The Greenbrier Valley Brewing Company will initially employ three people, but the company plans to grow its staff to six people within three years.
The Economic Development Authority also approved a three-part, $3 million loan package to help Clarksburgbased Stockmeier Urethanes, USA Inc. expand its existing warehouse and expand into a new building.
The company, founded in 2003, manufactures and installs polyurethane floor, turf and recreational ground coatings used in outdoor and indoor sports facilities and playgrounds.
The company plans to build a new warehouse and purchase a neighboring building, currently owned by Thrasher Engineering, in order to expand its operations.
The first two parts of the loan package include a 15-year, $500,000 loan that will be used to purchase the Thrasher building. A second 10-year, $270,000 loan will be used to finance the purchase of new equipment.
The 15-year loan has an interest rate of 4 percent, while the interest rate on the 10-year loan will be 2 percent. Both loans are expected to close by the end of this year.
The third portion of the loan package is a 15-year, $2.3 million loan that will help the company finance construction of a new warehouse. Interest on that loan will be determined by adding 0.75 percent to the 20year U.S. Treasury Security rate when the loan closes sometime next year.
The entire expansion project is expected to increase employment at Stockmeier Urethanes from its current 31 employees to 43 employees over the next three years.
In addition to the three loan applications, the authority also approved a $499,800 loan insurance request from the West Union Bank to cover 73.5 percent of a $680,000 loan to Harrisville- based Troy, LLC.
Troy manufactures non-woven textile trim products for the automotive industry.
The West Virginia Jobs Investment Trust, the state's venture capital group, has a more than $1.3 million equity and debt state in the company. The bank loan is designed to help the company refinance and reduce its debt owed to the Jobs Investment Trust.
The West Virginia Jobs Investment Trust, the state's venture capital group, has a more than $1.3 million equity and debt stake in the company.
Contact writer Jared Hunt at busin...@dailymail.com or 304348-4836.