Caren Wilcher

WVEDA is charged with the responsibility to develop and advance the business prosperity and economic welfare of the State of West Virginia, by providing financial assistance in the form of loans and direct financing and operating leases to industrial development agencies and enterprises for the promotion and retention of new and existing commercial and industrial development. Executive and legislative actions in 2002 provided $25 million dollars, in the form of direct investment, to stimulate the facility for venture capital financing in West Virginia. The Direct Loan Program is for applicants seeking a loan from the WVEDA in the minimum amount of $50,000 and a maximum amount of $10,000,000. The WVEDA has a two tiered pricing system. For loans of $50,000 to $800,000, the interest rate is the New York Prime rate minus 4%. Loans above $800,000 are priced at a rate equal to the U.S. Treasury Note rate of equivalent maturity, plus three-quarters percent.