When businesses in West Virginia are ready to expand, invest, or innovate, the West Virginia Economic Development Authority (WVEDA) is there to help make it happen. Since 1962, WVEDA has been the state’s financial partner for economic growth, helping companies secure funding, reduce risk, and access resources they might not find through traditional lending. Here’s a quick look at how WVEDA’s programs work to keep West Virginia’s economy moving forward.
The Direct Lending Program helps businesses investing in land, buildings, or equipment. Whether it’s a manufacturer adding a new production line or a logistics center expanding its footprint, this program provides the financing needed to grow while creating jobs and investment in local communities. The Direct Lending Program is for applicants seeking a loan from the WVEDA in the minimum amount of $50,000 and a maximum amount of $15,000,000.
The Equipment Loan Program helps West Virginia businesses invest in the tools and technology they need to stay competitive. With loans ranging from $50,000 to $2 million and fixed interest rates as low as 3%, this program supports the purchase of new or used equipment, as well as upgrades or refurbishments of existing assets. Businesses must be based in West Virginia and in operation for at least one year, with a minimum 10% equity contribution.
Loan Insurance gives banks confidence to lend by backing a portion of a business’s loan. Per the guidelines of the Commercial Loan Insurance program (CLINS), the WVEDA can insure up to 80% of a bank loan.
The Broadband Loan Insurance Program supports efforts to expand broadband access across the state. By insuring loans for broadband providers building in underserved areas, WVEDA helps bring faster internet and new opportunities to communities statewide.
The Industrial Development Bonds program helps large-scale projects access lower-cost, tax-exempt funding to build or expand facilities. Each calendar year, the State of West Virginia has available the authority to issue tax-exempt Industrial Development Bonds up to the maximum established by the United States Internal Revenue Code.
Through the Foreign-Trade Zone program, WVEDA also helps businesses involved in global trade save money and streamline operations. Foreign-trade zones are secure, U.S. Customs-supervised areas considered outside U.S. Customs territory for duty payment. Located near U.S. Customs ports, they are the U.S. equivalent of international free trade zones.
Each of these programs shares one goal: helping businesses succeed in West Virginia. From small manufacturers to global exporters, WVEDA provides the financial foundation that keeps projects moving and communities thriving. To learn more about WVEDA’s programs or explore which option might fit your business, visit eda.wv.gov/programs.