LEBANON, Va. — The Virginia Coalfield Economic Development Authority has approved a loan of up to $500,000 to support further expansion by Simmons Equipment.
The funds will pay for work at the Russell County Industrial Development Authority’s Russell Place property in Lebanon, according to a written statement.
“Last year, Simmons Equipment Company announced an expansion of its operations into two buildings here 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,” said VCEDA Executive Director/General Counsel Jonathan Belcher.
“We are pleased to be able to continue to assist the IDA and Simmons in this expansion with funding for needed upfits to the property which is expected to create an additional 15 new jobs — more than first anticipated when the project first began," he said.
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Simmons manufactures of mining equipment at its operations in both Russell and Tazewell counties. VCEDA assisted Simmons and the Russell County IDA with the expansion by previously approving an up to $500,000 loan to the IDA to be used for upfits at the former Polycap building and an up to $187,500 CJIP grant to Simmons for workforce development and training.
The improvements to the building on Joe Gillespie Drive have been completed and Simmons has approximately 40 employees currently at that location.
Now, Simmons and the IDA are focusing on upfitting the former Russell Place building, located at 122 Haber Dr., in Lebanon. The Russell Place property is an industrial building on an approximately 12.6-acre site.
VCEDA previously assisted the IDA with up to $1.25 million in loans to purchase and help renovate the property. The remaining building on the Russell Place property is an older approximately 52,000-square-foot metal industrial building. The building has been leased by the IDA to Simmons, but the building and site need various upfits and improvements.
According to the IDA’s application, Simmons will provide $1.54 million of the $2.04 million budget for the project. This will allow Simmons to create an additional up to 15 new full-time jobs within three years — over and above the 75 full-time jobs previously announced last year.
“The growth and expansion for the Lebanon facility demonstrates Simmons commitment to strengthening the local workforce and economy,” said Russell County IDA Executive Director Ernie McFaddin. “This project demonstrates Simmons investment in the region. Russell County IDA is committed to supporting local partners and their efforts to revitalize our local economy."