Finance
New and expanding businesses can learn about any of the innovative financial incentive programs listed here by contacting the West Virginia Development Office(
WVDO) .
For a preliminary discussion regarding any potential project, contact the West Virginia Development Office as early as practical in the planning cycle. An industrial development representative will be assigned to review each project in detail. West Virginia Development Office representatives will gladly arrange visits to the state to locate the best site for your business activity.
For a detailed prospectus, outline your requirements using a pro forma business presentation similar to proposals made to other financial institutions. Financial and technical experts at the West Virginia Economic Development Authority (
WVEDA), which is the state's financing agency, will initiate a review to help structure the best strategy for your project.
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 loan programs
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, $47,250,000 is reserved for small manufacturing projects; $13,500,000 for qualifying projects in Enterprise Communities, and $74,250,000 for exempt facility projects.
Leveraged technology loan insurance program
This program expands the loan insurance coverage to 90 percent for those businesses involved in the development, commercialization or use of technology-based products and processes. All other terms and conditions are identical to the loan insurance program.
West Virginia Infrastructure and Jobs Development Council
The Economic Infrastructure Bond Fund can be used for financial assistance to public utilities, county development authorities and private companies for infrastructure improvements to support economic development projects. Please contact the West Virginia Development Office Community Development Division for applications. (800) 982-3386 or 558-2234.
West Virginia Small Business Development Center loans
Small business development loans
This program provides capital to entrepreneurs for new or expanded small business with loans from $500 to $10,000. Please contact the West Virginia Small Business Development Center at (
WVSBDC)(888) 982-7232 or 558-2960.
Linked deposit program
Provides low-interest loans to qualified small businesses for amounts up to $150,000 and for terms up to four years. Please contact the West Virginia Small Business Development Center at (888) 982-7232 or 558-2960.
Tax Increment Financing
Allows increases in property tax associated with qualified economic development and public improvement projects to assist with their long-term financing. For more information, read the
Tax Increment Financing handbook.
Local Financing Programs
Region VI Planning and Development Council Microloan Program:
Eligibility: Businesses in West Virginia with 10 or fewer employees in Monongalia, Marion and Harrison Counties.
Usage: Loans can be utilized for fixed assets or working capital. This program is geared toward smaller microbusinesses with loans up to $15,000.
Region Six Planning and Development Council Revolving Loan Program
Eligibility: Businesses in West Virginia with 10 or fewer employees in Monongalia, Marion and Harrison Counties.
Usage: Loans can be utilized for fixed assets or working capital. This program is geared toward smaller businesses with loans up to $50,000.
Morgantown Area Economic Partnership Microloan Program
The MAEP "microloan" program can provide loans up to $35,000 to finance the startup and expansion of small businesses in Monongalia County.
Marion County Development Authority Loan Program
The Marion County loan program can provide loans up to $25,000 at 3 to 4 % interest for 7 years to finance the startup and expansion of small businesses in Marion County.
Harrison County Loan Programs
The Association for Industrial Development of Harrison County and the Clarksburg Industrial Development Corporation revolving loan programs both provide financial assistance to businesses located within Harrison County. Loans are made from $25,000 up, normally in the $75,000 to $100,000 range and are made in conjunction with bank financing
