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:
All referenced and additional documents must be sent to:
New River Gorge Regional Development Authority
116 North Heber Street, Suite B, Beckley, WV 25801