Mingo County Redevelopment Authority
Financing

Financing

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  • Direct Loan Program - The West Virginia Economic Development Authority (WVEDA) can offer flexible financing solutions.  WVEDA can provide up to 45% in financing fixed assets by providing low-interest, direct loans to expanding state businesses and firms locating in West Virginia.  Loan proceeds may be used for the acquisition of land, buildings, and equipment.  Loan term is generally 15 years for real estate intensive projects and 5 to 10 years for equipment projects.  Interest rates are set on the date that the loan is closed and are fixed for the duration of the loan.
  • Industrial Revenue Bonds – This program provides for customized financing through federal tax-exempt industrial revenue bonds.  Of the state’s bond allocation, $61,293,750 is reserved for small manufacturing projects; $17,512,500 for qualifying projects in Enterprise Communities, and $96,318,570 for exempt facility projects.
  • Tax Increment Financing – This method of financing allows increases in property tax associated with qualified economic development and public improvement projects to assist with their long-term financing.  A tax increment financing handbook is available from the WV Development Office.
  • WV Infrastructure and Jobs Development Council (WVIJDC) – Financing may be available to public or private entities for infrastructure improvements such as land, building and machinery acquisition or improvements and utility improvements (water and sewer, etc.) that will support job creation.  Emphasis is placed on development in business and industrial parks and projects resulting in immediate job creation.  Generally, rates can be fixed as low as 3%.  Maximum loan amounts are $3 million for qualifying projects.  Amounts, terms, deferrals and rates are project specific.
  • Industrial Access Road Program (IARP) – The WV Development Office, in conjunction with the WV Division of Highways, offers Industrial Access Road Program (IARP) assistance to eligible counties.  Each county may request up to $400,000 per year to support and encourage economic development activities.  The access road will become part of the WV highway system and must be open to the public.