VIRGINIA INTERMONT COLLEGE OFFICIALS HAVE REASON TO BE SMILING TODAY. THEY HAVE BEEN APPROVED TO RECEIVE A MUCH NEEDED STATE GRANT. THE VIRGINIA TOBACCO INDEMNIFICATION AND COMMUNITY REVITALIZATION COMMISSION GAVE THUMBS UP FOR A 400-THOUSAND DOLLAR STATE GRANT TO COME TO V-I. . THE SOUTHWEST ECONOMIC DEVELOPMENT COMMITTEE RECOMMENDED THE MONEY AFTER THE SCHOOL REQUESTED TWO MILLION DOLLARS. THE COLLEGE IS CONTINUING TO CLIMB OUT OF A FINANCIAL HOLE THAT NEARLY SHUT IT DOWN LAST SPRING.