CHARLESTON. The West Virginia Economic Development Board’s board of directors approved more than $ 6 million in loans to four businesses at its August meeting on Thursday.
Loans were made to businesses in Greenbrier, Nicholas, Mercer and Tucker counties.
“We are doing our best 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 Gov. Jim Justice, who is the chairman of WVEDA.
Loans were provided to the following companies:
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 will use the loan to purchase a former Parsons shoe factory and install new equipment on a 60,000-square-foot facility.
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.
The West Virginia Economic Development Authority is administered by a nine-member board of directors, which includes the governor, tax commissioner, and seven At-Large members appointed by the governor. WVEDA has the legal authority to borrow funds from the West Virginia Treasury Investment Board for loans to borrowers for business development projects. Loans are secured on terms set by the board.
The amount that WVEDA can lend for projects depends on the nature of the project and the form of lending, as prescribed by the Board.