Business Incentives on Relocating to Mineral County, WV
The Mineral County Development Authority offers a wide variety of relocation and expansion assistance services including:
- Community information and statistics
- Building and site selection assistance
- Financing alternatives
- Technical business assistance and referrals
- Training referral
The MCDA works on community and regional development issues
Impacting area business stability and growth including:
- Housing availability and affordability
- Labor availability
- Local and regional comprehensive planning
The MCDA works collaboratively with area agencies, officials, and organizations in our region to provide assistance with relocating to Mineral County.
- Industrial Development Bond Program
- Loan Insurance Program
- West Virginia Venture Capital
- Foreign Trade Zones
- High-Growth Business Investment Tax Credit
- Enterprise Advancement Technology Centers
- West Virginia Tax Credits
Pro-growth tax reforms
Enacted in 2009 also make Mineral County an attractive business location.
- special aircraft property valuation that reduces tax on business aircraft by as much as 95 percent
- workers’ comp reform saving businesses millions of dollars
- a series of phased net business income tax reductions and
- a reduction to the franchise tax that will eliminate it in 2015
The Governor’s Guaranteed Work Force Program (GGWFP) collaborates with businesses statewide to fund customized training that equips their workers and keeps them competitive in a global economy. No other state in the region offers this type of training to businesses, much of which is free as are the facilities necessary to conduct the training programs at the Eastern WV Community and Technical College in Moorefield, Potomac State College of West Virginia University in Keyser and the Robert C. Byrd Institute at Rocket Center.
Governor’s Guaranteed Workforce Program (GGWFP)
State Dollars. Requires completion of Business Assistance Form.
- Private for profit company
- Funding decision based on variety of factors: need, wages paid vs median per capita income of area, etc.
- Can do internal training and pay internal trainers wages. CAN NOT PAY trainees wages.
- Major priority for training is in the manufacturing sector (entry-level, expanding, and upgrade for retention). (Retail, construction, and service organizations, such as retail outlets, construction firms, hotels/motels, restaurants, and other non-manufacturers make their business decisions because of existing business activity in an area; and training support, in these industry sectors, is not an economic development factor. Therefore, these organizations and/or businesses cannot be considered for funding by the GGWFP
- New and Expanding Projects:
- Creation of a minimum of 10 net new jobs within a twelve-month period.
- No cash match required.
- Existing/Incumbent Projects:
- Must be in business in West Virginia at least one year.
- 50/50 cash match required.
- Training must provide portable credential, wage upgrade, or job upgrade with backfill, and in a targeted industry or occupation with documented skill shortage.
Competitive Improvement Program
- Federal dollars through the Appalachian Regional Commission (ARC).
- Can assist either small (less than 50) and medium size (50 – 500) manufacturers that have been in business for a minimum of 1 year. Can not assist fortune 500 companies.
- 50/50 cash match and an in-kind contribution.
- Can not assist with internal training.
- Do not have to be creating jobs but do have to show need for work force training to support a competitive improvement activity.
Small Business Work Force Program (SBWF)
- Assist small business only (less than 50 employees).
- Reimburses costs of pre-approved technology and technical training with up to $5,000 in grants designed to enhance competitiveness and expand markets. ($10,000 for technology businesses).
- For profit businesses only that have been in business at least 1 year.
- Can not pay for internal training.
- Have less than $2.5 million in revenues ($3.5 for technology businesses).
- SBWF can underwrite regulatory compliance training.
- SBWF also works with business associations to underwrite marketing and customer-service training for groups of small businesses.
Workforce Development Initiative
- HB3009 Program<
- College must submit application on behalf of company and/or companies A working partnership must be established between the college and the private sector and a plan developed to improve work force quality, then establish their own revolving fund dedicated to work force development initiatives.
- Encourages working partnerships between educational institutions and the business community to fulfill a common goals.
- One-to-one match from the private sector in order to secure grant funds. Cash or equipment is the only in-kind allowed. One-to-three match may be allowed for hard-ship areas.
- College can serve as a broker for grantee if they can not provide the need directly.
- Special consideration given to initiatives that involves business’s with fewer than fifty employees.