Technology, Research Center Gets $2 Million State Loan
Charleston Daily Mail
May 6, 2009
SOUTH CHARLESTON, W.Va. -- The Mid-Atlantic Technology, Research & Innovation Center (MATRIC), headquartered at the South Charleston Technical Center, has closed on a $2 million loan from the state's venture capital fund, the West Virginia Jobs Investment Trust.
The money was appropriated by the Legislature.
The loan is the latest MATRIC effort to raise capital. Last month, MATRIC received the first $100,000 of a $500,000 loan it will get over five years from the city of South Charleston. That loan has an unusual feature: Every dollar MATRIC generates in city business and occupation tax over the next 10 years will be deducted from the principal.
The Charleston Area Alliance already has an ownership stake of about $200,000 in MATRIC and has extended a $250,000 line of credit. MATRIC asked Kanawha County for $500,000 but the county declined.
MATRIC's goal is to hire as many Dow Chemical researchers as possible as Dow downsizes here. Keith Pauley, MATRIC's chief executive officer, said last month that the organization has created 150 high-wage jobs and spawned nine businesses. MATRIC was established in 1994.
Gov. Joe Manchin said in a prepared statement, "I commend the work and partnership that MATRIC and the West Virginia Jobs Investment Trust have established. This agreement will allow our state to continue to build on our technology and scientific research endeavors. I have said that if we expect to compete on a global level, create job opportunities and expand our economy, then we must continue to enhance our technology and scientific development."
