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Financial Assistance Programs

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West Virginia offers financing programs that can help reduce startup and operating costs. 

Cooperative Advertising Program

The Cooperative Advertising Program is designed to increase overall brand awareness for both the state of West Virginia and participating tourism industry partners through a mix of national, regional, and local advertising opportunities. Under this program, tourism businesses can purchase paid advertising at a reduced cost and receive an 80/20 split-dollar match from the state on their advertising buy.


Direct Loan Programs

The West Virginia Economic Development Authority can provide up to 45% in financing fixed assets by providing low-interest, direct loans to expanding state businesses and firms locating in West Virginia. The loan term is generally 15 years for real estate intensive projects and five to 10 years for equipment projects. Loan proceeds may be used for the acquisition of land, buildings, and equipment. Working capital loans and the refinancing of existing debt are not eligible.


Indirect Loans

The West Virginia Economic Development Authority provides a loan insurance program through participating commercial banks to assist firms that cannot obtain conventional bank financing. This program insures up to 80% of a bank loan for a maximum loan term of four years. Loan proceeds may be used for any business purpose except the refinancing of existing debt.


Industrial Revenue Bonds (IRBs)

This program provides for customized financing through federal tax-exempt industrial revenue bonds. Of the state’s bond allocation, $59,757,600 is reserved for small manufacturing projects; $17,073,600 for qualifying projects in Enterprise Communities, and $93,904,800 for exempt facility projects. Tax Increment Financing (TIF) Allows increases in property tax based on the improvement associated with qualified economic development and public improvement projects to assist with their long-term financing.


Tourism Development Act

Businesses eligible for the act will receive a 25-percent tax credit from consumers sales and service taxes collected on the gross receipts generated directly from daily operations. Additionally, certain projects can receive a 35-percent credit if the project is on an abandoned surface mine or is on/adjacent to a state or national forest or park.


West Virginia Infrastructure and Jobs Development Council

The fund can be used for financial assistance to private companies, public utilities, and county development authorities for infrastructure improvements to support economic development projects.


West Virginia Jobs Investment Trust

West Virginia Jobs Investment Trust (JIT) is a public venture capital fund created to develop, promote and expand West Virginia’s economy. The program makes investment funds available to eligible businesses, thus stimulating economic growth and providing or retaining jobs within the state.


For more information on these programs, click here