FINANCING...

The Pendleton County Economic & Community Development Authority is able to help businesses get established in Pendleton County by securing tax relief at the county level and offering other county-funded incentives to qualifying businesses. Pendleton County has no business tax or licensing requirements to hinder the establishment of a business, and the county commission has created the Pendleton County Economic & Community Development Authority to help business set up shop in Pendleton County.  Pendleton County, in partnership with state government, is providing new opportunities for firms willing to relocate or expand operations in West Virginia. Pendleton is open to growth and has invested in new infrastructure to make your relocation problem free and operations profitable.  The PC-ECDA will work with you to obtain other state and federal assistance as well.

Business License $15.00 (Town of Franklin Only)

Office Rental averages $2-3/sq. ft.

Pendleton Business Property and Inventory Tax
$0.02 on 60% Assessed Value
$.01306 in County

Building and Office Purchase Costs are One Half and Less than National Average

Retail Sales Tax in Pendleton: None

Personal Income Tax in Pendleton: None

Business/Corporation Tax in Pendleton: None

Labor Costs in Pendleton: Second Lowest in Nation

Pendleton County is also home to wonderful professionals able to provide you the assistance with an expansion, relocation, or if you want to start a new business.  Whatever you are looking for – attorneys, accountants, appraisers, surveyors, building contractors, realtors, financial institutions or advisors and more – all can be found through the Pendleton County Chamber of Commerce.  Feel free to visit their website at www.visitpendleton.com – or give them a call at 304-358-3884.  They’ll help you find the business service you are looking for.

The Pendleton County Economic and Community Development Authority Revolving Loan Fund for qualified businesses offers below market rates for busines start-ups, expansions and businesses relocating to the county.  Rates are negotiated by and between the requesting business owner(s) and the EDA.  The purpose of the revolving loan funds is to create jobs with Pendleton County.

To be considered for a loan, you must submit in writing to our office (prior to a meeting agenda deadline) the following:

1. Full business plan and operational summary;
2. Financial statements for the past two (2) years;
3. Financial projections for the next two (2) years;
4. Employee projections, both new and retaining employees as well as the number of full and part time employees, for the first two (2) years; and
5. Amount requested with your proposed lending/payback structure.

All attorney fees incurred by the PCECDA, while working on the loan, shall be the responsibility of the business accepting the loan.

Region VIII Revolving Loan Fund is a program where financial assistance is made available to qualified businesses in Grant, Hampshire, Hardy, Mineral or Pendleton Counties.  Businesses can borrow up to $50,000 at low interest rates to finance qualified projects.

 

OTHER STATE/FEDERAL PROGRAMS

Small Business Development Loans - This program provides capital to entrepreneurs for new or expanded small businesses with loans from $500 to $10,000. Contact the West Virginia Small Business Development Center for more information.

Business Investment and Jobs Expansion Tax Credit (Super Tax Credit):  The State of West Virginia offers a Super Tax Credit program that can provide substantial tax credits for companies that create jobs in industries such as manufacturing, information processing, distribution, and destination tourism projects. A business that creates 50 jobs or more can offset up to 80 percent of its basic business tax liability over ten years with this credit. This innovative program is based on a formula calculated by using a job creation and a qualified investment factor. In addition small businesses in industries previously mentioned may qualify for the credit by creating at least 10 jobs over three years.

Corporate Headquarters Credit:  The Corporate Headquarters Relocation Credit is available to corporations in particular industries that relocate their headquarters to West Virginia. If at least 15 jobs are created, the allowable credit is 10 percent of qualified investment. If the relocation results in 50 or more new jobs, then the allowable credit is 50 % of qualified investment. Qualified investment includes the reasonable and necessary expenses incurred by the corporation to move its headquarters to this state.

The Governor's Guaranteed Work Force program was established to assist in matching an employer's needs with the best possible training solution and provide a fully trained work force. Funding to offset employer training expense is available through this program. A One-Stop Shop for licensing makes going into business in West Virginia efficient and easy. Through this one-step registration, all appropriate agencies are notified of a new business, thereby becoming facilitators.

Jobs Investment Trust - The Jobs Investment Trust is a $10 million public venture capital fund that uses debt and equity investments to promote and expand the state's economy. For more information, contact Richard Ross at (304) 345-6200.

Industrial Expansion or Revitalization Tax Credit is available for manufacturers as a credit against the business franchise tax.

Major Project Appraisal is available for expansions at facilities that have original investment of more than $100 million. This requires the property tax for capital improvements of more than $ 50 million be appraised at salvage value.

Research & Development Credit for manufacturers, producers of natural resources, generators of electric power and persons providing manufacturing services.

Sales Tax exemption for materials and equipment used directly in manufacturing process.

Small Business Credit: Small businesses are also eligible under the Super Tax Credit program. In order to qualify as a "small" business, a company must have an annual payroll up to $2,137,800 and annual sales not exceeding $7,126,000. Also, the median salary of the company's employees must be at least $15,650 per year.

A Tax Exempt Industrial Revenue Bond set aside for eligible manufacturing facilities makes provisions for smaller projects.

The Warehouse Freeport Tax Exemption Amendment provides an attractive incentive for businesses to relocate to Pendleton County. Goods in transit to an out of- state destination are exempt from ad valorem property taxes when "warehoused" in West Virginia. This exemption is specifically applicable to finished goods inventories.  Many companies such as AT&T, General Motors, Norm Thompson and Rite Aid already have recognized the state's strategic location and have situated major warehousing complexes to serve multi-state areas from West Virginia.

West Virginia Capital Company Credit:  The West Virginia Capital Company Act was established to encourage the formation of venture capital in West Virginia. This provides for customized financing through the federal tax exempt industrial revenue bonds.  Investors in qualified West Virginia capital companies are entitled to a state tax credit equal to 50 % of their investment. Credits may be claimed against Personal and Corporation Net Income Taxes, Business Franchise Tax, Business and Occupation Tax, Telecommunications Tax and Severance Tax. Capital companies must have a capital base of at least $1 million but not greater than $4 million. The state has authorized a total of $10 million in credits to be allocated per fiscal year. Unused credit may be carried forward 15 years.

Established by the 1961 Legislature, the West Virginia Economic Development Authority (WVEDA) is the state's primary economic development financing agency. WVEDA funding promotes job creation and economic development through various programs.  Direct Loans - The WVEDA can provide up to 45 percent in financing fixed assets by providing low interest, direct loans to expanding state businesses and firms locating in West Virginia. Loan term is generally 15 years for real estate intensive projects, and 5 to 10 years for equipment projects. Indirect Loans - The WVEDA provides a loan insurance program and a capital access program through participating commercial banks to assist firms that cannot obtain conventional bank financing. 

Wood Processing Tax Credit:  This credit is available for new wood processing operations. The tax credit is $250 per year per full time employee for 10 years to new or expanding companies involved in the manufacture of value-added wood products. The finished product must be consumer ready.