CHARLESTON, W.Va. -- The West Virginia Economic Development Authority board of directors decided to establish a new account with the state's Board of Treasury Investments at its monthly meeting Thursday.

The new account will be called the West Virginia Short-Term Bond Pool, which is a bond mutual fund.

"It could and should yield a little higher return," said WVEDA executive director David Warner.

The new account is restricted to one withdrawal and one deposit per month.

Currently the WVEDA has two other investment accounts, the West Virginia Money Market Fund and the West Virginia Government Money Market Fund.

Unlike the new short-term bond pool fund, withdraws and deposits can be made daily, Warner said.

Loan extensions

In other business, the board gave 11 loan commitment extensions.

Those receiving three-month extensions include Mountain State Log Homes Inc., $400,000 loan; FMW Composite Systems Inc., $1.56 million loan; Recycle West Virginia LP, $5 million loan; JetLink MRB, LLC doing business as Arcadia Aviation, $1.215 million loan; David and Dorothy Suit for D&D Creations Corp. doing business as Hampton Ridge Billiards, $114,750 loan; Huntington Industrial Corporation, $1.78 million loan; and Bio-Chem Testing, Inc., $130,500 loan.

Those receiving six-month extensions include Jefferson County Development Authority, $4.35 million loan; Downard Hydraulics Inc., $800,000 loan; Multicoat Products Inc., $450,000 loan; and Clerietta WV LLC, $796,500 loan.

Preliminary loan OK

The board also gave preliminary approval for two loans. Highmark West Virginia Inc. (doing business as Mountain State Blue Cross Blue Shield) received a $10 million loan for the financing for a 127,000 square foot building in downtown Parkersburg for the company's new corporate and operations facility.

Also, the Polymer Alliance Zone of Davisville received a $3 million loan to help finance an 80,000 square foot building to be leased to PWP, a plastics recycling facility.

Reach Sarah K. Winn at sarahkw...@wvgazette.com or 348-5156.

The new account will be called the West Virginia Short-Term Bond Pool, which is a bond mutual fund.

"It could and should yield a little higher return," said WVEDA executive director David Warner.

The new account is restricted to one withdrawal and one deposit per month.

Currently the WVEDA has two other investment accounts, the West Virginia Money Market Fund and the West Virginia Government Money Market Fund.

Unlike the new short-term bond pool fund, withdraws and deposits can be made daily, Warner said.

Loan extensions

In other business, the board gave 11 loan commitment extensions.

Those receiving three-month extensions include Mountain State Log Homes Inc., $400,000 loan; FMW Composite Systems Inc., $1.56 million loan; Recycle West Virginia LP, $5 million loan; JetLink MRB, LLC doing business as Arcadia Aviation, $1.215 million loan; David and Dorothy Suit for D&D Creations Corp. doing business as Hampton Ridge Billiards, $114,750 loan; Huntington Industrial Corporation, $1.78 million loan; and Bio-Chem Testing, Inc., $130,500 loan.

Those receiving six-month extensions include Jefferson County Development Authority, $4.35 million loan; Downard Hydraulics Inc., $800,000 loan; Multicoat Products Inc., $450,000 loan; and Clerietta WV LLC, $796,500 loan.

Preliminary loan OK

The board also gave preliminary approval for two loans. Highmark West Virginia Inc. (doing business as Mountain State Blue Cross Blue Shield) received a $10 million loan for the financing for a 127,000 square foot building in downtown Parkersburg for the company's new corporate and operations facility.

Also, the Polymer Alliance Zone of Davisville received a $3 million loan to help finance an 80,000 square foot building to be leased to PWP, a plastics recycling facility.

Reach Sarah K. Winn at sarahkw...@wvgazette.com or 348-5156.