Incentives & Assistance
Incentive programs including financing, employee training and tax incentives, are available for eligible businesses. The Partnership is available to connect both existing and prospective businesses to the right contacts. To speak with someone about growing your business in the Morgantown area, please contact us via email or at (304) 292-3311.
Some of the many services that the Partnership and the West Virginia Development Office provide to businesses are:
The Morgantown Area Economic Partnership can assist growing companies in securing capital financing for building expansions or new construction through the WV Economic Development Authority. For small businesses, we participate in a regional “microloan” program, which can provide direct fixed-rate loans up to $50,000 to finance startups and expansion. Also, the Partnership serves as an information clearinghouse on other state and federal business loan programs and shares an office with the US Small Business Administration representatives for West Virginia.
Site and Building Inventory
In addition, the Partnership maintains a more extensive inventory of larger commercial properties in the Morgantown MSA. Expanding or prospective businesses can secure this information by contacting us at 304.292.3311, or by email at firstname.lastname@example.org.
West Virginia dedicates resources to improving the state’s workforce and supporting continued enterprise growth and expansion through the continued efforts the Governor’s Guaranteed WorkForce Program, Workforce West Virginia and Community & Technical Colleges. Learn More
Small Business Assistance
The Partnership also helps businesses secure assistance in such areas as small and minority business development, counseling through the Small Business Development Center and the Business Information Center, technology consulting services through WVU’s Industrial Extension Service and federal government procurement assistance through the Procurement Technical Assistance Center.
For a list of all West Virginia business incentives, please visit the West Virginia Development Office site.
Corporate Headquarters Credit
Companies that relocate their corporate headquarters to West Virginia are eligible for tax credits if 15 new jobs (including relocated employees) are created within the first year. The credit can offset up to 100% of the tax liability for business and occupation tax, corporate net income tax, and personal income tax on certain pass- through income, for a period of up to 13 years.
High-Tech Manufacturing Credit
Businesses that manufacture certain computers and peripheral equipment, electronic components or semiconductors and which create at least 20 new jobs within one year after placement of qualified investment into service, can receive a tax credit to offset 100% of the corporate net income tax, and personal income tax on certain pass through income for 20 consecutive years.
Economic Opportunity Credit
For qualified companies that create at least 20 new jobs within specified time limits (10 jobs in the case of qualified small businesses) as a result of their business expansion projects, the State’s Economic Opportunity Tax Credit can offset up to 80% of the corporate net income tax and personal income tax (on flow through income only) attributable to qualified investment. If a qualified company that creates the requisite number of jobs pays an annual median wage higher than the statewide average non-farm payroll wage, then the qualified company can offset up to 100% of the corporate net income tax and personal income tax (on flow through income only) attributable to qualified investment.
City of Morgantown New and Expanding Business Tax Credit
The City of Morgantown has adopted a New and Expanding Business Tax Credit for the Downtown District. This tax credit is meant to help spur development. New construction projects valued in excess of $5 million are eligible, if approved, to receive an 80% tax credit on the B&O tax for construction. New businesses that move into the district, if approved, can receive a tax credit of 80% the first year, 60% the second, 40% the third, 20% the fourth. The maximum total tax credit allowed is $300,000.