WASHINGTON – Sens. Joe Manchin, D–W.Va., and Shelley Moore Capito, R–W.Va., members of the Senate Appropriations Committee, have announced funding to help small businesses in West Virginia.
The allocation of $6 million from the Appalachian Regional Commission (ARC) will support small businesses affected by the COVID-19 pandemic, according to a press release.
“Our small businesses are vital to our communities and the state economy, and right now Main Street needs help. As West Virginia’s small businesses continue to respond to the COVID-19 pandemic, we must do everything possible to support them during their time of need. On May 22nd, I wrote to ARC advocating for the approval of the West Virginia applications, and I am pleased ARC has approved these investments in economic development organizations across the Mountain State which will support small businesses who have been hit hard by this global health crisis. This fight is far from over and as Congress works on another COVID-19 relief package, I will keep fighting for rural states like West Virginia to get the support we need for our healthcare providers and small businesses as we continue to respond to this pandemic.”Sen. Manchin
“This funding is great news, especially as we continue to battle the economic hardship stemming from the COVID-19 pandemic. These Revolving Loan Funds (RLF) provide capital directly to the impacted businesses in West Virginia, helping deliver the resources and tools needed to rebuild and recover. Approximately ninety-five percent of West Virginia businesses are small businesses, making it all the more important that we provide the relief needed to get through this difficult and uncertain time. This crisis has impacted Appalachia differently that other regions of our county, and I am thankful that ARC has taken that into account and shifted this critical investment into our state. I will continue to stay in close contact with our local leaders and small business owners, as we work together to make West Virginia stronger throughout this pandemic and into the future.”Sen. Capito
“Americans are returning to work, but many small businesses continue to need short term loans to keep employees on payroll as they respond to COVID’s impact,” said ARC Federal Co-Chairman Tim Thomas. “ARC is pleased to be able to make these important contributions to several proven small business lending entities as part of a multifaceted effort to ensure a strong West Virginian economy.”
Individual awards are listed below:
- $1,500,000 – Natural Capital Investment Fund
- $1,500,000 – Wyoming County Economic Development Authority
- $1,000,000 – Mid-Ohio Valley Regional Planning and Development Council
- $750,000 – New River Gorge Regional Development Authority
- $750,000 – Woodlands Community Lenders
- $500,000 – Center for Rural Health Development