PARKERSBURG — The Mid-Ohio Valley Regional Council is prepping a multimillion-dollar revolving loan fund to assist small businesses hurt by the COVID-19 pandemic.
The council, a governmental planning and development agency, is receiving $3.2 million from the federal Coronavirus Aid, Relief and Economic Security (C.A.R.E.S.) Act, according to announcements this week from U.S. Sens. Shelley Moore Capito, R-W.Va., and Joe Manchin, D-W.Va., and Rep. Alex Mooney, R-W.Va.
That will allow the Parkersburg-based council to provide loans to pandemic-impacted small businesses in Calhoun, Doddridge, Harrison, Jackson, Marion, Monongalia, Pleasants, Preston, Ritchie, Roane, Taylor, Tyler, Wirt and Wood counties.
Specifics on the criteria for the program and when it will open were not immediately available Friday. However, Fred Rader, community development director for the MOVRC, said the council does have money available now to assist businesses that have been negatively impacted by COVID-19.
More information is available online at movrc.org or by calling 304-422-4993.
Federal grants of $550,000 each were also announced Thursday for the Natural Capital Investment Fund Inc. in Charles Town and the Region I Planning & Development Council in Princeton.
“As small business owners in West Virginia continue to recover from the devastating impact of the COVID-19 pandemic, EDA (the U.S. Economic Development Administration) continues to be a steadfast partner and supporter of Mountain State businesses,” said Capito, who chairs the Senate Environment and Public Works (EPW) Transportation and Infrastructure subcommittee. “These funds will help provide the critical financing our state’s small businesses need during this difficult time.”
“The COVID-19 pandemic has had devastating impacts on our economy in West Virginia,” Manchin said. “Investing in West Virginia workers and businesses are investments in our communities and our future.”
“I’m glad to see these funds being directed towards projects and small businesses that will help grow our economy and create jobs,” Mooney said.