The State of West Virginia, through the West Virginia Department of Commerce offers a variety of business loan programs.
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.
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.
West Virginia Department of Commerce
Address: Capitol Complex, Bldg. 6, Room 525
State: West Virginia