As part of today’s Appalachian Regional Commission investment announcements, West Virginia Governor Jim Justice announced $750,000 in loan fund recapitalization for our revolving loan fund.
This money will be used to lend directly to businesses in our four-county region in response to COVID-19. It’s also part of a larger, collaborative effort with 5 other revolving loan funds so as to have new loan monies available state-wide. Each of the following entities will also receive loan monies in varying amounts: Wyoming County EDA, The Center for Rural Health, Natural Capital Investment Fund, Mid-Ohio Valley, and Woodlands Development Group.
In addition to the ARC grant, we were also awarded $12,000 from the Claude Worthington Benedum Foundation. This grant is in partnership with the Wyoming County EDA and will allow both organizations to expedite the loan process while maintaining social distancing protocol through an efficient online portal. Businesses applying for emergency loan response related to COVID-19 economic impact and recovery will submit loan application documents online safely. Businesses are encouraged to start the application process now. To get the application process started, visit https://nrgrda.org/loan-information/.
We’re glad that we’re able to provide more funding to businesses in our region who have been suffering during the COVID-19 pandemic. For more information on the revolving loan fund and how we can help businesses recover from the pandemic, please contact us!