State Economic Development Authority announces $6 million in economic development loans

CHARLESTON — The West Virginia Economic Development Authority Board of Directors approved more than $6 million in loans to four businesses — including one in Tucker County — at its August meeting last week.

Loans were granted to businesses in Greenbrier, Nicholas, Mercer and Tucker counties.

“We’re doing everything we can here in West Virginia to develop and advance business prosperity and economic welfare and I want to thank the WVEDA for being part of that process by providing financial assistance to some truly incredible businesses today,” said Gov. Jim Justice, who is Chairman of the WVEDA.

The following companies were awarded loans on Thursday, Aug. 19:

West Virginia Great Barrel Company, Greenbrier County
The board approved a $1.1 million loan to the West Virginia Great Barrel Company, a whiskey barrel manufacturer in Caldwell. The loan is funded by CARES Act money and will be used to purchase equipment.

Classic Marble Company, Nicholas County
The board approved a $240,000 loan to the Classic Marble Company, a family business in Nettie that specializes in designing and manufacturing marble and granite kitchen and bathroom products. The loan will be used to purchase real estate and equipment.

Industrial Plating and Machine, Mercer County
The board approved a $2.1 million loan to Industrial Plating and Machine, a manufacturer of mining equipment located in Bluefield. The loan is funded by CARES Act money and will be used to purchase equipment and inventory.

GSM Realty, Tucker County
The board approved loans for $540,000 and $2,031,750 to GSM Realty of Parsons, formerly known as GS Millwork and Parsons Woodworking. The company, which specializes in custom architecture and woodwork, will use the loan to purchase the former Parsons Shoe Factory and install new equipment in the 60,000 square foot space.

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