Senators Capito and Manchin announce revolving loan funds to help small businesses

West Virginia

CHARLESTON, W. Va. (WDVM) — West Virginia Senators Shelley Moore Capito and Joe Manchin announced on Thursday a new round of funding and loans to help small businesses get back on their feet.

The United States Economic Development Administration has awarded $4.3 million dollars to West Virginia through the CARES Act to help struggling small businesses recover from the impact of the coronavirus pandemic.

The money will be used to administer revolving loan funds and will provide gap financing to small businesses.

In a joint statement, Senator Capito vowed to continue to advocate for West Virginia small businesses and to help small businesses rebuild and emerge stronger from the effects of the pandemic.

Senator Manchin stated, “These EDA grants are welcome investments in businesses from Parkersburg to Princeton and towns in between… Investing in West Virginia workers and businesses are investments in our communities and our future.”

The EDA investments announced Thursday consisted of:

  • Mid-Ohio Valley Regional Planning & Development Council (Parkersburg) will receive a $3.2 million EDA CARES Act Recovery Assistance grant to capitalize and administer an RLF to provide loans to coronavirus-impacted small businesses in Calhoun, Doddridge, Harrison, Jackson, Marion, Monongalia, Pleasants, Preston, Ritchie, Roane, Taylor, Tyler, Wirt, and Wood counties.
  • Natural Capital Investment Fund, Inc. (Charles Town) will receive a $550,000 EDA CARES Act Recovery Assistance grant to capitalize and administer an RLF that will provide loans to coronavirus-impacted businesses in the State of West Virginia to help them respond to and recover from the pandemic.
  • Region I Planning & Development Council (Princeton) will receive a $550,000 EDA CARES Act Recovery Assistance grant to capitalize and administer an RLF to provide loans to coronavirus-impacted small businesses in McDowell, Mercer, Monroe, Raleigh, Summers, and Wyoming counties.

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