Business Loan Programs – Greenbrier Valley Economic Development Corporation

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Areas Served: Greenbrier, Monroe and Pocahontas Counties

The Greenbrier Valley Economic Development Corporation offers three loan programs for businesses in Greenbrier, Monroe and Pocahontas Counties, West Virginia.

Micro Revolving Loan Program How much can I borrow? $1,000 to $15,000 What is the interest rate and terms? 1% above prime on the day of closing for up to 6 years.

How can I use it? Working Capital, Machinery, Equipment, Inventory, Supplies, Furniture and Fixures.

ELIGIBILITY – Due to the limited availability of funds, an effort will be made to maximize the economic return in terms of job creation and increased tax base.

– Applicants must be at least 18 years old.

– Applicants will sign a release allowing the agency to complete a credit inquiry on individual, joint partnership and/or business.

– Business size at the time of application must not employ more than 10 people.

Intermediary Relending Program The availablity of capital for new business startups, retention and expansion of existing businesses, and technical assistance is an obstacle for the development of our region.

After assessing these needs the GVEDC applied and was approved for the United States Department of Agriculure (USDA) Intermediary Relending Loan Program (IRP) to help eliviate this problem.

What is the IRP? The IRP is a loan fund provided to eligible recipients for community development projects, the establishments of new business and the expasion of exiting businesses that will create or salvage the job opportunities for the people of Greenbrier, Monroe and Pocahontas Counties.

Eligible Applicants Individuals, public or private organizations, or other legal entities with authority to incur the debt and carry out the purpose fo the loan, that is a citizen of the united States, located in a rural area and unable to finance the proposed project from its own resources or through commerical credit or other Federal, State, or local programs at reasonable terms and rates.

Loan Limitations Recipients can borrow up to 75% of the total project cost not to exceed $125,000. Interest rate will be set at Prime plus 2% on the day of closing.

Eligible Loan Purposes Business construction, repairs, modernization, purchase of land, buildings, leases, materials, equipment, supplies, pollution control, start-up operating costs, working capital, debt refinanceing, hotels, motels, revolving lines of credit, etc.

Contact Information
Greenbrier Valley Economic Development Corporation
Address: 804 Industrial Park Rd.
City: Maxwelton
State: West Virginia

Website: http://www.gvedc.com/financing/

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