BECKLEY, WV (WOAY) – In an announcement on Thursday, June 4th, Governor Jim Justice announced West Virginia Appalachian Regional Commission (ARC) Investment Program Grant funding has been awarded to 12 projects across the state totaling $11.7 Million dollars.
In Raleigh County, New River Gorge Regional Development Authority was awarded $750,000 dollars to be used for recapitalization of the organization’s revolving loan fund which will be used to lend directly to businesses located within their four-county footprint (Fayette, Nicholas, Raleigh, and Summers counties) that have been negatively impacted by the COVID-19 pandemic.
These funds are part of a larger state-wide collaborative effort including New River Gorge Regional Development Authority, Wyoming County EDA, The Center for Rural Health, Natural Capital Investment Fund, Mid-Ohio Valley Regional Council, and Woodlands Development Group, to bring new loan monies to small businesses across West Virginia.
“The $750,000 recapitalization of the NRGRDA Revolving Loan Fund will be specifically targeted at small businesses needing working capital at a very challenging time,” said Joe Brouse, Executive Director, “We know Governor Justice, the West Virginia Development Office, and the Appalachian Regional Commission desire to see West Virginia companies come back stronger than ever. This award demonstrates that commitment to a strong recovery for the New River Gorge region.”