The West Virginia Economic Development Authority (WVEDA) announces the creation of the WVEDA 2023 Equipment Financing Program to support business retention efforts statewide.
To complement the state’s successful efforts to attract business, this low interest- rate Equipment Financing Program is an excellent way to focus on retaining existing jobs and growing new jobs from within.
The Equipment Financing Program through the WVEDA allows existing West Virginia small businesses operating in the manufacturing, industrial processing, warehousing, and distribution sectors to access the capital necessary to grow and thrive in the Mountain State.
The Equipment Financing Program allows the WVEDA to provide existing small businesses within the state the funds for business development and expansion and also to industrial development agencies. The new loan program was created following the passage of Senate Bill 523 during the last legislative session.
Eligible in-state businesses can apply for a maximum loan amount of $2 million and a minimum of $50,000. These funds may be used in the acquisition of equipment or refurbishments and upgrades to existing equipment.
WVEDA is offering up to 80% financing, up to 10 years at 3% interest and up to 90% financing for 10 years at 4 % interest. West Virginia businesses in operation for at least 1 year can take advantage of this program by contacting the West Virginia Economic Development Authority – https://eda.wv.gov