MASON COUNTY — The Mason County Commission wants to add Mason County to a list of others who are benefiting from a loan program offered to small businesses.
At the most recent commission meeting, Carol Jackson of the Mid-Ohio Valley Regional Council (MOVRC) spoke about the revolving loan programs her organization already offers in Calhoun, Jackson, Pleasants, Ritchie, Roane, Tyler, Wirt and Wood counties.
The loan fund is part of the state of West Virginia’s Microloan Program. The goal of the MOVRC’s loan program is to provide funds for start-up businesses to provide funding when banks are not interested or the financials are less than stellar. The current terms under the loan are up to six years with a fixed rate of 3.25 percent and financing up to $35,000.
Currently, MOVRC has a portfolio of 40 outstanding loans and has made a total of 114 loans through the program. The current available balance to lend out is $94,000 and this balance grows by about $2,000 monthly based upon repayments, according to Jackson.
Typically the MOVRC likes to work with local development authorities to obtain leads for the clients and Mason County would be no different. Those looking to apply for these small business loans should make contact with the Mason County Development Authority, specifically Charles Humphreys.
The MOVRC loan program cannot be used to refinance existing debt and all projects must result in the creation or retention of full-time jobs, among other criteria.
In other commission news:
A winner for the creation of the Mason County Seal has been chosen out of 82 submissions. The seal created by Brian Johnson of Mason has been chosen as the winner with Johnson to be at the March 21 commission meeting for the official unveiling. Commissioners Miles Epling, Rick Handley and Tracy Doolittle expressed their gratitude to everyone who took the time to create their vision for the seal and submit it into the contest. Submissions were made by school children as well as adults from all over the county.
Commissioners also honored Trevor Hill, state champion wrestler in the 170-pound weight class from Point Pleasant High School. Hill accepted a certificate of accomplishment from the commission and was accompanied by his mother Susan Hill and Coach John Bonecutter. A picture of this presentation will appear in an upcoming edition of the Point Pleasant Register.