SUMMERSVILLE, WV (WOAY) – The Trump Administration today announced that the United States Department of Agriculture (USDA) is investing $3.6 million in a Business and Industry Guaranteed Loan to assist in the acquisition of a hotel in rural West Virginia.
The loan guarantee is being made to Long Island Properties for working capital and to assist in the purchase of the existing La Quinta Inn and Suites. This Rural Development investment will also allow Long Island Properties to save 23 jobs in rural Nicholas County.
“Every time jobs in rural communities are saved, the local economy grows stronger,” said Kris Warner, West Virginia State Director, USDA Rural Development. “Under the leadership of President Trump and Agriculture Secretary Perdue, USDA has been working tirelessly to be a strong partner to the Mountain State by assisting in building stronger and healthier communities, because we know when rural West Virginia thrives, all of America thrives.”
This project is one of eight in a statewide investment of more than $28 million in business and industry loan guarantees.
The Business and Industry Loan Guarantee Program improves the economic health of rural communities by increasing access to business capital through loan guarantees. This enables commercial lenders to provide affordable financing for rural businesses. For more information about the Business and Industry Loan Guarantee Program, visit https://go.usa.gov/xGXbh.
USDA Rural Development provides loans and grants to help expand economic opportunities and create jobs in rural areas. This assistance supports infrastructure improvements; business development; housing; community facilities such as schools, public safety and health care; and high-speed internet access in rural areas. For more information, visit www.rd.usda.gov.