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WVEDA announces $6 million in economic development loans


CHARLESTON, W.VA. — The West Virginia Economic Development Authority Board of Directors approved more than $6 million in loans to four businesses at its August meeting on Thursday.

Loans were granted to businesses in Greenbrier, Nicholas, Mercer and Tucker counties.

“We’re doing everything we can here in West Virginia to develop and advance business prosperity and economic welfare and I want to thank the WVEDA for being part of that process by providing financial assistance to some truly incredible businesses today,” said Gov. Jim Justice, who is Chairman of the WVEDA.

The following companies were awarded loans on Thursday:

West Virginia Great Barrel Company, Greenbrier County
The board approved a $1.1 million loan to the West Virginia Great Barrel Company, a whiskey barrel manufacturer in Caldwell. The loan is funded by CARES Act money and will be used to purchase equipment.

Classic Marble Company, Nicholas County
The board approved a $240,000 loan to the Classic Marble Company, a family business in Nettie that specializes in designing and manufacturing marble and granite kitchen and bathroom products. The loan will be used to purchase real estate and equipment.

Industrial Plating and Machine, Mercer County
The board approved a $2.1 million loan to Industrial Plating and Machine, a manufacturer of mining equipment located in Bluefield. The loan is funded by CARES Act money and will be used to purchase equipment and inventory.

GSM Realty, Tucker County
The board approved loans for $540,000 and $2,031,750 to GSM Realty of Parsons, formerly known as GS Millwork and Parsons Woodworking. The company, which specializes in custom architecture and woodwork will use the loan to purchase the former Parsons Shoe Factory and install new equipment in the 60,000 square foot space.

About the West Virginia Economic Development Authority
The West Virginia Economic Development Authority is administered by a nine member board of directors made up of the governor, tax commissioner and seven at-large members appointed by the governor. The WVEDA has statutory authority to borrow funds from the West Virginia Board of Treasury Investments to loan to borrowers for business development projects. Loans are secured with terms set by the board. The amount WVEDA may lend for projects varies depending upon the nature of the project and form of lending, as prescribed by the Board.

The WVEDA board meets monthly on the third Thursday at 10 a.m. Meeting notices are posted five business days before the meeting on the West Virginia Secretary of State website. WVEDA board meeting agendas are available at eda.wv.gov/meetings. To learn more about the WVEDA, visit eda.wv.gov.

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