Executive Director of the WV EDA Provides Overview of Services to the Upshur County Commission

October 16, 2022

Mountaineer News

Upshur County Commission

VIDEO CONTENT

Kris Warner, Executive Director of the West Virginia Economic Development Authority addresses the Upshur County Commission on October 13,2022.

BUCKHANNON - During the October 13th Upshur County Commission meeting, the Executive Director for the West Virginia Economic Development Authority (WV EDA) addressed the Commission and provided overviews of the services provided via the agency.

We've provided video segments of each overview below.

VIDEO 1:

WV EDA Introduction by Kris Warner

"We are often confused with the Department of Economic Development...", Warner stated. Watch him explain the difference between DED and EDA:

VIDEO 2:

Per recent legislation, an economic development opportunity was created with increased, significant financial support.

“$400 million was provided to us at the EDA in dedicated loan funding, and another $200 million in funding for major projects as directed by Governor Justice, to meet certain parameters and those are focused on job creation in particular...

The seven main areas that we focus on are direct lending, loan insurance, broadband loan insurance, leverage technology, tax-exempt industrial bonds, foreign trade zone authority and working capital program,” Warner said.

He further explained the applicable criteria for all of their lending programs... Watch it here:

VIDEO 3:

Mr. Warner reviews eligible uses of loan funds here, and explains 'take-out financing':

VIDEO 4:

The Direct Lending Program Criteria Overview:

VIDEO 5:

The Working Capital Loan Program Overview:

VIDEO 6:

The Loan Insurance Program Overview:

VIDEO 7:

Broadband Loan Insurance Overview

VIDEO 8:

Leverage Technology Program Overview:

VIDEO 9:

Fortign Trade Zone Authority Overview:

VIDEO 10:

Wrap-Up; Mr. Warner discusses improvements made within the last month with their board of directors deciding to eliminate all application fees and fix interest rates for the life of the loans. The potential to fix the rate of an existing Upshur County Development Authority loan was also briefly discussed. Watch it here: