Financing/Incentives

Financial Assistance and Tax Incentives

West Virginia Development Office offers a variety of financial incentive programs and tax incentives to encourage the location of business and industry. The West Virginia Economic Development Authority administrates these state programs. Also available are local incentives based on the number of new jobs created.

Micro-Enterprise Loans Program

To stimulate business start-ups, foster expansions and increase the retention of job opportunities in McDowell County by offering financing and technical assistance to loan recipients. The loans will have a minimum amount of $1,000 and a maximum amount of $15,000 and will not exceed a term of 72 months.

Intermediate Re-lending Program

To stimulate business start-ups, foster expansions and increase the retention of job opportunities in McDowell County by offering financing and technical assistance to loan recipients. The loans will have a minimum amount of $25,000 and a maximum amount of $150,000 and will not exceed a term of 180 months.

Revolving Loan Program

To stimulate business start-ups, foster expansions and increase the retention of job opportunities in McDowell County by offering financing and technical assistance to loan recipients. The loans will have a minimum amount of $10,000 and a maximum amount of $50,000 and will not exceed a term of 120 months. The EDA will fund 50% of the total project. The remaining 50% of the project should be funded by a bank of other financial institution.

Local Banks

Employee Training

The Small Business Development Center offers several programs to assist new and expanding businesses in their training needs. A combination of customized training for a company's specific need and statewide vocational training systems provide trained workers.

Development Staff

McDowell County recruit, encourage and assist new businesses to locate in our county. Also, the development office has retention and expansion program to assist existing businesses.

Tax Increment Financing (TIF)

In 2002, Amendment One to the West Virginia Constitution was ratified allowing the use of tax increment financing (TIF) by property taxes to fund economic development and job creation in the state. This amendment was implemented by the West Virginia Tax Increment Financing Act passed by the West Virginia State Legislature during the 2002 legislative session and revised by the 2004 West Virginia Legislature.