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State Economic Development Authority announces $6 million in economic development loans

CHARLESTON — The West Virginia Financial Improvement Authority Board of Administrators authorized greater than $6 million in loans to 4 companies — together with one in Tucker County — at its August assembly final week.

Loans have been granted to companies in Greenbrier, Nicholas, Mercer and Tucker counties.

“We’re doing the whole lot we are able to right here in West Virginia to develop and advance enterprise prosperity and financial welfare and I need to thank the WVEDA for being a part of that course of by offering monetary help to some actually unbelievable companies at this time,” mentioned Gov. Jim Justice, who’s Chairman of the WVEDA.

The next corporations have been awarded loans on Thursday, Aug. 19:

West Virginia Nice Barrel Firm, Greenbrier County
The board authorized a $1.1 million mortgage to the West Virginia Nice Barrel Firm, a whiskey barrel producer in Caldwell. The mortgage is funded by CARES Act cash and shall be used to buy tools.

Basic Marble Firm, Nicholas County
The board authorized a $240,000 mortgage to the Basic Marble Firm, a household enterprise in Nettie that focuses on designing and manufacturing marble and granite kitchen and loo merchandise. The mortgage shall be used to buy actual property and tools.

Industrial Plating and Machine, Mercer County
The board authorized a $2.1 million mortgage to Industrial Plating and Machine, a producer of mining tools situated in Bluefield. The mortgage is funded by CARES Act cash and shall be used to buy tools and stock.

GSM Realty, Tucker County
The board authorized loans for $540,000 and $2,031,750 to GSM Realty of Parsons, previously referred to as GS Millwork and Parsons Woodworking. The corporate, which focuses on customized structure and woodwork, will use the mortgage to buy the previous Parsons Shoe Manufacturing facility and set up new tools within the 60,000 sq. foot house.

 

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