Trump Administration and USDA Invests $22.1M in Business and Industry Loan Guarantees in Rural W.Va.
MORGANTOWN, W.Va (WDTV) - The United States Department of Agriculture (USDA) is investing more than $22.1 million in loan guarantees to help improve the economic health in seven rural W.Va. counties by increasing access to business capital, announced the Trump Administration today.
“USDA Rural Development in West Virginia has made a commitment to assist rural businesses in Cabell, McDowell, Monongalia, Monroe, Nicholas, Ohio, and Randolph counties,” said West Virginia State Director Kris Warner. “Under the leadership of President Trump and Agriculture Secretary Perdue, USDA has been working tirelessly to be a strong partner to rural West Virginia businesses, which helps build stronger and healthier communities, because we know when rural America thrives, all of America thrives.”
Projects guaranteed to receiving 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 – Awarded $1.2 million to restore the historic Fort Henry, LLC, building in Wheeling, WV. This project will create 2 new jobs.
- Nacelle Equipment Funding – Awarded $1.6 million to acquire equipment. This project will save 20 existing jobs and create 5 new jobs.
Additional projects will be announced at a later time.
USDA Rural Development’s business and industry loan guarantees can be used for business conversion, enlargement, repair, modernization or development; debt refinancing; business and industrial acquisitions; and more, according to a press release.
For more information about the Business and Industry Loan Guarantee Program, visit https://go.usa.gov/xGXbh.
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