The region 8 Revolving Loan Fund is a program through which financing assistance is made available to qualified businesses located in Mineral County. Up to $50,000 is available at low interest rates. To qualify, projects must meet the following standards:

· They must create jobs – ideally, one job created or saved for each $5,000 of RLF funds.

· They must leverage at least two private dollars for every one-dollar provided through the RLF.

· They must be dependent on the RLF as a result of a “gap” in the existing financing.

Low Interest Loans

West Virginia Economic Development Authority WVEDA provides low interest loans from a revolving fund for land, building and equipment. WVEDA may participate in up to 50% of project cost with a general lending guideline limit of $500,000 per project. West Virginia also has available other loan guarantee programs for industry locating or expanding in the state.

Tax Credits

West Virginia offers either a super Tax Credit or a Small Business Credit for companies making a capital investment and creating jobs in the state. Small business creating a minimum of 10 jobs can receive tax credits from 50% to 90% of their qualified investments. West Virginia also has available additional tax credit programs for qualified businesses.

Employment and Training Programs

Potomac Highlands Support Services (PHSS) is a local government entity established in 1972 as the human services division of the Region VIII Planning and Development Council (PHSS). It receives federal and state funding to operate a variety of community service programs. PHSS currently operates programs in Berkeley, Barbour, Doddridge, Grant, Hardy, Harrison, Hampshire, Jefferson, Lewis, Mineral, Morgan, Pendleton, Preston, Randolph, Taylor, Tucker and Upshur counties.

PHSS is a member of the Work Force Transition Committee in Mineral County. This committee has representation from Job Training Partnership Act (JTPA) service providers. Welfare to Work (WtW) service providers, Department of Health and Human Resources (DHHR), Potomac State College, Vocational Rehabilitation, Chamber of Commerce, Potomac Valley Transit, private sector employment, Bureau of Employment Programs (BEP), Adult Education and the Vocational Education system. Its purpose is to analyze public assistance client needs within the county and to work jointly to provide services to meet those needs.