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09/29/2011

State Lowers Loan Rate

The WV Economic Development Authority recently announced availability of 2% loans for new manufacturing equipment purchases.

Dave Warner, the authority's Executive Director said that the rate had been set at 4% for the last ten years and that this move by the Authority will hopefully generate more investment by business.

Through this program, the Authority will finance 45% of a company's eligible equipment purchases.

Typically the business is ask to contribute 10% of the cost. Loans are available for up to $800,000.