The Appalachian Regional Commission (ARC) allocated $6 million to support small businesses impacted by the COVID-19 pandemic. The Wyoming County EDA has been awarded $1,500,000. Additional awardees include the Natural Capital Investment Fund, Mid-Ohio Valley Regional Planning and Development Council, New River Gorge Regional Development Authority, Woodlands Community Lenders, and Center for Rural Health Development. U.S. Senators Joe Manchin (D-WV) and Shelley Moore Capito (R-WV) commented on the positive impact this will have for the region and efforts in overcoming the challenges of the COVID-19 pandemic.
“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,” said Senator Manchin in a recent press release. “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.”
“This funding is great news, especially as we continue to battle the economic hardship stemming from the COVID-19 pandemic,” said Senator Capito in a recent press release. “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.”
“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 in a recent press release. “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.”
The Wyoming County EDA would like to thank U.S. Senators Manchin and Capito for their continued support of our Revolving Loan Funds and the small businesses in West Virginia. We know that our fund will be an added tool for a true emergency relief effort for these small businesses across the state. We also want to thank ARC for their continued efforts and contributions to West Virginia and for seeing the value of our small business lending entities to the economy.
We encourage business owners to complete our pre-eligibility COVID-19 Emergency Relief Loan Fund Eligibility form for consideration in the application process.