Financial Assistance

Financial Assistance Direct Loan Programs The West Virginia Economic Development Authority can provide up to 45% 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. Entrepreneurship and Innovation Investment Fund The Entrepreneurship and Innovation Investment (EII) Fund, managed by the West Virginia Small Business Development Center (WV SBDC), was created by the Legislature to foster job creation and enable economic development and diversification through support of research and development initiatives funded by the Small Business Innovation Research and Small Business Technology Transfer (SBIR/STTR) programs. The EII Fund provides grants to eligible small businesses to match funds they receive from SBIR/ STTR Phase I and Phase II awards. In addition, to further enhance the State’s SBIR/STTR grant proposals, the program may award a Phase Zero Grant to help offset a portion of the cost of preparing a competitive Phase I proposal. Criteria is as follows: Must be a for-profit, West Virginia based business Must have received a Phase I or Phase II SBIR/STTR award Remain a WV based business for the duration of the SBIR/STTR project >50% of research conducted in West Virginia No duplicative funding Satisfy all SBIR/STTR requirements To apply for a Phase II matching grant, the business must demonstrate ability to conduct a Phase II proposal 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% 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 (IRBs) This program provides for customized financing through federal tax-exempt industrial revenue bonds. Of the state’s bond allocation, $59,757,600 is reserved for small manufacturing projects; $17,073,600 for qualifying projects in Enterprise Communities, and $93,904,800 for exempt facility projects. Tax Increment Financing (TIF) 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. West Virginia Infrastructure and Jobs Development Council The fund can be used for financial assistance to private companies, public utilities, and county development authorities for infrastructure improvements to support economic development projects. West Virginia Jobs Investment Trust 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.