LOAN PROGRAM

APPLICATION FOR FINANCIAL ASSISTANCE

Unless expressly authorized in writing to the contrary by the Applicant, all material, financial data, or other information contained in or submitted in support of any Application will be treated as confidential and private, and such material will not be released or made available to the general public unless required by law. However, after the New River Gorge Regional Development Authority Board has given the project consideration, the name of the Applicant, the location of the proposed project, the number of new jobs to be generated by the project, the principal amount of the financial assistance, the term of the financial assistance and the rate of interest of the financial assistance (if applicable) will be made available to the general public, together with a brief statement of the nature of the operating concern.

1.) General Requirements

This Application will be submitted to the attention of the Loan Fund Manager of NRGRDA. Applications will be considered by the Authority’s Board of Directors (the “Board”) at any of its regularly scheduled meetings provided, however, that an Application is received by the Authority at the address listed at least 21 days prior to the meeting at which the Applicant would like for such Application to be considered.

The submission of any false or misleading information in the Application or in any other materials which may be submitted will be grounds for rejection of the Application and denial of further consideration by the Authority. 

2.) Guidelines for Eligibility

In order to be considered by the Authority for financial assistance a project must meet criteria, as set forth below:

A. Each Application should show that the project for which financial assistance is sought (the “Project”) will accomplish the public purposes set forth in the NRGRDA guidelines, such as developing and promoting business prosperity and the general welfare of the NRGRDA Region, increasing employment opportunities in the Region, stimulating and expanding the economy of the Region. Each project should have an economic impact on the community with a primary emphasis on the creation of jobs.

B. Use of funds for its project should be an acquisition, expansion, or construction of facilities consisting of land, buildings and/or equipment or working capital.

C. Projects should not be commenced prior to approval of the application by the Board, and contracts executed in connection with a proposed project (other than options) may make the project ineligible for financial assistance.

D. Borrow must submit a letter from their commercial lender detailing their level of participation in the project.

Loan commitments are evaluated, closed and administered by the NRGRDA Loan Review Committee.

Conditions of approval may include but are not limited to:

  • Personal guarantees required of all owners of more than 20% of the business
  • Key person life insurance
  • Borrower’s hazard insurance
  • Flood insurance as applicable
  • Semi-annual financial statements
  • Annual employment certification

A.) APPLICANT

B.) APPLICANT DATA

C.) TYPE OF PROJECT

D.) PROJECT IMPACT

ANNUAL SALES

ANNUAL PAYROLL

If applicable, provide supplemental information for aggregate operations.

EMPLOYMENT MATRIX

Number of FTE Employees for the 4-C EDA Region:

EXECUTIVE AND PROFESSIONAL

ADMINISTRATIVE AND CLERICAL

SKILLED

SEMI-SKILLED

UNSKILLED

E.) ESTIMATED USES OF FUNDS - ELIGIBLE PROJECT COSTS

Costs to be documented in attachment 10 (A and B).

Soft Costs (while ineligible for Project financing, the costs must be documented since cash flow is affected).

Summary of Total Project Financing debt sources.

1.) NEW RIVER GORGE REGIONAL DEVELOPMENT AUTHORITY

2.) BANK CO-LENDER

3.) OTHER

SOURCES OF PROJECT EQUITY:

F.) PROJECT EQUITY AND SOFT COSTS TO BE FUNDED FROM:

G.) COMMITMENTS

H.) COLLATERAL/LOAN PROVISIONS

I.) OFFICERS, STOCKHOLDERS AND KEY PERSONNEL

Include management, officers and all stakeholders owning 10% or more of company's stock. Publicly held companies may substitute copy of annual report or 10K. 100% ownership must be disclosed (provide attachment if necessary).

1.)

2.)

3.)

4.)

J.) PRINCIPAL CUSTOMERS

K.) PRINCIPAL SUPPLIERS

L.) PRINCIPAL COMPETITORS

M.) ADDITIONAL INFORMATION

APPLICANT AUTHORIZATION

Signature of Authorized Company Representative Verifying Accuracy of Information:

All referenced and additional documents must be sent to:

New River Gorge Regional Development Authority

116 North Heber Street, Suite B, Beckley, WV 25801