State officials aim $4 million in loans to support barrel manufacturer

The West Virginia Economic Development Authority has voted to aim a sliver of $70 million in financial incentives to support a whiskey barrel manufacturer considered a high-impact development project.

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The project aims to retain 230 employees and add 30 more with a $2 million forgivable loan and a $2 million repayable loan over 15 years.

The loans will support West Virginia Great Barrel Company, which state officials say has invested over $83 million in the past seven years. The company produces whiskey barrels and operates in several counties.

“It’s growing and it’s an important part of our economy in multiple counties — Greenbrier, Monroe, Nicholas, Boone. And we feel as if this is a great way to spend the final couple million dollars from this high-impact project that was approved several months ago,” said Mike Graney, acting secretary for the state Department of Economic Development.

The full $70 million for high-impact development project incentives was requested by Gov. Jim Justice last June.

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The barrel company development was first announced for Greenbrier County in 2017.

At that point, West Virginia Great Barrel Company was approved for a $6 million loan from the West Virginia Economic Development Authority to finance the purchase of equipment and the land.

State officials in 2017 said the project also had attracted another $6 million from banks. Combined with funds from private investment sources, the total project funding amounts were said to be more than $30 million.