 |
 |
     |
|
 |
| FINANCING |
|
New and expanding businesses can learn about any of the innovative
financial incentive programs listed here by contacting the West Virginia
Development Office.
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, 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 (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.
West Virginia Development Office
1900 Kanawha Blvd. E.
Charleston, West Virginia 25305-0311
Telephone: (800) 982-3386; (304) 558-2234
|
|
|
 |
