Broadband Loan Insurance (BLINS)

The Broadband Loan Insurance Program (BLINS) was created to assist businesses in gaining access to credit from West Virginia's financial institutions.  The objective of the BLINS program is to encourage lenders to undertake credit risk that will allow for the extension or expansion of broadband service to unserved or underserved areas of the State of West Virginia.

Per the guidelines adopted by the WVEDA the BLINS program could insure up to 80% of a bank loan or 100% of a letter of credit for a broadband infrastructure or development project.  The insured portion cannot exceed Ten Mllion Dollars ($10,000,000) and could be for a maximum term of twenty years.  The project must be certified by the West Virginia Broadband Enhancement Council as having met the requirements of providing broadband service to an unserved or underserved area of the State of West Virginia.  The project must have written certification from the participating financial institution that, but for the WVEDA BLINS program, the financial institution would not otherwise make the loan based solely on the creditworthiness of the broadband provider.  BLINS applications originate with and are submitted by the financial institution.  The WVEDA will not consider a BLINS application unless it is signed by the Lender.  A nonrefundable application fee of $1,000 must be submitted to the WVEDA with the BLINS application.  If the WVEDA approves the BLINS application, a closing fee equal to 0.5% of the Insured Portion of the bank loan will be due and payable to the WVEDA upon execution of the BLINS Agreement.  If the BLINS application is approved the Bank will make the loan or issue the letter of credit using standard documents (for example letter of credit, note, security agreements, deeds of trusts, etc).  The Bank will set the loan fees and interest rates at its discretion, with disclosure to WVEDA.  If the project is located on or secured by leased property, the term of the lease must be at least as long as the term of insurance.

If your lender is interested in pursuing the BLINS program, they should call and speak to a WVEDA Loan Officer.  Click here for a staff directory.  Upon receipt of the BLINS application and supporting information, the WVEDA prepares the BLINS application for its next available Board of Directors meeting. The WVEDA Board meets on the third Thursday of each month. Applications for BLINS must be received by the first day of the month for consideration at that months meeting.




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