanan County / $10,000 Grant
Serving rural communities with fast local support and court-compliant
tracking solutions when it comes to monitoring services for individuals
on probation is the goal of Appalachian Home Monitoring LLC. The new
business in Grundy, VA, provides GPS ankle monitoring and continuous
alcohol monitoring services. The new business projects five to seven full-
time employees and two part-time employees within five years.
Just Breakin Bread LLC
Buchanan County / $10,000 Grant
From hamburgers and Philly cheese steaks -- to subs, loaded steak fries and
a home-cooked meal special on Fridays, Just Breakin Bread LLC at Southern
Gap, is providing businesses, residents and tourists alike menu items
without the need to go off the mountain to get food. The business projects
four full-time and three part-time employees within five years.
Seven Sacred Acres, LLC d/b/a Holy Smokes BBQ
and More / Buchanan County / $10,000 Grant
When Judy Money set out to open a business near Honaker, VA, she wanted
to combine sustainable farming practices with her family’s love of southern-
style slow smoked barbecue. She set up Seven Sacred Acres, LLC, dba as Holy
Smokes BBQ and More -- what she describes as a farm-to-table agricultural
business which also operates a mobile BBQ catering service. The business
projects three full-time and four part-time employees within five years.
15
S E E D C A P I TA L H I G H L I G H T S
Lin’s Bistro, LLC / Dickenson County / $10,000 Grant
Dine-in and carry-out options are now being offered by Lin’s Bistro at the new
restaurant, owned by Henry Viers. From home-cooked meals to sandwiches
and fries, the new restaurant, located at 23660 Dickenson Highway in Haysi,
VA, also offers online ordering capabilities. The business projects four full-
time and four part-time employees within five years.
The Lemon Lab LLC
Dickenson County / $10,000 Grant
Fresh-squeezed, fair-style lemonade in both classic and different flavors is
what The Lemon Lab LLC is all about. Friends Kayla Justice, Deanne Hill
and Jessica Rose started out offering lemonades in a pop-up tent style
atmosphere at fairs and festivals, sometimes renting a trailer for set up,
but as popularity for their lemonades grew, they decided to take the step to
go all in and purchase their own food trailer. The new business projects one
full-time and two part-time employees within five years.
Poor Boy HVAC & Elec., LLC
Dickenson County / $10,000 Grant
Heat pump installation and repair is the specialty of Poor Boy HVAC & Elec.,
LLC, in Clinchco, VA. Danny Stanley is a Class C contractor, a master HVAC
technician and master electrical technician providing services to both
residential and commercial customers in Dickenson County and beyond. The
business projects three full-time and two part-time employees within five
years.
16
Painting Outside the Lines LLC
Lee County / $10,000 Grant
Seeing the joy on the faces of those who come to Painting Outside the Lines
Studio LLC to paint, relax and enjoy time spent with family and friends makes
everything worthwhile, according to Stacy Barnette, who recently opened the
new business in Pennington Gap, VA. The business projects one full-time and
two part-time employees within five years.
Harwood Cavalier Properties LLC d/b/a River Hill
Farms / Russell County / $10,000 Grant
Developing a premier fly fishing destination along Big Cedar Creek in
Lebanon, VA is the goal Judson Hill has as Harwood Cavalier Properties LLC,
dba River Hill Farms, works to build a fishing lodge and fishing guide service
on 65 acres which fronts a one-mile stretch of pristine waters teeming with
rainbow and brown trout. The business projects two full-time employees and
four part-time employees within five years.
PBall’s Smoke & Grill LLC
Russell County / $10,000 Grant
Preston Ball has a mission with his new mobile food truck -- PBall’s Smoke &
Grill -- and that is to bring the joy of a backyard barbecue to the streets. He
strives to fix authentic, affordable slow-smoked barbecue with exceptional
flavor coupled with providing a friendly, community-focused experience.
PBall’s projects two full-time employees and nine part-time employees
within five years.
17
S E E D C A P I TA L H I G H L I G H T S
Small Town Scoops, LLC
Lee County / $10,000 Grant
Creating a local hub for the community to gather while also offering ice
cream and winter food options including soups, pizza cones and sandwiches,
is what Jessie Middleton had in mind when opening Small Town Scoops, LLC
in Jonesville, VA. The business projects one full-time and two part-time
employees within five years.
4U8 Construction & Services, Inc.
Russell County / $10,000 Grant
Retaining walls, driveway construction, site prep and other grading and
excavation work are among the services offered by 4U8 Construction &
Services, Inc., in Honaker, VA. Owners Krista Sutherland, Brittany Miller,
Justin Miller and Ross Sutherland started the business to provide area
residents with dependable construction support. The business projects six
full-time and four part-time employees within five years.
Wicks by Wendy LLC
Russell County / $10,000 Grant
What started for Wendy Gilbert as a hobby making all natural soy wax candles
led to the opening of Wicks by Wendy, operated by her and her husband,
Christopher, in downtown Lebanon, VA. The Main Street store features soy
candles, wax melts and one-of-a-kind clothing and other handmade items.
The business projects two full-time employees and one part-time employee
within five years.
18
Andrews River Outfitters LLC
Scott County / $10,000 Grant
Helping Southwest Virginia residents and those outside the region explore
and take advantage of the fishing opportunities on the Clinch, Holston and
Powell Rivers is what Richard Andrews is seeking to do with the opening
of his new fishing guide service business, Andrews River Outfitters LLC, in
Nickelsville, VA. The business projects one full-time employee and two part-
time employees within three years.
Two Sweet Bees, LLC / Scott County / $10,000 Grant
Increasing the production of honey -- for sale on site, as well as in a variety
of stores throughout Scott County, VA -- is the focus Tilden and Jennifer Nash
have as they work toward expanding sales throughout the region; offering
bee pollinator services to local farms; hosting beekeeping workshops; and
growing their new business, Two Sweet Bees, LLC. The business projects one
full-time employee and three part-time employees within five years.
Ardent Construction, LLC
Tazewell County / $10,000 Grant
When Andrew Morris and his family decided to move from California to North
Tazewell, VA, he decided within months of relocating here it was time to
get back to work. With a lifelong background in residential and commercial
construction, Morris began his new business venture, Ardent Construction,
LLC. The business projects 10 full-time employees within five years.
19
S E E D C A P I TA L H I G H L I G H T S
Neeka Skincare LLC
Tazewell County / $10,000 Grant
For Kanika Wallace and her daughter-in-law, Delaney Goodman, developing
and manufacturing skin care products started out as a way to meet their
own skin care needs, but now, she said the products they have created and
marketed under the name “NEEKA + LANEY Luxury Bath & Body” have become
more than just a brand. The business, which projects five full-time and
four part-time employees within five years, will also create an agritourism
component to what it does.
Painted Mountain Riverbend Retreat, LLC
Tazewell County / $10,000 Grant
Bringing people together to make unforgettable memories in the great
outdoors is the goal Sarah and Jonathan Romeo have in mind as they develop
Painted Mountain Riverbend Retreat, a special events and luxury camping
venue in Tazewell County, expected to open next summer. The business
projects two full-time and seven part-time employees within five years.
Fearless Ventures LLC / The Wayfarer Appalachia
Tazewell County / $10,000 Grant
The goal Chris Myers and Donna Roberts had in mind when they began
developing Fearless Ventures LLC/The Wayfarer Appalachia was about
more than opening a restaurant and music venue, it was – and is – about
blending Appalachian culture with modern hospitality and entertainment
while at the same time revitalizing community spirit and driving visitors
and residents into downtown Tazewell, VA. The Wayfarer, located at 386
Main Street in Tazewell, celebrated its grand opening on September 12. The
business projects 20 full-time employees and 25 part-time employees within
five years.
20
Rhythmic Restorations LLC
Tazewell County / $10,000 Grant
What all started when a fellow band member gave Christopher Blankenship
a box of parts leading him to build a guitar for his son, turned into a hobby
and he began ordering more parts and turning out custom guitars. It came
full circle recently when Blankenship and his wife, Whitney, turned his hobby
into a new business, officially opening Rhythmic Restorations LLC at 2200
Front Street, Suite A in Richlands, VA. The business projects four full-time
and three part-time employees within five years.
Stingerz, LLC / Tazewell County / $10,000 Grant
Four seasons golf experiences in virtual locations around the world is what
Chris Kiser set out to create when he opened Stingerz, LLC, in Tazewell, VA.
The indoor golf facility features state-of-the-art technology and equipment
to offer year-round golf to locals and visitors alike. The business projects two
full-time and four-part-time employees within five years.
Walker’s Xplicit Diesel LLC
Tazewell County / $10,000 Grant
Offering a mobile repair service for diesel trucks and equipment in Tazewell
County, VA, is what sets Walker’s Xplicit Diesel LLC apart from other repair
shops, according to owner, Joshua Walker. From cars and trucks to farm
equipment, Walker offers repair service that comes to his clients. The
business projects 10 full-time employees and five part-time employees
within five years.
21
S E E D C A P I TA L H I G H L I G H T S
Bus Stop Artisan Market and Workshop LLC
Wise County / $10,000 Grant
Creating a regional hub for area artisans to reach local residents and visitors
alike is the goal Deborah and Ryan Adams had as they opened the Bus Stop
Artisan Market and Workshop in Big Stone Gap, VA. Now, several months
later, the Bus Stop location at 18 East 5th Street, South has 32 vendors and
the Adamses are working to further expand the space to accommodate up
to 36. The new business projects two full-time and two part-time employees
within five years.
CP Stump Solutions LLC d/b/a Price Land Solutions
Wise County / $10,000 Grant
A variety of services from stump removal, brush cutting and septic installation
to mowing, debris removal and grading and excavation are offered in the
region by Price Land Solutions, but owner Robert Price offers an expanded
service giving potential customers the opportunity to see what their proposed
finished project will look like in advance. Price uses AI (artificial intelligence)
to show prospective customers before and after picture comparisons of
the work they are considering and also utilizes AI to develop accurate cost
estimates of the work to be done. The new business projects one full-time
and four part-time employees within five years.
Black Horse Cycle LLC
Wise County / $10,000 Grant
If it’s motorcycles – repair or custom frame builds -- Black Horse Cycle LLC
in Wise County, VA, owned and operated by Joey Grubb, is the place to go in
Big Stone Gap, VA. Beyond traditional repair services, the business designs
and produces one-of-a-kind motorcycles by modifying frames, fabricating
custom parts and applying specialized paint and pinstriping techniques. The
business projects two full-time employees within five years.
22
Gap Antique Parlor LLC
Wise County / $10,000 Grant
When Patrick Ryan set out to open Gap Antique Parlor in Big Stone Gap, VA,
he had in mind opening an antique vendor mall with true antiques, vintage
goods, cultural workshops and a vinyl record store and listening room. The
new business, which projects three full-time and two part-time employees
within five years, is located in the historic three-story Minor building which
Ryan has been renovating to accommodate up to 125 antique/vintage vendor
booths.
Southern Sheds & Structures LLC
Wise County / $10,000 Grant
Basic and customized sheds, chicken coups, dog kennels and more are what
Southern Sheds & Structures LLC, produces in Coeburn, VA. Built on-site,
the sheds are then transported to their final destinations based on customer
locations. The business projects one full-time employee and six part-time
employees within five years.
23
2025 VCEDA MARKETING EVENTS
EVENT DATE LOCATION
VA Chamber of Commerce Day at the Capitol 1/15/25 Richmond, VA
Old Dominion Assembly Legislative Reception 1/15/25 Richmond, VA
Virginia Rural Caucus Breakfast 1/15/25 Richmond, VA
Winter Fancy Food Show 1/19-21/25 Las Vegas, NV
Southwest Virginia Legislative Reception 1/29/25 Richmond, VA
MCPA Legislative Breakfast 1/30/25 Richmond, VA
SVAM Women in Manufacturing Symposium 3/7/25 Abingdon, VA
Site Selectors Guild Annual Conference 3/12-14/25 Orlando, FL
VEDA Spring Conference 4/2-4/25 Newport News, VA
Data Center World 4/14-17/25 Washington, DC
Virginia Consultants Forum 5/5-7/25 Tysons, VA
SelectUSA Investment Summit 5/12-14/25 Washington, DC
MCPA Annual Conference 5/19-20/25 Roanoke, WV
Southwest Virginia Economic Forum 5/22/25 Wise, VA
Small Business Symposium 6/3/25 Abingdon, VA
7x24 Exchange Spring Conference 6/9-11/25 Orlando, FL
SEDC Annual Conference 8/10-12/25 Oklahoma City, OK
Southwest Virginia Manufacturers Expo 8/28/25 Abingdon, VA
Composites and Advanced Materials Expo 9/8-11/25 Orlando, FL
Outdoor Economy Conference 9/15-18/25 Cherokee, NC
VEDA Fall Conference 9/18/25 Harrisonburg, VA
CreatorCon 2025 9/23-24/25 Wise, VA
Site Selectors Guild Fall Forum 10/1-3/25 Indianapolis, IN
nexEO 10/2-3/25 Abingdon, VA
SVAM Manufacturing Awards Banquet 10/8/25 Abingdon, VA
Appalachian Council for Innovation Annual Gala 10/15/25 Abingdon, VA
7x24 Exchange Fall 2025 10/19-22/25 San Antonio, TX
Governor’s Summit on Rural Prosperity 10/29/25 Hanover, VA
Site Selector Marketing Mission 11/3-6/25 Atlanta, GA & Greenville, SC
VEDA Winter Membership Meeting 12/4/25 Richmond, VA
VA Economic Summit & Forum on International Trade 12/5/25 Richmond, VA
TOTAL MARKETING EVENTS (31)
24
MARKETING SOUTHWEST VIRGINIA’S e-REGION
VCEDA continued to promote Southwest Virginia’s e-Region Conference in Orlando, FL; VEDA Spring Conference in Newport
through marketing and business development in 2025 and News, VA; Data Center World in Washington, DC; Virginia
participated in 31 outreach events throughout the year. In 2025 Consultants Forum in Tysons, VA; Select USA Investment Summit
VCEDA had 31 prospect visits and handled 142 inquiries about in Washington, DC; MCPA Annual Conference & Expo in
Southwest Virginia’s e-Region. Roanoke, WV; the Southwest Virginia Economic Forum in Wise,
VA; and the 2025 Small Business Symposium in Abingdon, VA.
A variety of trade shows and events in 10 states and in Washington,
DC were on tap for VCEDA staff in 2025. From the Composites VCEDA staff were also at the 7x24 Exchange spring conference in
and Advanced Materials Expo (CAMX) in Orlando, FL to the Orlando, FL; the SEDC annual conference in Oklahoma City, OK;
Select USA Investment Summit in Washington, DC, VCEDA the SWVA Manufacturers Expo in Abingdon, VA; the Composites
representatives were there to market the region and what it has and Advanced Materials Expo (CAMX) in Orlando, FL; the
to offer to new and expanding businesses. VCEDA also continued Outdoor Economy Conference in Cherokee, NC; the VEDA
its membership in the Site Selector’s Guild Partner Program in Fall Conference in Harrisonburg, VA; CreatorCon in Wise, VA;
2025. The program is a first-of-its-kind networking partnership the Site Selectors Guild Fall Forum in Indianapolis, IN; nexEO
which focuses on building strong, working relationships between in Abingdon, VA; Southwest Virginia Manufacturers Awards
economic development professionals and the industry’s top Banquet in Abingdon, VA; Appalachian Council for Innovation
site selection consultants. It offers economic development Annual Gala in Abingdon, VA; 7x24 Exchange Fall Conference
organizations enhanced access to site selection consultants in San Antonio, TX; Governor’s Summit on Rural Prosperity
through partner-only networking events with Guild members. in Hanover, VA; a VCEDA Site Selectors Marketing Mission in
Atlanta, GA and Greenville, SC; the VEDA Winter Membership
In 2025, VCEDA also continued its Foreign Direct Investment
Meeting in Richmond, VA; and the Virginia Economic Summit &
initiative. The program reaches out to companies in several
Forum on International Trade in Richmond, VA.
foreign countries through a digital media marketing campaign
to promote Southwest Virginia’s e-Region internationally and Marketing of Southwest Virginia’s e-Region also included the
through specific one-on-one meetings with companies identified launch of a new and updated website at www.vceda.us in 2025. The
through the course of the program. new site is a blend of VCEDA’s purpose and impact and also serves
to market the region’s assets, explaining industry targets, quality
Marketing events in which VCEDA participated during 2025 as
of life in Southwest Virginia’s e-Region and more. Additionally,
either a sponsor, exhibitor or participant -- or all three -- were
throughout the year, VCEDA continued to maintain an active
as follows: Virginia Chamber Day & Old Dominion Legislative
presence on social media channels with regular updates. Those
Assembly Reception; the Virginia Rural Center Legislative
channels continued to gain followers and attention for VCEDA
Breakfast; the Southwest Virginia Legislative Reception; and the
and the region.
Metallurgical Coal Producers Association (MCPA) Legislative
Breakfast, all of which were held in Richmond, VA; Winter Fancy
Food Show in Las Vegas, NV; SVAM Women in Manufacturing
Symposium in Abingdon, VA; Site Selectors Guild Annual
VCEDA was a sponsor
of and attended the
Virginia Rural Center
Rural Caucus Legislative
Breakfast in Richmond,
VA in January 2025.
VCEDA Communications
Coordinator Cathy St.
Clair attended on behalf
of VCEDA. VCEDA launched a new and updated website at www.vceda.us in 2025.
The new site is a blend of VCEDA’s purpose and impact and also serves to
market the region’s assets, explaining industry targets, quality of life in
Southwest Virginia’s e-Region and more.
25
MARKETING SOUTHWEST VIRGINIA’S e-REGION
VCEDA representatives were among the Southwest
Virginia residents, government officials and business
representatives attending the SWVA Legislative
Reception in Richmond, VA. VCEDA was also a sponsor
of the event. VCEDA representatives in attendance
included, from left, VCEDA board members, Matthew
Hill, Scotty Wampler, Brian Hess, Duane Miller,
Chris Hall, Barbara Altizer, J.P. Richardson and Tim
Stuller. Also attending was Cathy St. Clair, VCEDA
communications coordinator (not pictured).
VCEDA attended the 49th Winter VCEDA Business Development Specialists Charlotte
Fancy Food Show, the first major Mullins and Diane Thomas attended SelectUSA
expo of the year for the food Investment Summit in National Harbor, MD, May
industry, January 19-21 at the 12-14 along with Scott County Economic Development
Las Vegas Convention Center Executive Director John Kilgore. VCEDA had a booth at
in Nevada. VCEDA Business the event and also met with a number of companies in
Development Specialists Diane one-on-one appointments to talk about the benefits of
Thomas and Charlotte Mullins locating businesses in in the VCEDA regon.
represented VCEDA at the event.
VCEDA was a sponsor of and exhibited at the 10th
annual SWVA Economic Forum in May in Wise, VA.
VCEDA Business Development Specialist Diane
Thomas; VCEDA Business Development Specialist
Charlotte Mullins; and VCEDA Funds Administrator
Marketta Horton represented VCEDA at the event.
VCEDA was an exhibitor
at the April 2-4 Virginia VCEDA was pleased to attend, exhibit and speak at
Economic Developers the Metallurgical Coal Producers Association (MCPA)
Association (VEDA) spring annual conference and expo in Roanoke, WV, May
conference in Newport 19 and 20. Pictured at the VCEDA booth are VCEDA
News, VA. VCEDA Business board members Barbara Altizer and J.P. Richardson,
Development Specialists who also represent MCPA. VCEDA Communications
Diane Thomas and Charlotte Coordinator Cathy St. Clair (not pictured) delivered a
Mullins represented VCEDA. presentation on the economic impact VCEDA, which
is funded predominantly by a portion of the coal and
gas severance taxes, has had in the region.
26
VCEDA attended and exhibited at Data Center World
in Washington, D.C. in mid-April. The team, that
included Charlotte Mullins and Diane Thomas, VCEDA
business development specialists, and Tim Danielson,
Tazewell County economic development director,
also met with companies in pre-set appointments to
inform those who manufacture components for data
centers of the advantages of Southwest Virginia’s
e-Region as a manufacturing location.
VCEDA was represented at the
Virginia Consultants Forum by
VCEDA Business Development
Specialists Charlotte Mullins and
Diane Thomas. The event was held
VCEDA was in attendance at the Site Selectors Guild May 5-7 in Tysons, VA.
annual conference in Orlando, FL, March 12-14. While
there, VCEDA Business Development Specialists
Diane Thomas and Charlotte Mullins visited with
consultants and attended a dinner with consultants,
hosted by Virginia Economic Development
Partnership.
VCEDA attended and exhibited at the Virginia Department of Small Business and Supplier
Diversity 2025 Small Business Symposium: Access to Capital. VCEDA representatives were
Business Development Specialists Diane Thomas and Charlotte Mullins, pictured with Wise
County IDA Executive Director Brian Falin and Lee County Community Development Director
Leslie Litton.
VCEDA was proud to be a part of the Virginia team at the Southern
Economic Development Council (SEDC) annual conference in Oklahoma,
August 10-12. Business Development Specialists Diane Thomas and
Charlotte Mullins represented VCEDA at the event. SEDC is North
America’s oldest and largest regional economic development association.
27
MARKETING SOUTHWEST VIRGINIA’S e-REGION
VCEDA Business Development Specialists Diane
Thomas and Charlotte Mullins were at CAMX – the
Composites and Advanced Materials Expo – in
Orlando, FL in mid-September meeting with a variety
of companies as part of the Virginia Economic
Development Partnership (VEDP) team. Thomas and
Mullins are pictured here with Amanda Cervantes,
Institute for Advanced Learning and Research
(Southern VA) and Mike Evranian, VEDP.
VCEDA was a sponsor of and
exhibitor at the Governor’s Summit
on Rural Prosperity held in October
VCEDA attended, sponsored and exhibited at the
in Hanover County, VA. Business
Southwest Virginia Alliance for Manufacturing Expo
Development Specialists Charlotte
at the Southwest Virginia Higher Education Center in
Mullins and Diane Thomas
Abingdon, VA. Representing VCEDA at the event were
represented VCEDA at the event.
Business Development Specialists Diane Thomas and
Charlotte Mullins.
Business Development Specialists Charlotte Mullins
and Diane Thomas represented VCEDA at the 7×24
Exchange fall conference in San Antonio, TX. This
year’s conference focused on the impact of AI, data
center AI infrastructure, uses, needs and more with a
particular emphasis on end-to-end reliability.
VCEDA was a sponsor and
participated in the nexEO event
held Oct. 2-3 in Abingdon,
VA at the EO center. Jason El
Koubi, president and CEO,
Virginia Economic Development
Partnership, was a speaker
on a panel, New Voices Talks/ The Virginia Economic Summit & Forum on
Stay Together: The Work of International Trade wrapped up December 5 in
Belonging and Building Thriving Richmond, VA. VCEDA Business Development
Communities. He is pictured here Specialists Diane Thomas and Charlotte Mullins
with VCEDA Marketing Coordinator represented VCEDA at the event which was co-hosted
Susan Copeland. by the Virginia Chamber Foundation and the Virginia
Economic Development Partnership.
28
ION
S e-REG
GINIA’ unty
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ED IN SO mpany
FACTUR Paul’s Fan Co
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Make it in Southwest Virginia’s e-Region
WE’RE READY FOR YOU.
BUCHANAN COUNTY DICKENSON COUNTY
WE’VE GOT THE SPACE.
Building on our manufacturing history and base, Southwest Virginia’s e-Region is
ready for an upsurge in American manufacturing. And we have finished and unfinished
space and developed business parks to suit your business.
We invite you to take a look at this corner of Virginia, a region of seven counties and
HWEST
one city that works together to market the e-Region’s focus on electronic IT, energy,
IN SOUTGION
education, emerging technologies and entrepreneurs. The Virginia Coalfield Economic
Development Authority (VCEDA) markets the region and collaborates with other allies such
M A K E IT E
IA’S e-R
as local school systems, community colleges and universities, as well as the Southwest
Virginia Alliance for Manufacturing (SVAM) to make sure training opportunities for modern
VIRGIN
egion
ginia’s e-R
west Vir manufacturing jobs are readily available to the region’s workforce.
se, South shed and LEE COUNTY CITY OF NORTON
y and ba have fini
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nufactur nufactur r busine Whether it’s ready-to-go facilities, unique incentives, a low cost location in the geographic
ildi ng on our ma in Am erican ma ks to suit you
Bu ge par this center of the East Coast or a perfect work-life balance in one of the most scenic regions in
for an up
sur business markets
is ready developed (VCEDA) ether
space and Authority works tog the United States, Southwest Virginia’s e-Region is the place to be.
unfinished opment city that
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eld Econom ion, emerg
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The Virgin ia of sev
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t the eur s. cos t loc
to marke entrepren ives, a low ance in one of the
technolog
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ilities, uni
que incent
t work-life
bal
on is the LET US KNOW WHAT YOU WANT TO SEE.
to-go fac a perfec ia’s e-Regi
it’s ready- t Coast or Southwest Virgin email us at mail@e-region.org or call 800-735-9999.
Whether of the Eas tes,
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most sce ate It.
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Southwest Virginia’s e-Region is the place to be. Make It. Imagine It. Design It.
Refine It. Create It. That’s the primary messaging VCEDA used throughout 2025 to
market the region through a variety of print and digital media outlets.
Building on our manufacturing history and base, we communicated Southwest Virginia’s
e-Region is ready for an upsurge in American manufacturing with both finished SO U TH
W ES T
VI RG IN
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VCEDA markets this economic region of seven counties and one city in Virginia -- the
ced a.u
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e-Region – and its focus on electronic IT, energy, education, emerging technologies and
entrepreneurs. The message used was simple -- whether it’s ready-to-go facilities, unique
incentives, a low cost location in the geographic center of the East Coast or a perfect
work-life balance in one of the most scenic regions in the United States, Southwest
Virginia’s e-Region is the place to be.
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for his un arterb Formula
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mier of
the TV Vegas it to ph
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series pre d he tra vel
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pro gra ms Come join companies including Paul’s Fan Company, West River Conveyors,
enter, an w high-p ntorship
SportsC out a ne into me clinics. Appalachian Power and others who are finding success with new locations
to check anded graphy
has exp
asked him business h photo off the Coalfields Expressway (CFX)—also known as U.S. 121—in
game. His ntry tea
ching flas
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an NFL the cou treprene
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to be beh
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e-Region.
“Gettin
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scenes
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and nce I d,
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Expressway, which,
and to
was an have be housing developments. Other sites will be available adjacent to the
COME SEE FOR
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amazin grants e-Region start-ups
when complete, will
won’t forgaccess to Son
y’s new matching Virginia’s 24, 204 link I-64 and I-77 in West runway when the new Breaks Regional Airport opens soon. Outdoor
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Virginia with U.S. 23 in Virginia, recreational opportunities abound off the CFX at Breaks Interstate Park— YOURSELF.
outside
connecting to interstates in
to photog l for the VC
EDA m s known as the “Grand Canyon of the South”—and at Southern Gap Outdoor
e fro 1,500 job Tennessee and Kentucky. Schedule a visit:
Foreve
r gratefu wouldn’t hav re than Adventure’s visitor center, cabins and campground, Spearhead Trails’ Coal
gram,
grant pro opportunity
withou
t with mo Sections of the CFX also overlap
mail@e-Region.org
p.” apital with new sections of U.S. 460 Canyon ATV trail, elk viewing tours, and a new 2,500-seat
had this their hel s/seedc
ceda.u a.u s
in Buchanan County as part of amphitheater under development.
www.v • ww w.v ced Corridor Q. (CFX photo by Neil
gio n.o rg Wicker Aerial Photography)
Use the QR code and check out the CFX
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and the sites and sights of Southwest
Virginia’s e-Region.
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e-Region.org | vceda.us
29
C O A L F I E L D S E X P R E S S WAY ( C F X )
Members of the Virginia CFX Authority Board are, from left, (front) Ronnie Shortt, J.H. Rivers, chairman, and Don Green, with
Virginia CFX Authority executive director Jonathan Belcher; and (back) James Keen, Philip Cook, Keith Viers and Scott Mullins,
vice chairman. Not pictured are Harry Childress, Jay Rife, Ed Talbott, John Schoolcraft and Richard Thacker.
Keeping the Momentum Going
2025 was a year of progress for the Coalfields Expressway in Much of the year was also spent working with the Virginia
Virginia, as an additional 2.74 miles of the expressway (U.S. 121) Department of Transportation (VDOT) and transportation
was officially opened for travel to the public in October. Identifying consultants Wendy Thomas and Dan Goldfarb on an updated
and obtaining further funding for the project remains the most preliminary engineering study of the Coalfields Expressway. The
pressing issue going into 2026. Throughout the year, the Virginia study, which was commissioned by VDOT in consultation with
Coalfields Expressway Authority, which receives staff support the CFX Authority, identified how best to advance the completion
from VCEDA, worked with both federal and state legislators to of the CFX.
obtain funding to continue to advance sections of the project.
Key findings in the study verified completion of the CFX will
The addition of the new mileage in 2025 brings the total mileage provide substantial benefits in terms of safety, freight mobility,
of the CFX completed and open for travel in Virginia to 4.95 miles economic transition and access to essential services. The findings
-- approximately 10 percent of the total mileage of the expressway of the study also support the need to accelerate CFX development
in Virginia. An additional 2.07 miles of the expressway is expected to position the region for industrial investment, reduce
to open in late 2027. That mileage will also complete “Corridor transportation barriers and support long-term diversification. The
Q” (U.S. 460/121) from Grundy, VA to Pikeville, KY. Also study also identified 24 potential funding sources to explore to
included within Corridor Q in Virginia is the seven-mile U.S. 460 continue to advance the project.
Connector section which opened in November 2023 and connects
to the CFX. The CFX is considered one of the most important economic
development projects for the region.
While efforts to raise the funding for projects is ongoing, the CFX
Authority also continued working with the region’s legislators
on efforts to get the remainder of the Coalfields Expressway
added to the Appalachian Regional Commission’s Appalachian
Development Highway System – a move considered critical to
raising funding for the remaining sections of the expressway.
30
VCEDA BOARD
VCEDA Board Members, from left, (front) are Andy Hrovatic, Sonny Ciampanella, Roger Rife, Chris Hall, Shanna Plaster, Gerald Lawson, Barbara Altizer and Duane Miller;
and (back) VCEDA Executive Director/General Counsel Jonathan Belcher, with board members, Scotty Wampler, Tim Stuller, Matthew Hill, Troy Nichols, Brian Hess, Greg
Edwards, J.P. Richardson and Sim Ewing.
Virginia Coalfield Economic Development Authority Board
OFFICERS COAL PRODUCERS VIRGINIA COAL & COUNTY BOARD OF SUPERVISORS
J.P. Richardson | Chairman Troy Nichols ENERGY ALLIANCE Roger Rife | Buchanan County
Greg Edwards | Vice Chairman Paramont Contura, LLC Barbara Altizer Chris Hall | Dickenson County
Troy Nichols | Secretary J.P. Richardson Metallurgical Coal Producers Shanna Plaster | Tazewell County
Wellmore Energy Association
Brian Hess | Treasurer
Brian Hess VIRGINIA ECONOMIC
Coronado IV LLC PLANNING DISTRICT DEVELOPMENT PARTNERSHIP
GOVERNOR’S APPOINTEES
COMMISSIONS Tim Stuller
Gregory Edwards
GAS PRODUCER Scotty Wampler
Simeon Ewing
Sonny Ciampanella Cumberland Plateau PDC
Matthew Hill
Andy Hrovatic Pocahontas Gas Duane A. Miller
Gerald Lawson LENOWISCO PDC
The Honorable Ford C. Quillen / 1938 - 2026
VCEDA was deeply saddened to learn of the passing January 18, 2026 of the Honorable Ford C.
Quillen, who is considered the founder and father of VCEDA with legislation he spearheaded
through the Virginia General Assembly in 1988 to create the authority. He had a long and respected
career as an attorney, practicing in Gate City, VA, for many years and later was appointed as a
Circuit Court Judge in Scott County. He was also elected to the Virginia House of Delegates, serving
from 1970 to 1993. The VCEDA board honored Quillen with a resolution in 2013, the authority’s
25th anniversary year, “for his years of tireless service to the coalfield region of Virginia including
his role in the founding of the Virginia Coalfield Economic Development Authority, which has
helped to create many jobs and other economic benefits for the citizens of the coalfield region.” His
dedication to Southwest Virginia and his many accomplishments will never be forgotten.
31
2 0 2 5 V C E D A L O A N A P P R O VA L S
LOANS PROJECT NAME APPROVED AMOUNT
Buchanan County Apex Leasing Corporation 2/20/25 $4,000,000.00
Buchanan County Buchanan County IDA/VEC Call Center Repairs 6/19/25 $440,000.00
Dickenson County Dickenson County IDA/Red Onion Industrial Site Line of Credit 4/17/25 $2,093,186.00
Russell County Russell County IDA/Acme Roof Replacement 2/20/25 $350,000.00
Russell County Russell County IDA/Russell Place Upfits for Simmons 6/19/25 $500,000.00
Russell County Russell County IDA/Appalachian Highlands Housing Partners 9/25/25 $3,000,000.00
Russell County Russell County IDA/Project Franklin 12/18/25 $3,000,000.00
Scott County Scott County EDA/Project Delta 12/18/25 $500,000.00
Tazewell County Tazewell County IDA/Richlands Natural Gas Infrastructure 9/25/25 $500,000.00
Wise County Wise County IDA/Blackwood Industrial Park Land Purchase 4/17/25 $230,000.00
TOTAL LOANS (10) Note: Excludes $3 million loan earmark for Project Safe. $14,613,186.00
2 0 2 5 V C E D A G R A N T A P P R O VA L S
GRANTS PROJECT NAME APPROVED AMOUNT
Buchanan County Appalachian Family Care, LLC 2/20/25 $9,142.00
Buchanan County Buchanan County IDA/Day Care Facility 4/17/25 $120,000.00
Buchanan County Buchanan County IDA/Southern Gap Housing Infrastructure 4/17/25 $100,000.00
Buchanan County Buchanan County IDA/Southern Gap Commercial Infrastructure 4/17/25 $500,000.00
Buchanan County Buchanan County IDA/Southern Gap Mixed Use Development 4/17/25 $1,000,000.00
Buchanan County Just Breakin Bread LLC 6/19/25 $10,000.00
Buchanan County Buchanan County IDA/Telehealth Broadband 9/25/25 $125,000.00
Buchanan County Appalachian Home Monitoring LLC 12/18/25 $10,000.00
Buchanan County Seven Sacred Acres, LLC d/b/a Holy Smokes BBQ and More 12/18/25 $10,000.00
Dickenson/Buchanan County Breaks Interstate Park/Water Park & Environmental Assessment 2/20/25 $27,358.27
Dickenson/Buchanan County Breaks Interstate Park/Water Park 12/18/25 $54,736.35
Dickenson County Dickenson County IDA/DCER Electrical Upgrades for Welding Classes 4/17/25 $20,000.00
Dickenson County Lin’s Bistro, LLC 6/19/25 $10,000.00
Dickenson County Dickenson County IDA/Community Business Launch Program 9/25/25 $42,500.00
Dickenson County The Lemon Lab LLC 12/18/25 $10,000.00
Dickenson County Poor Boy HVAC & Elec., LLC 12/18/25 $10,000.00
Lee County Lee County EDA/Battle of Jonesville Tourism Marker 4/17/25 $1,750.00
Lee County Painting Outside the Lines Studio LLC 6/19/25 $10,000.00
32
2 0 2 5 V C E D A G R A N T A P P R O VA L S
Lee County Small Town Scoops, LLC 12/18/25 $10,000.00
Russell County Russell County IDA/Hillside Trail Park 6/19/25 $50,000.00
Russell County Harwood Cavalier Properties LLC d/b/a River Hill Farms 6/19/25 $10,000.00
Russell County PBall’s Smoke & Grill LLC 6/19/25 $10,000.00
Russell County 4U8 Construction & Services, Inc. 12/18/25 $10,000.00
Russell County Wicks by Wendy LLC 12/18/25 $10,000.00
Scott County Two Sweet Bees, LLC 6/19/25 $10,000.00
Scott County Scott County EDA/Riverside Housing Infrastructure 9/25/25 $100,000.00
Scott County VFP, Inc. 9/25/25 $312,500.00
Scott County Andrews River Outfitters LLC 12/18/25 $10,000.00
Tazewell County Ardent Construction, LLC 6/19/25 $10,000.00
Tazewell County Neeka Skincare LLC 6/19/25 $10,000.00
Tazewell County Painted Mountain Riverbend Retreat, LLC 6/19/25 $10,000.00
Tazewell County Fearless Ventures LLC 6/19/25 $10,000.00
Tazewell County Tazewell County IDA/Richlands Natural Gas Infrastructure 9/25/25 $10,000.00
Tazewell County Rhythmic Restorations LLC 12/18/25 $10,000.00
Tazewell County Stingerz, LLC 12/18/25 $10,000.00
Tazewell County Walker’s Xplicit Diesel LLC 12/18/25 $10,000.00
Tazewell County Tazewell County IDA/Housing PER 12/18/25 $40,000.00
Wise County Wise County IDA/Lonesome Pine Technology Park Signage 4/17/25 $50,000.00
Wise County Appalachian Council for Innovation/Simulated Workforce Pilot Program 4/17/25 $129,080.00
Wise County CP Stump Solutions LLC d/b/a Price Land Solutions 12/18/25 $10,000.00
Wise County Black Horse Cycle LLC 12/18/25 $10,000.00
Wise County Bus Stop Artisan Market and Workshop LLC 12/18/25 $10,000.00
Wise County Gap Antique Parlor LLC 12/18/25 $10,000.00
Wise County Southern Sheds & Structures LLC 12/18/25 $10,000.00
Wise County Wise County IDA/Deen Building Sewer 12/18/25 $25,000.00
Wise County UVA Wise Foundation/Leadership & Entrepreneurial Training 2/20/25 $200,000.00
Regional MECC Foundation/Workforce Development & Training 4/17/25 $200,000.00
Regional Dickenson County IDA/Regional Housing Training 6/19/25 $29,500.00
Regional SWCC Educational Foundation/Emerging Workforce 9/25/25 $250,000.00
TOTAL GRANTS (49) $4,146,566.62
TOTAL LOANS & GRANTS (59) $18,759,752.62
33
INDEPENDENT AUDITORS’ REPORT
The Board of Directors
Virginia Coalfield Economic
Development Authority
Lebanon, Virginia 24266
REPORT ON THE AUDIT OF THE FINANCIAL STATEMENT
Opinion
We have audited the accompanying statement of cash receipts and disbursements of Virginia Coalfield Economic Development Authority (the “Authority”) for the year ended December 31, 2025
and the related notes to the financial statement.
In our opinion, the financial statement referred to in the first paragraph presents fairly, in all material respects, the statement of cash receipts and disbursements of the Authority for the year ended
December 31, 2025, in accordance with the cash receipts and disbursements basis of accounting described in Note 1.
Basis for Opinion
We conducted our audit in accordance with auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing
Standards, issued by the Comptroller General of the United States. Our responsibilities under those standards are further described in the Auditors’ Responsibilities for the Audit of the Financial
Statements section of our report. We are required to be independent of the Authority, and to meet our other ethical responsibilities, in accordance with the relevant ethical requirements relating to
our audit. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.
Emphasis of Matter – Basis of Accounting
We draw your attention to Note 1 of the financial statement, which describes the basis of accounting. The financial statement was prepared on the cash receipts and disbursements basis of
accounting, which is a basis of accounting other than accounting principles generally accepted in the United States of America. Our opinion is not modified with respect to this matter.
Responsibilities of Management for the Financial Statements
Management is responsible for the preparation and fair presentation of this financial statement in accordance with the cash basis of accounting described in Note 1, and for determining that the
cash basis of accounting is an acceptable basis for the preparation of the financial statement in the circumstances. Management is also responsible for the design, implementation, and maintenance
of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to error or fraud.
In preparing the financial statements, management is required to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the Authority’s
ability to continue as a going concern within one year after the date that the financial statements are available to be issued.
Auditors’ Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors’
report that includes our opinion. Reasonable assurance is a high level of assurance but is not absolute assurance and therefore is not a guarantee that an audit conducted in accordance with generally
accepted auditing standards and Government Auditing Standards will always detect a material misstatement when it exists. The risk of not detecting a material misstatement resulting from fraud
is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Misstatements are considered
material if there is a substantial likelihood that, individually or in the aggregate, they would influence the judgment made by a reasonable user based on the financial statements.
In performing an audit in accordance with generally accepted auditing standards and Government Auditing Standards, we:
• Exercise professional judgment and maintain professional skepticism throughout the audit.
• Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and design and perform audit procedures responsive to those risks. Such
procedures include examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements.
• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion
on the effectiveness of the Authority’s internal control. Accordingly, no such opinion is expressed.
• Evaluate the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluate the overall presentation of the
financial statements.
• Conclude whether, in our judgment, there are conditions or events, considered in the aggregate, that raise substantial doubt about Authority’s ability to continue as a going concern for a
reasonable period of time.
We are required to communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit, significant audit findings, and certain internal
control related matters that we identified during the audit.
Other Reporting Required by Government Auditing Standards
In accordance with Government Auditing Standards, we have also issued our report dated February 27, 2026, on our consideration of the Authority’s internal control over financial reporting and on
our tests of its compliance with certain provisions of laws, regulations, contracts, and grant agreements and other matters. The purpose of that report is solely to describe the scope of our testing of
internal control over financial reporting and compliance and the results of that testing, and not to provide an opinion on the effectiveness of the Authority’s internal control over financial reporting
or on compliance. That report is an integral part of an audit performed in accordance with Government Auditing Standards in considering the Authority’s internal control over financial reporting
and compliance.
Norton, Virginia
February 27, 2026
NOTE 1 - NATURE OF ACTIVITIES AND SIGNIFICANT ACCOUNTING POLICIES
Financial Reporting Entity – Virginia Coalfield Economic Development Authority was created, effective July 1, 1988, as a political subdivision of the Commonwealth of Virginia, pursuant to the
Code of Virginia, Chapter 60, Sections 15.2-6000-6015. Virginia Coalfield Economic Development Authority accounts for all funds received from tax and grant receipts, investment earnings, loan
collections and related expenditures for the eight participating localities.
Cash basis of accounting – As is the case of many funds of this type, the accounts are maintained, and the statements are presented, on a cash receipts and disbursements basis, reflecting only
recorded cash receipts and cash disbursements. Therefore, cash collected and not recorded in the general ledger, receivables, and payables, inventories, accrued revenue and expenditures, and
equipment and depreciation, which may be material in amount, are not reflected, and this statement is not intended to present the overall financial position or results of operations in conformity
with generally accepted accounting principles.
Cash and cash equivalents – For purposes of reporting cash, the Authority considers all certificates of deposit, savings accounts, and money market funds with an original maturity of three months
or less to be cash equivalents.
Deposits with banks are covered by the Federal Deposit Insurance Corporation (FDIC) and collateralized in accordance with the Virginia Security for Public Deposits Act (the “Act”) Section 2.2-
4400 et. Seq. of the Code of Virginia. Under the Act, banks and savings institutions holding public deposits in excess of the amount insured by the FDIC must pledge collateral to the Commonwealth
of Virginia Treasury Board. Financial Institutions may choose between two collateralization methodologies and depending upon that choice, will pledge collateral that ranges in the amounts from
50% to 130% of excess deposits. Accordingly, all deposits are considered fully collateralized.
CLASSIFICATION OF ACCOUNTS:
Coal and Gas Funds
On September 1, 1988, and on the first day of each month thereafter, each county and city shall remit to the Virginia Coalfield Economic Development Authority twenty-five percent of the revenues
34
collected during the next to last calendar month from the (i) gas road improvement tax pursuant to Section 58.1-3713 and (ii) local coal road improvement severance licenses tax pursuant to
subsection B of Section 58.1-3741.
Pursuant to Section 58.1-3713.4, a county or city may levy an additional license tax on every person engaging in the business of severing gases from the earth. The license tax shall be at a rate not
to exceed one percent of the gross receipts from the sale of gases severed within the county or city. In the counties of Buchanan, Dickenson, Lee, Russell, Scott, Tazewell, and Wise, and the City of
Norton one-half of the revenues derived from such tax shall be paid to the Virginia Coalfield Economic Development Authority.
Tax Credit Funds
Pursuant to Section 58.1-439.2, Coalfield employment enhancement tax credit, for tax years beginning on and after January 1, 1996, but before January 1, 2017, and or after January 1, 2018, but
before January 1, 2022 (for metallurgical coal only), any person who has an economic interest in coal mined in the Commonwealth shall be allowed a credit against the tax imposed by Section
58.1-400 and any other tax imposed by the Commonwealth. If the credit exceeds the person’s state tax liability for the tax year, the excess shall be redeemable by the Tax Commissioner on behalf
of the Commonwealth for ninety percent of the face value within ninety days after filing the return; however, for credit earned in tax years beginning on and after January 1, 2002, such excess shall
be redeemable by the Tax Commissioner on behalf of the Commonwealth for eighty-five percent of the face value within ninety days after filing this return. The remaining ten or fifteen percent
of the value of the credit being redeemed, as applicable for such tax year, shall be deposited by the Commissioner in a regional economic development fund administered by the Virginia Coalfield
Economic Development Authority to be used for regional economic diversification in accordance with guidelines developed by the Virginia Coalfield Economic Development Authority and the
Virginia Economic Development Partnership.
Civil Penalties Funds
Pursuant to the Code of Virginia, Title 45.2, Mines, Minerals and Energy Chapter 10, Virginia Coal Surface Mining Control and Reclamation Act of 1979, Article 2, Regulation of Mining Activity,
Section 45.2-1021, any permittee who violates any permit condition or any other provision of this chapter or the regulations thereunder may be assessed a civil penalty by the Director, except that
if such violation leads to the issuance of a cessation order, the civil penalty shall be assessed. Such penalty shall not exceed $5,000 for each violation except that if the violation resulted in a personal
injury or fatality to any person, then the civil penalty shall not exceed $70,000 for each violation. All civil penalties shall be paid into a special fund in the State Treasurer’s office to be used by the
Director for enhancing conservation and recreational opportunities in the coal-producing counties of the Commonwealth. The Director shall transfer quarterly 50 percent of the fund balance to
the Virginia Coalfield Economic Development Authority for the purposes of developing infrastructure and improvements at Breaks Interstate Park.
CFO Funds
The goal of the Virginia Coalfield Economic Development Authority (VCEDA) Communities for Opportunity (CFO) Loan Fund is to establish a revolving loan fund to encourage economic
development in the coal producing counties of Virginia. Each proposed use of the CFO Loan Fund must have the concurrence of the Director of the Virginia Department of Housing and
Community Development (VDHCD). Generally, VCEDA and VDHCD have determined that the optimum use of the CFO Loan Fund would be to encourage the development and growth of
businesses in the VCEDA coal-producing counties where the development and growth of such businesses will create a unique opportunity in a specific community that would not otherwise be
addressed without financial support from VCEDA. In order to maximize the resources of this program, all projects requesting funding under this program must have a source of matching funds
sufficient to match every dollar requested from the VCEDA CFO Loan Fund with one dollar from some other source(s).
Telehealth Funds
The Virginia State Budget, Chapter 2, Budget Bill – HB30, 2024 Session, Item 103, under the Authority of Title 15.2, Chapter 13, Article 3 and Chapter 42; Title 36, Chapters 8, 10 and 11; and
Title 59.1, Chapter 22, Code of Virginia allocated funds from the general fund in fiscal year 2024 through 2026. Out of the amounts in this item, $125,000 the second year from the general fund is
provided to the Virginia Coalfield Economic Development Authority to address telehealth and telemedicine needs in Planning Districts 1 and 2. These funds are designated for initiatives intended
to expand telehealth and telemedicine access.
CFX Funds - The Virginia State Budget, Chapter 2, 2024 Acts of Assembly, Special Session I, has allocated $250,000 the first year and $250,000 the second year from the general fund for the
Lenowisco Planning District Commission and Cumberland Plateau Planning District Commission, to be managed by the Virginia Coalfield Economic Development Authority (VCEDA). These
funds are designated for operations of the Coalfields Expressway Authority.
Proceeds Held - The treasurer may invest and reinvest funds of the Authority pending their need. All monies received by the Authority pursuant to Section 15.2-6009, together with any matching
funds received from state or federal sources, shall be applied and used only in the county or city from which the funds were received, unless the governing body of the county or city consents
to their use in another county or city. Monies received pursuant to Section 58.1-3713.4 may be used at the discretion of the Authority for purposes and projects as determined by the Authority.
Virginia Coalfield Economic Development Authority
Statement of Cash Receipts & Disbursements—Year Ended December 31, 2025
CASH RECEIPTS CASH DISBURSEMENTS
Administrative Uncommitted
& Business Dev. Project Balance Available
Coal & Gas Funds Balance 1/1/25 Receipts Interest Earned Loans Collections Expenses Loans & Grants 12/31/25 Balance
Buchanan County $12,463,506 $1,918,476 $565,725 $492,523 $275,975 $248,070 $14,916,185 $2,913,774
Dickenson County 12,687,777 1,072,690 533,707 22,500 235,216 1,045,593 13,035,865 9,934,983
Lee County 42,977 397 1,980 5,906 632 1,750 48,878 48,920
City of Norton 30,898 - 1,302 - - - 32,200 32,200
Russell County 1,033,452 73,508 43,171 940,913 16,946 1,438,572 635,526 449,093
Scott County 33,972 794 1,443 - 461 - 35,748 35,749
Tazewell County 2,378,699 473,781 118,262 537,419 59,713 63,000 3,385,448 988,446
Wise County 5,487,570 91,248 240,191 506,078 80,090 75,632 6,169,365 5,914,364
Regional 4,611,319 470,713 184,457 104,921 574,651 2,401,875 2,394,884 989,077
Total Coal & Gas Funds $38,770,170 $ 4,101,607 $1,690,238 $2,610,260 $1,243,684 $5,274,492 $40,654,099 $21,306,606
Other Funds:
Tax Credit Funds
Revolving Loan $17,760,282 $290,855 $665,391 $447,606 - $6,739,221 $12,424,913 $3,910,600
Workforce $17,168,987 - $752,176 - - $1,031,831 $16,889,332 $3,985,821
Total Tax Credit Funds $34,929,269 $290,855 $1,417,567 $447,606 - $7,771,052 $29,314,245 $7,896,421
Civil Penalties Funds $261,144 $43,250 $8,958 - - $177,362 $135,990 $1,239
CFO Funds $1,994,687 - $85,283 $1,988,256 - $1,965,756 $2,102,470 $2,068,245
Education & Telehealth $9,244 $125,000 $1,090 - - $9,142 $126,192 $1,193
CFX Funds $250,059 $250,000 $300 - - - $500,359 $500,359
35
SOUTHWEST VIRGINIA’S e-REGION IS MARKETED BY VCEDA
VIRGINIA COALFIELD ECONOMIC
DEVELOPMENT AUTHORITY
P.O. Box 1060 | Lebanon, Virginia 24266 | 276.889.0381
www.vceda.us | www.facebook.com/VAeRegion | @VAeRegion
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