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REDP: Regional Economic Development Partnership





Regional Economic
Development Partnership
 
1100 Main Street, 3rd Floor
P.O. Box 1029
Wheeling, WV 26003
 
Phone: 304.232.7722
Fax: 304.232.7727
Email: info@redp.org

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RED is a division of Ohio Valley Industrial and Business Development Corporation (OVIBDC). Copyright © 2017 Regional Economic Development Partnership

RED Business Benefits Brochure
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State of West Virginia Programs

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 at www.wvdo.org 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 for 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 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 304-558-2234.


 

 


West Virginia Small Business Development Center Loans

 


Small business development loans

This program provides capital to entrepreneurs for new or expanded small businesses with loans from $500 to $10,000. Please contact the West Virginia Small Business Development Center at (888) 982-7232 or 304-558-2960.

 


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 304-558-2960. 

 


Increment Financing

 Allows increases in property tax associated with qualified economic development and public improvement projects to assist with their long-term financing.

 


West Virginia Development Office
www.wvdo.org
1900 Kanawha Blvd. E.
Charleston, West Virginia 25305-0311
Telephone: (800) 982-3386; (304) 558-2234