Business and Industrial Development Division (BID)
Research and Strategic Planning Group
Community Development Division
International Development Division
West Virginia Small Business Development Center (WVSBDC)
Business and Industrial Development Division (BID)
The Division supports existing businesses and new industries by actively marketing and promoting the state to gain business startups, retention and expansion of existing industry, and the attraction of new industry.
- A 2.9 percent decrease in Workers’ Compensation insurance rates took effect on November 1, 2010. Overall rates have declined 43.7 percent since the privatization of the system on January 1, 2006.
- Since 2005, West Virginia has seen over $15.4 billion in new business investments.
- West Virginia closed its 2011 fiscal year with a surplus of nearing $330 million; the sixth year in a row with a surplus – without a tax increase.
- West Virginia removed approximately $109 million of business tax burden in FY 2011 and over $345 million during the past five years.
- Corporate Net Income and Business Franchise taxes have been lowered.
- National marketing representatives market the State of West Virginia and its communities to targeted businesses and industry for new investments and job creation.
- Primary Target Industries
- Energy
- Technology
- Aerospace
- Automotive
- Business Services
- Chemicals/Plastics
- Metals
- Tourist Destinations
- Wood Products
- Secondary Target Industries
- Biometrics
- Biotech
- Food Products
- Printing
- Warehouse/Distribution
- BID target industry marketing campaigns reach audiences through advertising, literature, direct mail, Web marketing and public relations.
- Existing industry representatives promote economic development in the state through the relocation, retention and expansion of businesses; and in expanding the state’s infrastructure.
- Works with manufacturers, warehousing and distribution centers, and business assistance centers.
- Works with energy-extractive industries, such as coal and natural gas, banking, utilities, hospitals, and secondary and higher education.
- Participates in coordinating infrastructure assistance.
- Together with local economic developers, discusses subjects of vital interest with businesses, including:
- Ownership and management
- Product and process technologies
- Labor force information
- Raw material suppliers
- Marketing
- Financial condition
- Issues and concerns
- Opportunities and industry outlook
- BID coordinates information on state assistance, including:
- Loan programs
- Labor force recruitment
- Employee training
- Tax credits
- Site location assistance
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Research and Strategic Planning Group
The WVDO research and strategic planning team provides:
- Research and analytic information
- Business and economic trends
- The state’s business climate and economic competitiveness
- In-depth research into targeted industries
- Access to U.S. Census data
- Competitive studies
- Regional and community planning assistance
- Real estate listings
- Industrial parks
- Sites
- Buildings
- Office space
- The West Virginia State Data Center facilitates use and delivery of U.S. Census and other data to the public, including:
- General assistance in obtaining demographic and economic data
- Assistance in obtaining copies of Census maps
- Assistance with special Census tabulations requiring computer applications
- Technical assistance in accessing Census computer files
- Training and information about Census products and services
- Assistance in determining community eligibility for grant programs
- General demographic and business research
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Community Development Division
The Community Development Division assists communities by:
- Promoting private-sector investment
- Revitalizing commercial and residential areas
- Providing public services and facilities
- Assisting state and local governments in developing solutions within our communities
Community assistance, revitalization and infrastructure programs include:
- Appalachian Regional Commission
- Certified Development Community Program
- Economic Infrastructure Bond Fund
- Flex-E-Grant Program
- Governor’s Community Partnership Grant Program
- Land and Water Conservation Fund
- Local Economic Development Grant Program
- Main Street West Virginia
- Neighborhood Investment Program
- Small Cities Block Grant Fund
- The investment of more than $19 million in Small Cities
Block Grant funds into community development projects benefited West Virginia by leveraging another $50 million in 2010. Of the
$7.1 million of Appalachian Regional Commission funds, more than 81 percent supported public water and sewer improvements. An additional $6.4 million in grant funds supported local community development and infrastructure projects throughout the state.
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International Development Division
The International Development Division facilitates international trade and helps to build business relationships through the West Virginia Export Initiative. The Division also:
- Maintains trade offices in Asia (Japan) and Europe (Germany) that offer assistance in export development and investment
- Facilitates international trade development to sell West Virginia products and services
- Provides consulting
- Assesses a product’s viability in potential markets
- Locates prospective international business partners
- Sponsors annual trade missions and events in countries such as China, France, Germany, Italy and Japan.
In 2010, West Virginia’s exports reached a record level $6.4 billion, growing by 33 percent over last year and outpacing the U.S. export growth rate of 21 percent.
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West Virginia Small Business Development Center (WVSBDC)
The WVSBDC can assist small businesses with:
- Virtually all of the preliminary information and paperwork needed to legally open a business
- Free consulting and information, including:
- Access to Angel Capital through the ACE-Net system
- Consulting on business startup
- Consulting on financial matters and developing loan packages
- Consulting on management and personnel issues
- Going Into Business in West Virginia (publication)
- Ombudsman services - help with regulatory matters
- Sample Business Plan (online)
- Training; online or on-site
- Awards for SBIR/STTR proposal preparation
- Awards for Small Business Work Force development
- Women and Minority-Owned Business Database
- Financial analysis and diagnostic service using Optimist Software
- West Virginia Small Business Development Center Linked Deposit Program
- Reduced-interest loans to small, for-profit employers that qualify
- Loans up to $250,000 for terms up to seven years at interest rates no higher than Wall Street prime plus 1 percent
Small Business Development Centers (SBDC) create economic impact and are a partnership that coordinates federal, local and statewide resources. Throughout the country, SBDC clients received more than 2.8 million total hours of coaching and training service in FY 2010.