The Trump administration and the USDA are investing $ 22.1 million in business and industry loan guarantees in rural W.Va.
MORGANTOWN, W.Va (WDTV) – United States Department of Agriculture (USDA) invests more than $ 22.1 million in loan guarantees to help improve economic health in seven rural areas W.Va. counties by increasing access to capital for businesses, the Trump administration announced today.
“USDA Rural Development West Virginia is committed to helping rural businesses in Cabell, McDowell, Monongalia, Monroe, Nicholas, Ohio and Randolph counties,” said Kris Warner, state manager of West Virginia. “Under the leadership of President Trump and the Lost Secretary of Agriculture, USDA has worked tirelessly to be a strong partner with rural West Virginia businesses, which helps build stronger, healthier communities because we know that when rural America thrives, all of America thrives.
Projects guaranteed to receive business and industry loans include:
- MAA Elkins Hospitality, LLC – Awarded $ 6.7 million to acquire the Hampton Inn hotel in Elkins, WV. This project will save 25 existing jobs and create 2 new jobs.
- Fort-Henry, LLC – Received $ 1.2 million to restore the historic Fort Henry, LLC building in Wheeling, WV. This project will create 2 new jobs.
- Financing of aerial platform equipment – Allocation of $ 1.6 million to acquire equipment. This project will save 20 existing jobs and create 5 new jobs.
Other projects will be announced later.
USDA Rural Development Business and Industry Loan Guarantees can be used for the conversion, expansion, repair, modernization or expansion of a business; debt refinancing; commercial and industrial acquisitions; and more, according to a press release.
For more information on the Business and Industry Loan Guarantee Program, visit https://go.usa.gov/xGXbh.
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