Paul’s Fan Co. is growing and it is relocating to the Southern Gap Industrial Park shell building now under construction in Buchanan County, Virginia. It and the 40 new full-time jobs it is projected to create were celebrated November 15 at the Southern Gap Visitor Center.
An up to $5.6 million loan from the Virginia Coalfield Economic Development Authority (VCEDA) to the Industrial Development Authority of Buchanan County (IDA) was announced in conjunction with the project. The loan was approved the day before during a meeting of the VCEDA board in Lebanon.
The VCEDA funds will be used to finance the build-out and completion of the industrial shell building for occupancy by Paul’s Fan Co., the construction of an adjacent 29,000-square-foot shop building, the purchase of equipment, machinery and tools, other related improvements and costs associated with the project. The company will be investing at least $1.32 million in new equipment in the building in addition to moving an existing line of equipment from its current location.
The 80,000-square-foot shell building is located on an approximately 14.5-acre site.
VCEDA and the IDA have been working with Paul’s Fan Co. on the expansion project for several months. Paul’s Fan Co. manufactures fans for mining and other industries. The company currently operates out of several separate buildings in the Big Rock area, requiring its products to be moved multiple times along the public highways during the manufacturing process.
The expansion to the Southern Gap Industrial Park shell building will improve company logistics and operating efficiencies, helping it to grow and expand in a central manufacturing location.
The construction of the shell building has been financed with up to a $2.08 million loan previously approved by the VCEDA Board to the Buchanan County IDA.
“This expansion project to the Southern Gap industrial park is a key move in positioning us for significant growth,” said Todd Elswick, president of Paul’s Fan Co. “We appreciate the partnership we have had on this project from VCEDA and the Buchanan County IDA.”
Elswick noted an additional benefit to the expansion project involves the improved logistics of its manufacturing processes and improved transportation of its products to and from customers.