BECKLEY, WV (WOAY) – The New River Gorge Regional Development Authority received funds from the Appalachian Regional Commission to recapitalize its loan fund.
New River Gorge RDA was granted a total of $750,000 to specifically support businesses that are suffering losses and taking revenue hits due to COVID-19. There is also potential within the funding to serve businesses that are looking to pivot in response to COVID-19.
“Really we wanted to make sure that this money was working across our four county region, of Fayette, Nicholas, Summers and Raleigh counties, to identify businesses that really needed a little bit of financial support,” said New River Gorge Regional Development Authority Deputy Director Jina Belcher. “(They) could assume the responsibility of a loan to help them respond to loss of revenue from COVID-19.”
New River Gorge RDA has already lent out almost half of the allocated money heading into 2021.