Development Authority

Development Authority Members | Loan Application Guidelines | Loan Application

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Loan Application Guidelines

1. The Marion County Development Authority offers economic development loans up to a maximum of $100,000.  Since the Development Authority is not a primary lending source, these loans are contingent upon additional sources of funding to be developed by loan applicants. Additional sources of funds may be a Small Business Administration Loan, Bank Loans, West Virginia Economic Development Authority Loans, Grants, or a combination of several of these sources.

Loans are available for specific projects that will increase job opportunities in Marion County. This may include loans for the purchase of real or personal property, but will normally exclude loans for business inventory that is intended for resale.

2. The maximum term of Marion County Development Authority Loan is seven years.

3. Marion County Development Authority loan rates are established by the membership for each approved application. The Development Authority has considered different rates for two categories of organizations:

Public Entities— 0- 4%
Commercial, Business— 1-4%

4. The primary objective of Marion County Development Authority Loans is to create jobs and/or to retain jobs. Each applicant must provide the number of jobs to be created and/or retained when submitting an application for a loan to the Development Authority.

5. Financial statements form each loan applicant are required prior to approval of loans by the Development Authority. at the end of each calendar year during the term of a loan, a financial statement shall be submitted to the Development Authority. This annual financial report should include a statement showing the number of persons employed in the loan applicant's business as of the date of the financial report.

6. Collateral will normally be required by the Marion County Development Authority and an assignable position of the authority on any property available from the loan applicant will be made.

7. Personal loan repayment guarantees may be required by loan applicants/principals on loans from the Marion County Development Authority.

8. If an approved loan is delinquent 60 days, the interest charged may revert to the current prevailing rate at that time.

9. Any approved loan will be subject to any ordinary legal fees incurred to close the loan. The MCDA reserves the right to acquire an attorney.

10. The MCDA reserves the right to make exceptions to their policies if a 23 majority vote of its members deems it is in the best interest of the county development to do so.

11. The Development Authority requires attorneys to prepare final title letters of collateral on real estate to verify that deeds of trust have been recorded.

Please submit a $75.00 application fee for collateral review and title search work.

Revised 2/6/07

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