Manchin, Capito Announce $1.5 Million EDA Investment for West Virginia
Charleston, WV – U.S. Senators Joe Manchin (D-WV) and Shelley Moore Capito (R-WV), members of the Senate Appropriations Committee, today announced a $1,500,000 CARES Act Recovery Assistance grant to Natural Capital Investment Fund, Inc. (NCIF), in Charles Town, West Virginia. This grant will help NCIF provide critical access to flexible capital that will help small businesses in West Virginia recover and retool through the final stages of the COVID-19 pandemic. This funding was made available through the U.S. Economic Development Administration (EDA), and is expected to create 200 jobs, retain 500 jobs, and generate $5 million in private investment.
“The EDA continues to be a strong partner to West Virginia by supporting our people, our economy and our businesses. Today’s announcement is great news for the Mountain State and will support West Virginia small businesses that have been hit hard over the past year due to the COVID-19 pandemic,” Senator Manchin said. “The EDA’s investment in Natural Capital Investment Fund in Charles Town will administer a Revolving Loan Fund that will support small businesses across the state and create and retain good-paying jobs for West Virginians. I look forward to seeing the economic growth from this investment and I will continue to work with the EDA to advocate for funding to support small businesses, boost our economy and create jobs in West Virginia.”
“The COVID-19 pandemic has put incredible strain on our small businesses in West Virginia. Even as restrictions and limits on gatherings begin to lift, these effects are still felt in communities across our state. Natural Capital Investment Fund has been consistent in helping with recovery efforts, and this EDA investment will allow them to provide the support needed that retains and creates hundreds of jobs through their Revolving Loan Fund. Investments like this are crucial to the longevity of towns and cities in West Virginia and across the nation,” Senator Capito said.
This project is funded under the Coronavirus Aid, Relief, and Economic Security (CARES) Act, which provided EDA with $1.5 billion for economic assistance programs to help communities prevent, prepare for, and respond to coronavirus. EDA CARES Act Recovery Assistance, which is being administered under the authority of the bureau’s flexible Economic Adjustment Assistance (EAA) program, provides a wide range of financial assistance to eligible communities and regions as they respond to and recover from the impacts of the coronavirus pandemic.
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