VCEDA Closes up to $600,000 Loan for Apex Leasing
Photo above: VCEDA Executive Director/General Counsel Jonathan Belcher, right, presents a ceremonial check for the Apex Leasing project in Buchanan County. From left are Jay Rife, Buchanan County Industrial Development Authority; Joe Gary Street and Pete Savage, West River/Apex Leasing; and Belcher.
On March 29 VCEDA closed an up to $600,000 loan for Apex Leasing Corporation, an affiliate of West River Conveyors and Machinery Company, which will result in the creation of 12-15 new jobs in Buchanan County. Formed in 1992, Apex Leasing Corporation leases property to West River, a designer and manufacturer of conveyor systems and equipment.
Funds from the VCEDA loan to Apex will be utilized for an expansion of the West River facility on Dismal River Road in Buchanan County, which will enable the company to expand its product line. The expansion project includes the construction of an approximately 15,000 sq. ft. building, including a paint booth and office and equipment. The building will be owned by Apex and leased to West River.
“One of VCEDA’s goals is not only to attract new businesses to the region, but also to assist existing business in their growth and expansion plans,” said Jonathan Belcher, VCEDA executive director/general counsel. “This project certainly is in line with that goal and we look forward to seeing the company implement its plan and continue to grow and provide jobs in the e-Region.”
West River, founded in 1985, builds belt drives, discharge/transfer stations, tail sections, take-up units, power packs, starters, belt storage units, winches and many unique fabrications to customer specifications. It sells belt and structure as part of its conveyor packages and also sells new and used conveyor parts. West River is the largest manufacturing company and one of the largest private employers in Buchanan County.
The expansion will allow for the development of new product lines to make the company more competitive and enhance its ability to offer greater solutions to its customers.