Warner also said that equipment costs associated with a brewery -- as opposed to a distillery -- are considerably higher.
EDA members also gave preliminary approval for three loans for Stockmeier Urethanes, in Clarksburg. The company manufactures polyurethane, which is used at construction sites and sporting facilities.
The polyurethane products manufactured can be applied to outdoor tracks, tennis courts and artificial-turf fields. The company has 31 employees. After one year, company officials would add two employees and, after three years, expect a total of 43 employees.
The initial 15-year, $500,000 loan would go toward purchasing the old Thrasher building in Clarksburg. The second, 10-year $270,000 loan would assist in the purchase of new manufacturing equipment. The third, 15-year $2.2 million loan would help finance building a new warehouse on site.
Finally Thursday, EDA members gave preliminary approval to provide loan insurance to West Union Bank in Harrisville. The Ritchie County bank is loaning Troy LLC, $680,000. The EDA would insure $499,000 of that amount.
Troy manufactures nonwoven textiles for various industries. The automobile industry is its biggest customer.
"The automotive industry is doing better than it was four or five years ago, so they're growing," Warner said. "This enables [Troy's leaders] to better structure their financing to ensure that they will have good long-term viability as a company."
The Jobs Investment Trust "had lent [Troy] money several years ago, and this is going to help pay them back," Warner said.
Reach Caitlin Cook at caitlin.c...@wvgazette.com or 304-348-5113.