Corporate Headquarters Credit:
Companies that relocate their corporate headquarters are eligible for tax credits. If 15
new jobs are created, the credit is 10 percent of the adjusted qualified investment. The
credit increases to 50 percent if 50 or more jobs are created.
Business Investment Tax Credit: Equal to 50 percent of the
qualified investment made in companies that have been certified by the tax
commissioner as eligible for the Strategic R&D Tax Credit.
Development Incentive: An eligible company that invests in and
operates a new or expanding tourism destination project may receive a return
of up to 25 percent of approved development costs over 10 years through a
consumer sales tax credit.
VENTURE CAPITAL FINANCING
West Virginia Capital Company Act
The West Virginia Economic Development Authority administers a program that provides for debt and equity venture capital investment to small business. A number of firms are qualified in West Virginia to make venture capital investments:
Adena Ventures is a newly capitalized $34 million venture capital enterprise, formed to provide equity and operational assistance to qualifying businesses in central Appalachia. The company's mission is to generate market-rate returns for investors while promoting shared and sustainable economic development throughout its target region.
Adena invests between $200,000 and $2 million in companies with strong management teams, high growth potential and defensible market positions. The U.S. Small Business Administration designated Adena Ventures the first New Markets Venture Capital company in the country and is providing the fund with significant financial leverage, which more than doubles the money available for investment in central Appalachia.
C. Andrew Zulauf
2300 MacCorkle Ave., SE
Charleston, West Virginia 25304
16 S. Calvert St., Suite 800
Baltimore, Maryland 21202-1305
makes private equity and venture capital investments both directly and
through its managed funds, with the history and flexibility of working with
life sciences and technology companies as well as traditional industries. We
are especially interested in companies, either headquartered in or with
substantial operations in West Virginia, that are poised for growth and
willing to work closely with our team to achieve sustainable success.
Initial investments sourced from iNetworks typically range from $250,000 to
$4 million, except that the iNetworks Community Development Capital Company,
our community development venture capital fund, is limited to a total
investment in one company of $1 million.
The Natural Capital
Investment Fund (NCIF) is a nonprofit certified Community
Development Financial Institution that provides financing for natural
resource-based businesses that will advance sustainable economic development
throughout West Virginia.
The Progress Fund
is a community development financial institution whose mission is to create
economic opportunity by lending needed capital and providing technical
assistance to small businesses in southwestern and central Pennsylvania and
West Virginia. With the decline in industrial businesses, one of the few
growing sectors in the rural economy is the tourism industry. The Progress
Fund provides opportunities for new and existing entrepreneurs, creates jobs
with above average wages and grows the regional economy through its support
of the tourism industry and other sectors. The Progress Fund, founded in
1997, is an outgrowth of Congressman John Murtha’s efforts. We have loaned
more than $7 million to more than 116 enterprises, creating or preserving
more than 750 jobs
SELECT CAPITAL VENTURES,
I L.P., is a private equity investment firm focused on the
healthcare industry. Areas of interest include healthcare services,
healthcare information technology, and medical devices and equipment. Select
Capital Ventures operates as a Small Business Investment Company (SBIC)
licensed by the Small Business Administrations (SBA).
New and expanding businesses can learn about any of the innovative
financial incentive programs listed here by contacting the West Virginia Development
Direct loan programs
EDUCATION AND TRAINING PROGRAMS
The Governor's Workforce Investment Division - a
newly formed division within the West Virginia Development Office - matches the skills of
West Virginia's willing, available work force with existing jobs and the jobs of the
future. The division offers financial and technical services to an employer or a group of
· Employee recruitment
· Pre-employment assessment
· High performance workplace development
· Structured on-the-job training and development
· Workplace education
Improvement Program: The program targets small (50 or fewer employees) and
medium (under 500 employees) sized manufacturers. Grants, capped at $1,000 per trainee,
require a 50 percent cash contribution by each employer and require employers to document
an in-kind contribution (usually wages paid to employees while being trained) toward the
The development and upkeep of community
facilities are directly related to the quality of life for the citizens of West Virginia.
Examples of community facilities that are eligible for technical assistance and possible
funding include, but are not limited to; storm drains, roads, sidewalks, water/sewer
service, city halls, courthouses, police stations, fire stations, senior citizen centers,
libraries, community centers, parks, and health clinics. Here are a few of the programs
The development and upkeep of community facilities are directly related to the quality of life for the citizens of West Virginia. Examples of community facilities that are eligible for technical assistance and possible funding include, but are not limited to; storm drains, roads, sidewalks, water/sewer service, city halls, courthouses, police stations, fire stations, senior citizen centers, libraries, community centers, parks, and health clinics. Here are a few of the programs available:
Appalachian Regional Commission
Type of assistance: Federal grants
· Developing a knowledgeable and skilled population.
· Strengthening the region's physical infrastructure.
· Building local and regional capacity.
· Creating a dynamic economic base.
· Fostering healthy people.
Eligible activities: Activities generally eligible for funding include, but are not limited to, projects that:
· Improve educational opportunities and workforce skills.
· Improve infrastructure for community and economic development.
· Increase civic and leadership capacity.
· Increase entrepreneurial opportunities.
· Improve health care resources.
Eligible applicants: Public entities (cities,
towns, counties, regions, public service districts) and nonprofit organizations.
Type of Assistance: Loans
· Acquisition of land and buildings
· Construction of new facilities
· Construction or installation of utilities
· Purchase of machinery or equipment
· Improvements to or expansion of existing buildings and sites
· Government agencies
· Public corporations
· Political subdivisions
· Limited liability companies
How to apply: Applications may be obtained by