State agency made 19 direct loans in 2011
The state agency that helps finance businesses made 19 direct, low-interest loans totaling $52 million during the financial year that ended June 30.
These and other activities are outlined in the West Virginia Economic Development Authority's just-released 2011 annual report.
Under the authority's direct-loan program, the agency loans up to 45 percent of the eligible cost of real property and equipment. Owner's equity and private sector lending make up the remaining 55 percent.
Companies receiving the loans have said they plan to use the money to help create 354 new jobs over the next three years. The direct loan program leveraged a total of $108 million, the authority said.
Three loans were made in this region:
The authority also has:
As previously reported, the authority posted a $4.3 million profit last year, up from $1.7 million in the previous year.
In September, David Warner, executive director, said the authority posted higher income primarily because the cost of funds decreased, there was an increase in interest and lease income, and there was a reduction in loan losses.
Copies of the report are available by calling 304 558-3650 or writing the authority at NorthGate Business Park, 160 Association Drive, Charleston, WV 25311-1217. It is expected that the report will be posted on the authority's website soon. The website is at www.wveda.org.
Contact writer George Hohmann at firstname.lastname@example.org or 304-348-4836.