September 17, 2021

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WVEDA announces $6M in economic development loans | News, Sports, Jobs

CHARLESTON – The West Virginia Economic Development Authority’s board of directors at its meeting in August Thursday approved more than $ 6 million in loans to four companies.

Loans were made to companies in Greenbrier, Nicholas, Mercer and Tucker Counties.

“We are doing all we can here in West Virginia to develop and promote business and economic prosperity, and I want to thank WVEDA for being part of that process by providing financial support to some really incredible companies today. “ said Governor Jim Justice, who is the chairman of WVEDA.

The following companies received loans:

GSM Realty, Tucker County

The board approved loans of $ 540,000 and $ 2,031,750 to GSM Realty of Parsons, formerly known as GS Millwork and Parsons Woodworking. The firm, which specializes in custom architecture and woodwork, will use the loan to purchase the former Parsons shoe factory and install new equipment on the 60,000-square-foot space.

West Virginia Great Barrel Company, Greenbrier County

The board approved a $ 1.1 million loan to the West Virginia Great Barrel Company, a Caldwell whiskey barrel maker. The loan is funded by the CARES Act and used to purchase equipment.

Classic Marble Company, Nicholas County

The board approved a $ 240,000 loan to Classic Marble Company, a family-owned company in Nettie that specializes in the design and manufacture of marble and granite kitchen and bathroom products. The loan is used to buy real estate and equipment.

Industrial Coating and Machine, Mercer County

The board approved a $ 2.1 million loan to Industrial Plating and Machine, a mining equipment manufacturer based in Bluefield. The loan is funded by CARES Act funds and used to purchase equipment and inventory.

The West Virginia Economic Development Authority is administered by a board of directors of nine made up of the governor, the tax commissioner, and seven governor-appointed members. WVEDA is legally empowered to raise funds from the West Virginia Board of Treasury Investments to provide loans to borrowers for business development projects. The loans are secured with conditions set by the board of directors.

The amount that WVEDA can borrow for projects depends on the type of project and the form of lending as prescribed by the board.

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