Military training company gets $5M loan for Moorefield site
CHARLESTON, W.Va. -- Members of the West Virginia Economic Development Authority on Thursday gave preliminary approval for a $5 million loan to a military training company.
TenX Group, which works with and trains service members, applied for the 15-year loan to buy the former Moorefield Training Center, located just outside of Moorefield.
The 691-acre site includes nine live ammunition gun ranges, a 2.6-mile off-road driving course, as well as a 1.5-mile hard-surface driving track, a 360-degree shooting range that resembles a large dirt bowl carved within the earth's surface, an off-road obstacle course and the ability to train day and night.
Acquisition of the Moorefield site will be the company's first time doing business in the Mountain State. TenX plans to add 19 new jobs after its first year of business, and another 14 jobs after two years.
• WVEDA board members tentatively approved a 15-year, $141,000 loan to Vintec Manufacturing, which began its operations in 2001. The machinery company wants to expand its operations with an additional building and new equipment, and expects to add a handful of jobs.
• Board members gave final approval to Thelma Dairy's $2.7 million loan extension to complete construction of a new building.
• The fixed-interest rate that the WVEDA provides on its loans increased one one-hundredth of a percent, from 0.017 to 0.018 percent. WVEDA Executive Director David Warner said he still views the new interest rate as "favorable borrowing terms."
Reach Caitlin Cook at firstname.lastname@example.org or 304-348-5113.