Virginia has been selected as one of the best states for business in the U.S. by Forbes Magazine and CNBC. Virginia’s e-region operated by the Virginia Coalfield Economic Development Authority (VCEDA) offers several unique incentive financing programs to encourage new job creation and economic development diversification. Being located in the Tobacco Region offers additional opportunities for new and expanding businesses in our county. All of these are essential as Tazewell County drives our economic plan of the future. As we look to help existing businesses expand and search for new businesses to locate in our county, we are developing necessary items to compliment these incentives in making Tazewell County a place to Live-Learn-Work and Play.
Commonwealth of Virginia Tobacco Commission Grants
The Tobacco Indemnification and Community Revitalization Commission's mission is the promotion of economic economic growth and development in tobacco-dependent communities, using proceeds of the national tobacco settlement. Click here for more information on grants available. Tazewell County is in the Tobacco Commission footprint.
Commonwealth of Virginia Tobacco Region Opportunity Fund
TROF Incentive Grants assist in the creation of new jobs and investment, whether through business attraction or expansion, are targeted for larger competitive projects with a regional impact due to the magnitude of the new employment and investment, and the possibility of economic spin-off and related economic multiplier effect; are intended to diversify the economy and attract or encourage immediate growth in the affected communities of Virginia's tobacco producing region.
The Tobacco Region Opportunity Fund (TROF) provides monetary grants to localities in Virginia's tobacco producing regions (as defined by the Commission) to assist in the creation of new jobs and investments, whether through new business attraction or existing business expansion. These grants are at the Commission's discretion and are targeted for projects that have a definitive impact upon employment and capital investment.
Last year, the Tazewell County Industiral Development Authority initiated two TROF applications totalling $1,135,000. The applications were for one new business and one expanding business.
Virginia Ally | Information Exchange
Virginia Coalfield Economic Development Authority (VCEDA)--Low Interest Loan or Coalfield Region Opportunity Fund
Revolving Loan Fund - VCEDA's primary financing program, this fund is designed to assist in attracting new industry to the seven-county, one-city Virginia coalfield region of Lee, Wise, Scott, Buchanan, Russell, Tazewell and Dickenson Counties and the City of Norton (the "Region"), and to assist with the expansion of existing industry within that Region. Click here for more information.