Job creation authority receives award for response to COVID-19

The Virginia Coalfield Economic Development Authority was honored last week for its early response to the COVID-19 pandemic.

The authority Thursday received an “Excellence in Government Response” award during the annual Appalachian Council for Innovation awards banquet.

The council, formerly known as the Southwest Virginia Technology Council, unveiled its new name at this year’s event.

In April, VCEDA approved up to $740,000 in loans to help offset the impact of COVID-19 on coalfield-region businesses and Breaks Interstate Park, a press release notes. Up to $590,000 of those funds was approved for the eight county and city industrial and economic development authorities.

“VCEDA was approached by all the county/city industrial and economic development authorities in the VCEDA region seeking loan funds from each of their respective county/city VCEDA accounts to be able to re-loan those funds to local businesses which were negatively impacted and/or forced to close because of the COVID-19 pandemic in their respective localities,” said Jonathan Belcher, VCEDA executive director/general counsel. “It was expressed to VCEDA at that time that the situation was very dire and that if something was not done to assist those local businesses, many of them might go under and never re-open.

“The VCEDA board, without hesitation, agreed to meet on short notice to approve the funding to support the IDAs allowing them to support the businesses which are integral parts of their respective communities,” Belcher added.