WASHINGTON, D.C. – U.S. Senators Shelley Moore Capito (R-W.Va.) and Joe Manchin (D-W.Va.), members of the Senate Appropriations Committee, today applauded a $10.3 million investment from the Economic Development Administration (EDA) for the West Virginia Economic Development Authority. This investment will capitalize and administer a Revolving Loan Fund (RLF) that will provide critical gap financing to small businesses and entrepreneurs adversely affected by the COVID-19 pandemic across West Virginia.
“This funding is fantastic news for small business owners still weathering the effects of COVID-19. The EDA has been a valuable partner in spurring economic growth in our state. Their investments have paid off and have resulted in the development of a pipeline of projects that have and will continue to lead to job retention and creation across West Virginia. I’ll continue working with the EDA to help drive funding like this to West Virginia and deliver results that contribute to a brighter economic future for our state,” Senator Capito said.
“Small businesses and entrepreneurs across West Virginia have been hit hard by the COVID-19 pandemic, hurting communities and families across our state. I am pleased the EDA is investing $10.3 million to support pandemic recovery efforts for businesses through the West Virginia Economic Development Authority,” said Senator Manchin. “Small businesses and entrepreneurs are the backbone of our economy and they need a helping hand during these difficult times. This funding will give our businesses the assistance needed to get back on their feet and contribute to the state’s economy in the years to come as we recover from the virus.”