Manchin, Capito Announce $1.5 Million EDA Investment into West Virginia
Washington, DC – 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 give NCIF the ability to provide the staffing and technical assistance capacity needed to deploy technical assistance and up to $5 million in capital to West Virginia businesses impacted by COVID-19. This funding was made available through the U.S. Economic Development Administration (EDA).
This project will provide operational assistance to allow NCIF to launch a new Emergency Response Loan Fund, as well as to expand existing technical assistance programs to boost their capacity to provide advisory services to businesses in need.
“The EDA continues to be a strong partner for West Virginia through its support for economic development programs and projects across West Virginia, including investments in Community Development Financial Institutions like the Natural Capital Investment Fund that help provide low-interest loans to small businesses that would otherwise have difficulty obtaining a loan. I am pleased the EDA is working with NCIF to help West Virginia businesses impacted by the COVID-19 pandemic,” Senator Manchin said. “This investment will not only support West Virginia businesses struggling from the pandemic, it will also create and retain good-paying jobs and generate private investment. I look forward to the economic growth this investment will bring to the Mountain State and I will continue to work with the EDA to bring funding that spurs economic development to West Virginia.”
“Our West Virginia businesses connect our communities and help spur economic growth across our state. This support from EDA gives NCIF the capital it needs to direct funds to our small businesses, which will help them recover from the hardship created by COVID-19. Right now, it is critical that we supply our businesses with the assistance needed to make it through this pandemic. EDA investments in West Virginia are making a difference, and I’m proud to continue working to make sure our state receives the funding it deserves,” Senator Capito said.
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