VCEDA Financing Programs
The Virginia Coalfield Economic Development Authority (VCEDA) is a unique regional economic development organization that uses a portion of local mineral severance taxes paid by the coal and natural gas industries to operate incentive financing programs to help enhance and diversify the economy of Virginia's e-Region and create jobs.
VCEDA's primary financing program is a revolving loan fund designed to provide low-interest loans for fixed asset needs (e.g., land purchase, building construction, equipment). Financing is based in part upon the number of new jobs created, amount of private investment, and wage rates. An average wage of at least 1.5 times federal minimum wage is required. Priority will be given to projects requiring $10,000 or less for each new job created, and projects that create at least 25 new jobs within 12 months. The project must provide at least 20% equity.
VCEDA also provides other financing designed to assist industrial development authorities with the purchase of real estate for economic development, development of industrial parks, business parks, and technology parks, and to assist with infrastructure within these industrial parks.
Incentives and financing are subject to and based upon eligibility, location, due diligence, funds availability, application and program requirements, and board approvals.
For further information on VCEDA funding, eligibility requirements, and the application process, please Email or call 1.800.735.9999.
For further information on other incentive and financing programs, Click Here.
For more information, contact VCEDA at 1.800.735.9999 or Email