West Virginia Economic Development Authority
The West Virginia Economic Development Authority is a state-chartered public corporation providing direct loans, loan insurance, industrial development bonds, broadband infrastructure insurance, and Foreign Trade Zone services to West Virginia-based manufacturing, distribution, and technology businesses.
- Company typePrivate
- Founded1962
- HeadquartersCharleston, United States
- Headcount11–50
- GTM typeB2B
- Offering—
What West Virginia Economic Development Authority does
The West Virginia Economic Development Authority (WVEDA) is a public corporation and government instrumentality of the State of West Virginia, formed in 1962 under Chapter 31, Article 15 of the West Virginia Code, and headquartered in Charleston, WV. The organization is governed by a 10-member board that includes the Governor and the Tax Commissioner, and operates with a 15-member staff that is self-supporting and does not receive state funding for operating expenses. WVEDA's statutory mandate is to promote state business prosperity and economic welfare by providing financial assistance to manufacturing businesses, distribution centers, technology-based service companies, and other qualifying industrial entities operating in West Virginia.
WVEDA's product portfolio consists of five core financing programs: (1) a Direct Lending Program offering fixed-asset loans from $50,000 to $15,000,000 with participation up to 45% in real estate/buildings and 40% in machinery/equipment; (2) a Commercial Loan Insurance (CLINS) program insuring up to 80% of bank loans up to $500,000 over a maximum 4-year term; (3) a Broadband Loan Insurance (BLINS) program insuring up to 80% of broadband infrastructure loans (up to $10M, or $20M for federally financed programs) or 100% of letters of credit for up to 20 years; (4) Industrial Development Bonds, with an annual statewide cap of $388,780,000 per IRS Section 146(d); and (5) a Foreign Trade Zone (FTZ) program providing duty deferral, reduction, or elimination under U.S. Customs supervision. A 2023 Equipment Financing Program, created via Senate Bill 523 with an initial $25M allocation, offers fixed-rate equipment loans at 3-4% to WV-based small businesses. Revenue is generated through loan interest payments and transaction-based fees (application fees, closing fees of 0.5-1% of insured loan portions), and the go-to-market motion is sales-led and direct, supplemented by referral channels through local development authorities and bank partners including MVB Bank, Clear Mountain Bank, Citizens Bank of West Virginia, and Poca Valley Bank. Applications are reviewed by the Board of Directors on a monthly cadence.
West Virginia Economic Development Authority firmographics
Firmographics- Name
- West Virginia Economic Development Authority
- Legal name
- West Virginia Economic Development Authority
- Website
- https://eda.wv.gov
- Company type
- Private
- Founded year
- 1962
- Operating status
- Operating
- Headcount range
- 11–50 employees
- Short description
- The West Virginia Economic Development Authority is a state-chartered public corporation providing direct loans, loan insurance, industrial development bonds, broadband infrastructure insurance, and Foreign Trade Zone services to West Virginia-based manufacturing, distribution, and technology businesses.
- Ownership category
- akta.pro rank
West Virginia Economic Development Authority industry classification
Industry- Product category
- Government Economic Development Financing
- NAICS
- Administration of Economic Programs (926)
- SIC
- Federal & Federally-Sponsored Credit Agencies (6111)
- akta.pro primary industry
- Official Development Assistance (ODA) Program Management (BPADAOAC)
- akta.pro secondary industries
- SBA/USDA Government-Backed Loan Intermediation (FSAEAEAI), State & Local Housing Finance Agencies (HFAs) (FSALAKAA)
Keywords
Where West Virginia Economic Development Authority is headquartered
LocationHeadquarters
- HQ city
- Charleston
- HQ country
- United States
- HQ region
- North America
Offices1 record
Markets served
West Virginia Economic Development Authority business model
Business model- GTM type
- B2B
- Cost components
- Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure
Revenue model
- Loan Interest and Fees: WVEDA generates revenue through loan interest payments, application fees, and closing fees on loans and loan insurance programs. The authority is self-supporting and operates without state funding.
- Direct Lending Program Fees: Revenue generated from interest on direct loans ranging from $50,000 to $15,000,000 for fixed asset financing.
- Commercial Loan Insurance (CLINS) Fees: Non-refundable application fee of $500 plus 1% closing fee on the insured portion of bank loans.
- Broadband Loan Insurance (BLINS) Fees: Non-refundable application fee of $1,000 plus 0.5% closing fee on the insured portion of bank loans or letters of credit.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Transaction based/ take rate | Pay-as-you-go | Direct Lending Program: $50,000 to $15,000,000 for fixed assets |
| Transaction based/ take rate | Pay-as-you-go | Commercial Loan Insurance (CLINS): Up to 80% of bank loan, max $500,000, 4-year term |
| Transaction based/ take rate | Pay-as-you-go | Broadband Loan Insurance (BLINS): Up to 80% of loan or 100% of letter of credit, max $10M-$20M, up to 20-year term |
| Transaction based/ take rate | Monthly | 2023 Equipment Financing Program: $50,000 to $2,000,000, 10-year max term |
| Other | Multi-year contract | Industrial Development Bonds: Tax-exempt bonds up to $388,780,000 statewide cap |
Go-to-market motion1 record
Distribution channels4 records
Marketing channels6 records
West Virginia Economic Development Authority product offering
Product offeringCore offering
WVEDA is a state financing authority that provides direct loans, loan insurance, tax-exempt industrial development bonds, and Foreign Trade Zone administration to West Virginia-based manufacturing concerns, distribution centers, technology-based service companies, and broadband infrastructure providers. Its offerings support fixed-asset acquisition, equipment financing, broadband expansion, and large-scale industrial development projects in service of state job creation and retention goals.
Product overview
The West Virginia Economic Development Authority (WVEDA) is a public corporation formed in 1962 that offers a portfolio of financial programs rather than a unified technology product. Its core offerings include the Direct Lending Program for fixed asset financing ($50,000-$15,000,000), the Equipment Loan Program ($50,000-$2 million at 3-4% fixed rates), Loan Insurance (CLINS) insuring up to 80% of bank loans, Broadband Loan Insurance (BLINS) for broadband infrastructure, Industrial Development Bonds for tax-exempt financing, and Foreign Trade Zones administration. The organization operates as a financial services authority focused on economic development, not as a technology platform.
Differentiator
Problem solved
Functional benefit
Quantifiable outcome
- Up to 45% participation in real estate/building financing with first lien position alongside participating lender
- +3 more outcomes
Companies that use West Virginia Economic Development Authority
Customer profileNamed customers15 records
Segments6 records
Ideal customer profiles4 records
West Virginia Economic Development Authority technology and API
TechnologyAPI detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
West Virginia Economic Development Authority partnerships and signals
Strategic signalPartnerships
Six partnerships are on record, tiered core and minor.
- West Virginia Broadband Enhancement CouncilcoreRequired certification partner for BLINS program. Projects must be certified by the Council as meeting requirements for providing broadband service to unserved or underserved areas of West Virginia before WVEDA will consider BLINS applications.
- Participating Financial Institutions (Banks)coreBanks and financial institutions serve as the origination channel for BLINS and CLINS loan insurance programs. They negotiate loan terms with borrowers and submit insurance applications to WVEDA. Examples include MVB Bank, Clear Mountain Bank, Citizens Bank of West Virginia, and Poca Valley Bank.
- Participating LenderscoreCommercial banks participate alongside WVEDA in direct lending programs, sharing first lien positions on financed assets. WVEDA can participate up to 45% in real estate and 40% in equipment while lenders also participate up to the same percentages.
- West Virginia Housing Development Fundminor40% of the Industrial Development Bond statewide cap is allocated to the WV Housing Development Fund for mortgage bonds and qualified residential rental projects.
- West Virginia Division of Economic DevelopmentcoreWVEDA programs align with the Division's objectives for job creation and retention. Businesses must meet the Division's targeted business classifications to qualify for financing.
- U.S. Customs and Border ProtectionminorForeign Trade Zone operations fall under U.S. Customs supervision. Companies operating in FTZs work with CBP for compliance with customs regulations.
Scale indicators6 records
Recent moves5 records
Expansion highlights5 records
West Virginia Economic Development Authority competitors and assessment
Company assessmentBroad incumbents
- State Small Business Credit Initiative (SSBCI): Treasury-funded program providing capital to state small business credit programs, including WV. Acts as a capital source and structural competitor to WVEDA's lending programs.
- Appalachian Regional Commission (ARC): Federal-state economic development partnership covering the Appalachian region including West Virginia. Offers grants and loans for industrial infrastructure that often complement WVEDA's financing programs.
- U.S. Small Business Administration (SBA): Federal agency administering SBA 504 and 7(a) loan programs that compete directly with WVEDA's equipment and small-business lending offerings, typically with deeper subsidy.
- USDA Rural Development: Federal agency providing loans and grants for rural business infrastructure. Operates the Business & Industry loan guarantee program that competes with WVEDA's CLINS product.
Regional players
- West Virginia Housing Development Fund: State housing finance agency receiving 40% of WV's Industrial Development Bond allocation. Adjacent state-government financial entity with overlapping bond administration mandate.
Direct peers
- Ohio Department of Development: Ohio's state economic development agency administering loan, grant, and incentive programs for business expansion. Strong functional overlap with WVEDA's mission and program mix.
- Kentucky Cabinet for Economic Development: Kentucky's primary state economic development agency administering incentive and financing programs for industrial recruitment. Comparable scope of authority and target customer base to WVEDA.
- Virginia Economic Development Partnership: Virginia's state economic development authority offering incentive programs and financing tools for business expansion. Direct functional peer to WVEDA in the regional economic development financing space.
- Pennsylvania Industrial Development Authority (PIDA): Pennsylvania's state authority providing low-interest loans for land, building, and equipment to industrial and manufacturing businesses. Operates an almost identical program structure to WVEDA's Direct Lending and loan insurance offerings.
- Tennessee Department of Economic and Community Development: Tennessee's state economic development department overseeing FastTrack infrastructure and job training incentives. Comparable scale, geographic concentration, and industrial-development mandate.
Market position
Strengths4 records
Weaknesses4 records
Competitive moat4 records
Key risks5 records
Key highlights6 records
Customer concentration
West Virginia Economic Development Authority social profiles
Digital presenceWest Virginia Economic Development Authority financial estimates
Financial estimateRevenue estimate
Valuation estimate
West Virginia Economic Development Authority leadership team
Management profileNumber of profiles
Profiles23 records
West Virginia Economic Development Authority funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
West Virginia Economic Development Authority M&A and investment
M&A and investmentM&A
Investments2 records
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about West Virginia Economic Development Authority
What does West Virginia Economic Development Authority do?
WVEDA is a state financing authority that provides direct loans, loan insurance, tax-exempt industrial development bonds, and Foreign Trade Zone administration to West Virginia-based manufacturing concerns, distribution centers, technology-based service companies, and broadband infrastructure providers. Its offerings support fixed-asset acquisition, equipment financing, broadband expansion, and large-scale industrial development projects in service of state job creation and retention goals.
Is West Virginia Economic Development Authority a public or private company?
West Virginia Economic Development Authority is a private company. It is classified as state government owned and is currently operating.
When was West Virginia Economic Development Authority founded?
West Virginia Economic Development Authority was founded in 1962. It employs 11 to 50 people.
Where is West Virginia Economic Development Authority based?
West Virginia Economic Development Authority is headquartered in Charleston, United States, in the North America region.
How does West Virginia Economic Development Authority make money?
Four revenue lines are on record. Loan Interest and Fees are the primary driver. The others are direct Lending Program Fees, commercial Loan Insurance (CLINS) Fees and broadband Loan Insurance (BLINS) Fees.
Who are West Virginia Economic Development Authority's main competitors?
Broad incumbents on record are State Small Business Credit Initiative (SSBCI), Appalachian Regional Commission (ARC), U.S. Small Business Administration (SBA) and USDA Rural Development. West Virginia Housing Development Fund is listed as a regional player. Direct peers are Ohio Department of Development, Kentucky Cabinet for Economic Development, Virginia Economic Development Partnership, Pennsylvania Industrial Development Authority (PIDA) and Tennessee Department of Economic and Community Development.
Does West Virginia Economic Development Authority have an API?
No public API is recorded for West Virginia Economic Development Authority.
What industry is West Virginia Economic Development Authority in?
West Virginia Economic Development Authority's product category is Government Economic Development Financing. Its primary akta.pro industry code is BPADAOAC, Official Development Assistance (ODA) Program Management, with a secondary code of FSAEAEAI, SBA/USDA Government-Backed Loan Intermediation. Its NAICS code is 926 and its SIC code is 6111.