Floyd, VA - Among the rolling ridges of Floyd County, Virginia, a quiet economic transformation is underway, powered by innovative businesses, forward-thinking strategies and collaborative investments. Critical to this progress is U. S. Economic Development Administration (US EDA) funding, serving as a catalyst for sustainable growth and prosperity. In a world increasingly focused on environmental stewardship and economic resilience, Floyd County exemplifies practical business-friendly progress, leveraging US EDA support to not only retain jobs and businesses but also chart a green path towards a brighter future.
Read the full U.S. Economic Development Administration full article here.
Learn more about Finding Your Place in Floyd here.
H&V To Make Historic Investment in Floyd: Floyd County won the project over Georgia
January 3, 2023
Governor Glenn Youngkin today announced that Hollingsworth & Vose (H&V), a global manufacturer of advanced materials used in filtration, battery, and industrial applications, will invest $40.2 million to expand its operation in Floyd County. The company will add over 28,000 square feet to its facility at 365 Christiansburg Pike Northeast to accommodate new production equipment to meet increased demand. Floyd County, Virginia successfully competed with Georgia for the project, which will create 25 new jobs. These jobs will average about $50,000/year in wages.
“We’ve been a part of the Floyd, Virginia community since 1976. This facility is essential to serving both our global and domestic customers,” said Josh Ayer, CEO of H&V.
“We are delighted to continue to support Hollingsworth & Vose’s growth in Floyd County. Their new investment is over three times bigger than the largest private investment in our county’s 191-year history,” said Joe Turman, Chairman of the Floyd County Board of Supervisors.
With incorporation dating back to 1892 and headquartered in East Walpole, Massachusetts, H&V’s advanced materials contribute to a cleaner world through products that provide clean air, clean liquids, and energy storage. The company has been family-owned for seven generations. In 1976, H&V established its first Virginia facility in Floyd County and employs over 200 workers.
The Virginia Economic Development Partnership worked with Floyd County to secure the project for Virginia. Governor Youngkin approved a $558,700 grant from the Commonwealth’s Opportunity Fund to assist Floyd County with the project.
Floyd County is offering performance-based incentives to help win this project to Floyd (over Georgia), meaning the incentives will be given after the company has made the investments and created the new jobs. The incentives will rebate an amount equal to a portion of the new taxes paid on the new building and equipment for 5 years. The Economic Development Authority of Floyd County (EDA) is also offering some stormwater capacity to help support the H&V Plant 2 expansion. These local incentives also provide the required 1-to-1 match for the State incentives.
“We are thrilled about this historic investment by H&V in Floyd County. It showcases the many benefits of Floyd County including the access to local and regional talent such as graduates from the Floyd County Collaboration and Career Development Center, New River Community College, Virginia Tech and many others,” said Jon Beegle, chairman of the local EDA. “We look forward to continuing to work with H&V to grow in Floyd County.”
The EDA sold H&V the last graded site available in the Floyd Regional Commerce Center in December 2021. It was 3.8 acres and adjacent to Plant 2. The EDA and County are completing the grading of three smaller sites right now and will be bidding work to begin Phase 2 of the Floyd Regional Commerce Center this month.
“It’s so gratifying to see H&V recognizing the value of being in Floyd and continuing to expand,” shared Lydeana Martin, Floyd County Community and Economic Development Director. This project will provide important new tax revenue to our community, plus each new job means someone will have the opportunity to earn a living wage in Floyd County. Those may be young people getting started, or older people looking for new careers, or both.
The 7th annual Floyd C4 Business Development series came to a close on Monday, November 1st, as 6 of the participants in the 6-week business development series gave their best pitch to judges. Again, this year the program was entirely online. Contestants had already submitted written business playbooks, which were confidentially scored by 3 judges in and around the larger southwest Virginia region. Each business had 10-minutes to pitch followed by 20 minutes of questions and answers with the judges. The pitches included a new cookie e-commerce business, an Asian food truck, a new mercantile in Indian Valley, a holistic health service, a new meat processing business, and an outdoor recreation business.
Firehouse Farms, LLC was the top place winner, earning $5,000 to use toward their new meat processing facility. Co-Owner Madeline Akers, will use the funding to put toward equipment, located in Willis. Akers said, “Floyd C4 is AMAZING! I have learned so much through this competition, and all the knowledge and the relationships that were made there are going to benefit our business so much. This is such an remarkable opportunity for anyone who wants to be a small business owner. I also would like to thank Tabitha Hodge and Lydeana Martin, they are absolutely amazing! They are probably the biggest resource in Floyd County for anyone who is interested in owning or operating a small business. They have helped us in so many ways and we are beyond grateful.”
Firehouse Farms, LLC Co-Owner Madeline Akers
Metta Meals, LLC took second place and a $3,000 prize. Owner Rashminder Hargis will bring an organic focused ethnic vegetarian food trailer to Floyd. The food trailer will specialize in a variety of soups and curries, popular Indian food, rice dishes, stuffed flatbreads and more. Rashminder will serve meals from her food trailer in the Town of Floyd.
Metta Meals, LLC Owner Rashminder Hargis
Floyd Outdoors won third place and a $1,5000 prize. Owners Joe Tesauro, Jonathan Vandergrift and Paul Sullivan will open a bicycle repair shop by Spring 2022 and expand into retail sales within the next two years. The store is conveniently located across the street from the Floyd Family Campground on Franklin Pike.
Floyd Outdoors Co-Owners Joe Tesauro and Jonathan Vadergrift
“We are always so impressed by the skills, passion and creativity that Floyd County residents bring to the Floyd C4 program. Floyd County is blessed with great and hard-working entrepreneurs that we are excited to support,” said Jon Beegle, chairman of the Floyd County Economic Development Authority, which sponsors the program each year.
The Floyd C4 Business Development Series, funded by the Floyd County Board of Supervisors, provides 6 weekly sessions on business start-up, marketing, finance, operating a business and how-to-pitch. C4 stands for Curriculum, Creators, Coaches and Challenge. “The Roanoke Small Business Development Center is a tremendous partner with us in presenting important information, answering questions and also doing one-on-one business counseling with participants. The Floyd County EDA is fortunate to have great partners that make this possible—including the County, the Town, Virginia Community Capital, and the New River Valley Regional Commission,” Lydeana Martin, Community & Economic Development Director added, “We look forward to continuing to work with all of the businesses who participated in the Floyd C4 and seeing them grow and succeed in Floyd.”
Winner Announcement
For more information, contact Tabitha Hodge at thodge@floydcova.org or 540 745-9300 or by cell at 540 315-0956.
