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Manchin, Capito Announce $750K Recapitalization for NRGRDA’s Revolving Loan Fund

Yesterday, U.S. Senators Joe Manchin (D-WV) and Shelley Moore Capito (R-WV) announced the allocation of $750,000 from the Appalachian Regional Commission (ARC) to NRGRDA for recapitalization of our revolving loan fund. These funds will be used to lend directly to small businesses in our four-county region to help alleviate the economic damage caused by the COVID-19 pandemic.

These COVID-19 Emergency Relief Loan funds are part of a bigger $6 million dollar package distributed to proven small business lenders in West Virginia, as part of multi-faceted efforts to ensure a strong economy. Lenders awarded include:

  • $1,500,000 – Natural Capital Investment Fund
  • $1,500,00 – Wyoming County Economic Development Authority
  • $1,000,000 – Mid-Ohio Valley Regional Planning and Development Council
  • $750,000 – New River Gorge Regional Development Authority
  • $750,000 – Woodlands Community Lenders
  • $500,000 – Center for Rural Health Development

Our executive director, Joe Brouse, made the following statement after the announcement:

“NRGRDA is truly grateful to the Appalachian Regional Commission for recognizing the needs of our local businesses during these challenging times. The funding we deploy in the form of loan monies are designed to assist smaller enterprises with desperately needed working capital. This will give our regional companies a more viable chance at long term survival. Additionally, we are thankful to Senators Manchin and Capito for their support of ARC and our region, as well as Governor Justice and the West Virginia Development Office for spearheading this consortium of lenders across the state.”

Businesses are encouraged to begin the application process and can do so easily (and safely) online. To get started, visit nrgrda.org/loan-information to complete the pre-eligibility form.

We are glad we can further help our regional small businesses recover from the negative effects of this crisis. For more information, or to find out how we can further assist your business, please contact us!

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