WEST VIRGINIA FINANCIAL ASSISTANCE Direct Loan Programs The West Virginia Economic Development Authority can provide up to 45 percent in financing fixed assets by providing low-interest, direct loans to expanding state businesses and firms locating in West Virginia. Loan term is generally 15 years for real estate intensive projects and five to 10 years for equipment projects. Loan proceeds may be used for the acquisition of land, buildings and equipment. Working capital loans and the refinancing of existing debt are not eligible. Indirect Loans The West Virginia Economic Development Authority provides a loan insurance program through participating commercial banks to assist firms that cannot obtain conventional bank financing. This program insures up to 80 percent of a bank loan for a maximum loan term of four years. Loan proceeds may be used for any business purpose except the refinancing of existing debt. Industrial Revenue Bonds This program provides for customized financing through federal tax-exempt industrial revenue bonds. Of the state’s bond allocation, $57,492,750 is reserved for small manufacturing projects; $16,426,500 for qualifying projects in Enterprise Communities, and $90,345,750 for exempt facility projects. West Virginia Infrastructure and Jobs Development Council The fund can be used for financial assistance to public utilities, county development authorities and private companies for infrastructure improvements to support economic development projects. Linked Deposit Loan Program The program allows small, for-profit state employers with 50 or fewer employees and gross annual receipts of $5 million or less to apply for a linked deposit loan with an interest rate of 1 percent above published New York Prime, up to $250,000. Venture Capital West Virginia Capital Company Act The West Virginia Economic Development Authority administers a program that provides for debt and equity venture capital investment to small business. A number of firms are qualified in West Virginia to make venture capital investments and their contact information may be found at wveda.org. West Virginia Jobs Investment Trust (JIT) is a public venture capital fund created to develop, promote and expand West Virginia’s economy. The program makes investment funds available to eligible businesses, thus stimulating economic growth and providing or retaining jobs within the state. For More Information Contact 304-558-3650
Posted on: Fri, 07 Jun 2013 16:56:39 +0000
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