The state of West Virginia offers a variety of financial incentive programs to encourage the location of business and industry. For example, The West Virginia Economic Development Authority (WVEDA) can provide up to 45 percent in financing fixed assets by providing low-interest, direct loans to expanding existing businesses, as well as new businesses locating in West Virginia. Other financing programs available from the WVEDA include Indirect Loan Programs, and Industrial Revenue Bonds. Venture capital for small businesses is available via the WV Jobs Investment Trust and the WV Capital Company Act. Project infrastructure financing may also be available via the WV Infrastructure and Jobs Development Council and Tax Increment Financing. Locally, the Morgantown Area Economic Partnership offers small business micro-loans of up to $50,000 to new or expanding small businesses.
The state offers Workforce Development grant programs to assist new and expanding businesses fulfill their training needs. A combination of customized training for a company’s specific needs and a statewide vocational training system will provide trained workers for business.
West Virginia offers many tax incentives to encourage business and industry to locate, expand or modernize facilities in this state. The Economic Opportunity Tax Credit is perhaps the most liberal tax credit allowed by any state. It permits a qualifying taxpayer to recover up to 80 percent of the cost of the investment through credits against state taxes applied over a period of up to13 years. There are also tax credits for Corporate Headquarters Relocation, Manufacturing Investment, and Strategic R & D Investment. Many other state tax credits exist and Donald Reinke can provide you with information on all tax credits and other business assistance programs.
- Sites and Buildings: The Morgantown Area offers a good selection of commercial and industrial sites and buildings at competitive prices, including the following:
- The Monongalia County Development Authority has commercial and industrial property available for sale or lease, including the 80-acre Chaplin Hill Business Park, the 50-acre Fort Martin Industrial Park, the 13-acre Airport Research and Office Park, and the 13-acre Hartman Run Road Site. The Development Authority also owns and operates the 14,000 SF Morgantown Enterprise Center which offers quality, full-service, office space for new businesses at below market rates.
- The Morgantown Industrial and Research Park offers 150 acres of developable land, of which 30 acres are contiguous.
- The Morgantown Area Economic Partnership maintains an inventory of many other commercial and industrial sites and buildings in the Morgantown area.
The Ten Largest Employers in Monongalia County, 2014
- West Virginia University
- West Virginia University Hospitals
- Mylan Pharmaceuticals, Inc.
- Monongalia County Board of Education
- Monongalia General Hospital
- University Health Associates
- Teletech Customer Care Management (WV), Inc.
- Wal-Mart Associates, Inc.
- The Kroger Company