The West Virginia Economic Development Authority has given preliminary approval to a total of $7.2 million in low-interest loans for projects in Marshall, Taylor, Kanawha and Preston counties.
IMI Fabi Limited Liability Co., received preliminary approval for a $3.7 million loan to help finance new equipment for its plant in Benwood, Marshall County. IMI produces milled talc used in numerous industries.
Taylor Warehouse Services Limited Liability Co. of Bridgeport received preliminary approval for a $2 million loan to help it purchase the former AFG Industries glass plant in Jerry Run, Taylor County. The company plans to re-develop the plant into a multi-tenant warehouse and distribution center.
Putnam Holding Inc. of Eleanor received preliminary approval for a $910,000 loan to help finance the real estate for Appalachian Railcar Services Inc.'s facility in Winifrede, Kanawha County.
Preston Machine Inc. of Kingwood received preliminary approval for a $450,000 loan to help finance the acquisition of equipment for its machine shop in Kingwood, Preston County.
During its regular monthly meeting on Thursday, the Economic Development Authority's Board of Directors also agreed to extend a previously approved $1.5 million loan commitment to the West Virginia Regional Technology Park Corp. to help finance the reconfiguration of the South Charleston park's heating system.The authority also agreed to extend previously approved loan commitments to four other projects around the state.