WEST VIRGINIA STATE BUSINESS RESOURCES
This Directory from the WV Department of Commerce provides information in a concise format that can be easily retrieved by prospective and existing businesses seeking available incentives or programs that apply specifically to their needs. Find the resource directory here.
WEST VIRGINIA STATE FINANCIAL ASSISTANCE
For more information on any of the following, please contact the Tucker County Development Authority at firstname.lastname@example.org.
DIRECT LOAN PROGRAM
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 5 to 10 years for equipment projects. Loan proceeds may be used for acquisition of land, buildings and equipment. Working capital loans and the refinancing of existing debt are not eligible.
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 are not eligible.
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.
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.
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 businesses. A number of firms are qualified in West Virginia to make venture capital investments and their contact information may be found at www.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.
TAX INCREMENT FINANCING
Allows increases in property tax based on the improvement associated with qualified economic development and public improvement projects to assist with their long-term financing.
THE TOURISM MATCHING ADVERTISING PARTNERSHIP (MAP) PROGRAM
In order to extend advertising resources from the promotion of tourism through partnerships, this program provides reimbursable matching funds for direct advertising. Business applicants and their partners must provide a minimum of 50 percent of the total cost for programs at the $10,000 + level. For programs not exceeding $7,500, business applicants must provide 25 percent of the total cost.
OTHER STATE AND LOCAL BUSINESS RESOURCES
WEST VIRGINIA DEVELOPMENT OFFICE
The West Virginia Development Office (add link when you click on West Virginia Development Office -http://www.wvcommerce.org/info/aboutcommerce/developmentoffice/default.aspx ) is a department within the West Virginia Department of Commerce. The mission of the office is to improve the quality of life for all West Virginian’s by strengthening our communities and expanding the state’s economy to create more and better jobs. The WVDO provides comprehensive development assistance, research, planning and technical assistance in support of community and economic development.
West Virginia Development Office
1900 Kanawha Boulevard, East
Buidling 6, Room 553
WEST VIRGINIA SMALL BUSINESS DEVELOPMENT CENTER
The West Virginia Small Business Development Center (WVSBDC) is a division of the West Virginia Development Office and is funded by the State of West Virginia, the United States Small Business Administration, and our Community Colleges and Workforce Investment Board Partners. The WVSBDC, with 14 locations across West Virginia, promotes economic development through a program of practical, interrelated services, providing assistance to existing small businesses and the emerging entrepreneur. The WVSBDC provides many free services that assist entrepreneurs in their business ventures. They provide financial help and/or coaching as well as the following services:
- Access to Angel Capital through the ACE-Net system
- Coaching on business startup
- Coaching on financial matters & developing loan packages
- Coaching on management and personnel issues
- Going Into Business in West Virginia (publication - on-line or hard copy)
- Ombudsman services - help with regulatory matters
- Sample Business Plan (on-line)
- Training - on-line or on-site
- Awards for SBIR/STTR proposal preparation
- Awards for Small Business Work Force development
- Women and Minority-Owned Business Database
- When and Where We are Available
Pierpont Community & Technical College - SBDC
1 Edmiston Way
Buckhannon, WV 26201
Workforce West Virginia provides assistance to job seekers and employers alike. If businesses are considering an expansion project in West Virginia, WORKFORCE West Virginia allows them to browse an applicant database for potential employees, post multiple job openings on-line to attract today's top talent, research current economic and local job market data, and obtain information on assistance programs that can help a business grow.
WorkForce West Virginia Career Center
1 Pleasant Avenue
Elkins, WV 26241
REGION VI WORKFORCE INVESTMENT BOARD
The Region VI WORKFORCE West Virginia Centers offer a wide variety of services to assist local companies with their recruitment, training, and outplacement needs. Employer based services include the following:
- Labor market information available in many forms
- Recruitment assistance to find qualified workers
- WIA programs designed to assist employers with training of new and current employees
Region VI Workforce Investment Board
17 Middletown Road
White Hall, WV26554
MOUNTAIN CAP OF WV
Mountain CAP of WV, Inc., a CDC is an active leader and advocate on local and state levels for positive growth in rural communities in West Virginia. We promote and empower family and individual success through a comprehensive approach to education, employment, community health, social involvement and safe, affordable housing. We create partnerships within our communities to maximize existing resources to improve infrastructures and to encourage long-term economic expansion.
More information about their Business Loan, Entrepreneurial Development and Business Development Programs can be obtained by contacting their office directly.
Mountain CAP of WV
26 North Kanawha Street
800-871-1503 Toll Free