Kris Warner, Executive Director of the WVEDA, is pleased to announce that the West Virginia Economic Development Authority’s CARES Act Award has been granted by the United States Economic Development Administration to help businesses recover from the impact of the COVID-19 pandemic. Manufacturing, industrial, distribution, service and retail businesses in West Virginia are eligible.
The WVEDA will determine its interest rate on all CARES Act loans, calculated at 75 percent of the stated prime interest rate listed in the Wall Street Journal with a floor of 2 percent. Flexible repayment for the initial one-year period of the loan can be negotiated on a case by case basis.
Collateral and personal guarantee is required (junior lien positions on collateral are allowed) and working capital requests are eligible effective July 9, 2021. Loan terms are up to 20 years on land and buildings and 10 years on equipment.
• No loan fees. Borrower is responsible for legal and closing fees. • No equity requirement.
• No leveraged financing requirement.
For more information contact:
SENIOR ECONOMIC DEVELOPMENT REPRESENTATIVE
West Virginia Economic Development Authority
(681) 313-2795 (304) 951-3525 Joseph.D.Brouse@wv.gov