When was it published?

July 19, 1962 in Clinch Valley News

Domestic News July 19, 1962

Clinch Valley News

Q: What entities or persons were involved?

Sommerfield B. Pearson, Jess F. White, Milton E. Maddox, Warren Schneider, George Reiss, Harris Hart Ii, John Mcclintock, Jack Zambacca, J. W. Harman, Jr., Garnett Shufflebarger

Q: What keywords are associated?

Sba Loan, Industrial Development, Richlands Factory, Garment Plant, Economic Development

Tazewell, Jeffersonville, Tazewell County, Virginia

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What is this article about?

The Richlands Area Industrial Development Corporation received an $88,099.80 check from the Small Business Administration on Tuesday, the first installment of a $250,000 loan—the largest ever to a development company—for building a 70,000 sq ft garment factory expected to employ over 200. Local stock purchases totaled $200,000.

Merged-components note: Image is the picture described in the accompanying domestic news text about the SBA loan presentation.

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Full Text

The Richlands Area Industrial Development Corporation received a check for $88,099.80 Tuesday from the Small Business Administration. The check was the first payment to the RAIDC of a SBA loan which will amount in full to $250,000. The Corporation and Richlands citizens have purchased stock in the amount of $200,000 which has been used to build a 70,000 square foot plant for the Richlands Manufacturing Corporation, a garment factory expected to employ more than 200 persons. The full loan of $250,000 is the largest development loan ever made by the SBA to a development company.

Pictured is Sommerfield B. Pearson, Chief of the investment division of the SBA regional office in Richmond, as he presented the check to Jess F. White, president of the RAIDC. Watching the proceedings are Milton E. Maddox, legal counsel for the SBA; Warren Schneider, president of the Richlands Manufacturing Corp.; George Reiss, New York Attorney for the Richlands Manufacturing Corp., Harris Hart II, John McClintock, Jack Zambacca, J. W. Harman, Jr., and Garnett Shufflebarger.

What sub-type of article is it?

Economic

What keywords are associated?

Sba Loan Industrial Development Richlands Factory Garment Plant Economic Development

What entities or persons were involved?

Sommerfield B. Pearson Jess F. White Milton E. Maddox Warren Schneider George Reiss Harris Hart Ii John Mcclintock Jack Zambacca J. W. Harman, Jr. Garnett Shufflebarger

Where did it happen?

Richlands

Domestic News Details

Primary Location

Richlands

Event Date

Tuesday

Key Persons

Sommerfield B. Pearson Jess F. White Milton E. Maddox Warren Schneider George Reiss Harris Hart Ii John Mcclintock Jack Zambacca J. W. Harman, Jr. Garnett Shufflebarger

Outcome

first payment of $88,099.80 received on $250,000 loan; factory built with $200,000 local stock; expected to employ over 200; largest sba development loan ever.

Event Details

The Richlands Area Industrial Development Corporation (RAIDC) received a check for $88,099.80 from the Small Business Administration (SBA) as the first payment of a $250,000 loan. RAIDC and Richlands citizens purchased $200,000 in stock to build a 70,000 square foot plant for the Richlands Manufacturing Corporation, a garment factory. Sommerfield B. Pearson presented the check to Jess F. White, with others watching.