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Loan insurance approved for rural broadband award winners | News, Sports, Jobs


The offices of the West Virginia Economic Development Authority in Charleston. (File Photo)
CHARLESTON The West Virginia Economic Development Authority voted Tuesday to award the first loan insurance requests for four state internet providers who received winning bids in last Fall’s rural broadband auction, while a lawmaker continues to ask about one company’s ability to deliver.
The EDA approved loan insurance requests for Bridgeport-based Citynet for a loan up to $16 million from MVB Bank; Preston County-based Digital Connections/PRODIGI for a loan up to $2.6 million from Clear Mountain Bank; Bluefield, Va.-based GigaBeam for a loan up to $8.4 million from Citizens Bank of West Virginia; and a transfer of a loan up to $3 million for Buckhannon-based Micrologic from Citizens Bank of Weston to Citizens Bank of West Virginia. ....

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WVEDA: Audit shows need for greater accountability | News, Sports, Jobs


Jan 29, 2021
For most West Virginians, losing track of $250 or, for that matter, even $25 would be a problem. It seems as though for the West Virginia Economic Development Authority, losing track of $25 million was not.
When the EDA was created during then-Gov. Bob Wise’s administration in 2002, one of the goals was the creation of jobs. So, the EDA borrowed $25 million from the Investment Management Board to fund seven venture capital firms, which were supposed to do just that.
“It is the Legislative Auditor’s opinion that the Loan Program did not achieve the intended outcomes and what was achieved is difficult to quantify,” said a report released this week by the West Virginia Post Audit Division. ....

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