State Department for Economic Development Announces $ 6 Million in Economic Development Loans

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CHARLESTON. The West Virginia Economic Development Board’s board of directors approved more than $ 6 million in loans at its August meeting last week for four businesses, including one in Tucker County.

Loans were made to businesses in Greenbrier, Nicholas, Mercer and Tucker counties.

“We are doing everything in our power here in West Virginia to develop and promote business prosperity and economic well-being, and I want to thank WVEDA for participating in this process by providing financial assistance to some truly incredible companies today,” said Governor Jim. Justice, who is the chairman of WVEDA.

On Thursday, August 19, the following companies received loans:

West Virginia Great Barrel Company, Greenbrier County
The Board of Directors approved a $ 1.1 million loan to the West Virginia Great Barrel Company, a whiskey barrel maker in Caldwell. The loan is funded by CARES and will be used to purchase equipment.

Classic Marble Company, Nicholas County
The Board of Directors approved a $ 240,000 loan to the Classic Marble Company, a Nettie-based family business that specializes in the design and manufacture of marble and granite kitchen and bathroom products. The loan will be used to purchase real estate and equipment.

Industrial coating and equipment, Mercer County
The Board of Directors approved a $ 2.1 million loan to Bluefield-based mining equipment manufacturer Industrial Plating and Machine. The loan is funded by the CARES Act and will be used to purchase equipment and supplies.

GSM Realty, Tucker County
The Council approved loans of $ 540,000 and $ 2,031,750 for GSM Realty of Parsons, formerly known as GS Millwork and Parsons Woodworking. The custom architecture and woodworking company is using the loan to purchase a former Parsons shoe factory and install new equipment on a 60,000 square foot site.

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