SBA offers special loan program to West Virginia counties affected by flooding

    WASHINGTON — Following the announcement of the Presidential disaster declaration in West Virginia for several counties affected by the severe storms, flooding, mudslides, and landslides beginning on March 12, 2010, Administrator Karen G. Mills of the U.S. Small Business Administration issued the following statement:

    “The U.S. Small Business Administration is strongly committed to providing the people of West Virginia with the most effective and customer-focused response possible to assist homeowners, renters, and small businesses with federal disaster loans. Getting our businesses and communities up and running after a disaster is our highest priority at SBA.”

    The disaster declaration covers Fayette, Greenbrier, Kanawha, Mercer and Raleigh counties in West Virginia, which are eligible for both Physical and Economic Injury Disaster Loans from the SBA. Small businesses and most private non-profit organizations in the following adjacent counties are eligible to apply only for SBA Economic Injury Disaster Loans: Boone, Clay, Jackson, Lincoln, McDowell, Monroe, Nicholas, Pocahontas, Putnam, Roane, Summers, Webster and Wyoming in West Virginia; and Alleghany, Bath, Bland, Giles and Tazewell in Virginia.

    Disaster loans up to $200,000 are available to homeowners to repair or replace damaged or destroyed real estate. Homeowners and renters are eligible up to $40,000 to repair or replace damaged or destroyed personal property.

    Businesses and non-profit organizations of any size may borrow up to $2 million to repair or replace damaged or destroyed real estate, machinery and equipment, inventory, and other business assets. SBA can also lend additional funds to help with the cost of making improvements that protect, prevent or minimize the same type of disaster damage in the future.

    For small businesses and most private non-profit organizations of all sizes, the SBA offers Economic Injury Disaster Loans to help meet working capital needs caused by the disaster. Economic Injury Disaster Loan assistance is available regardless of whether the business suffered any physical property damage.

    Interest rates are as low as 2.625 percent for homeowners and renters, 4 percent for businesses and 3 percent for non-profit organization with terms up to 30 years. Loan amounts and terms are set by the SBA and are based on each applicant’s financial condition.

    To be considered for all forms of disaster assistance call the Federal Emergency Management Agency (FEMA) at 1-800-621-FEMA (3362). The locations of Disaster Recovery Centers and the loan application process can be obtained by calling the SBA Customer Service Center at 1-800-659-2955 (1-800-877-8339 for the hearing impaired), Monday through Friday from 8 a.m. to 6 p.m. EDT or sending an email to disastercustomerservice@sba.gov.

    West Virginia residents affected by this disaster may fill out a loan application online by visiting SBA’s secure Web site at https://disasterloan.sba.gov/ela/.

    The filing deadline to return applications for physical property damage is May 28, 2010. The deadline to return economic injury applications is December 29, 2010.

Richmond Fed President to address West Virginia business leaders April 13

    MORGANTOWN — Jeffrey M. Lacker, president of the Federal Reserve Bank of Richmond, will address business leaders in Morgantown at an Economic Outlook Conference on April 13.

    The event will take place at the Waterfront Place Hotel the evening of April 13. A dinner is expected to begin at 6:30 p.m. and Lacker is expected to speak at approximately 7:15 p.m. 

    On April 14, Lacker will address West Virginia University economics and finance students.

    The Richmond Fed is one of 12 banks that make up the Federal Reserve System. It serves the District of Columbia, Maryland, Virginia, North Carolina, South Carolina and most of West Virginia.

SBA Warns Small Businesses of Fraudulent Attempts Offering to Help Them Secure SBA Loans

    WASHINGTON – The U.S. Small Business Administration (SBA) is warning small businesses to use caution if they are contacted by firms offering to help them apply for funds available through SBA programs.

    SBA and SBA’s Office of the Inspector General (SBA OIG) have received several complaints from small businesses about abusive marketing practices, scams, and exorbitant fees charged by firms offering to help them obtain a loan, grant, or other federal funds, from SBA. 

    Some of these complaints include:

    • Firms charging small businesses high fees to provide assistance applying to SBA funding programs. Some firms allegedly guaranteed that the small business would obtain SBA funding if they paid the fee. SBA does not endorse or give preference to specific private companies or their clients.

    • Firms charging small businesses for services never requested after the small business gave bank account and routing information to a caller claiming to be a firm offering assistance. SBA recommends that small businesses never provide social security numbers, bank account information, or credit card numbers to anyone; and, never over the telephone.

    • Firms alleging that a small business would be issued a “forfeiture letter” that would make the small business ineligible for any SBA funding for three years if the small business refused to use the firm’s services.

    When electing to use a third party to apply for SBA funding programs, small businesses should also bear in mind:

    • Small businesses can get free assistance in person or by calling one of SBA’s 68 District Offices and from information on SBA’s Web site (www.sba.gov ). They can also get assistance from Small Business Development Centers, Women’s Business Centers, Veterans Business Outreach Centers and SCORE Chapters, either free or for a reasonable fee. Location and contact information for the centers can be found on SBA’s Web site.

    • Small businesses should ask for references and confer with trusted colleagues and institutions, such as the Better Business Bureau, when selecting service providers. 

    • Small businesses should clearly establish and document: 1) What they are being charged; 2) When they will be charged; 3) What they must do; and 4) What services they will receive. 

    SBA’s Office of the Inspector General will investigate and respond to all complaints. SBA encourages anyone with knowledge of a misrepresentation regarding SBA Business Loan Programs, or any other SBA program, to contact SBA OIG by calling the OIG Hotline toll-free at (800) 767-0385, or submitting an online report at the SBA OIG Web page (www.sba.gov/ig ), and click the link for “Report Fraud Waste or Abuse.”

Disney Institute coming to Huntington May 18

    HUNTINGTON – Disney Institute is bringing its renowned professional development program, “Disney’s Approach to Business Excellence,” to Huntington on May 18. Sponsored locally by Marshall University, the full-day event will give area professionals an opportunity to “experience the business behind the magic.”

    The program will bring the best of Disney Institute content to the Don Morris Room in the Memorial Student Center on Marshall’s Huntington campus.

    “This is a convenient way to experience Disney Institute programs in local business communities,” said Jeff James, vice president for Disney Institute. “Our programs teach easily-adaptable strategies and best practices that have been part of our company for more than 80 years.”

    The full-day “Disney’s Approach to Business Excellence” program introduces participants to five core Disney business principles:

    Disney’s Approach to Inspiring Creativity – Focused on strategies and tactics that have helped Disney maintain its creative and innovative culture in good times and bad, this program can help other organizations be equally successful. 

    Disney’s Approach to Leadership Excellence -- Strong leadership is fundamental for organizations to grow and succeed. Participants will explore strategies and methods for improving team results through proven leadership philosophies that are used to exhibit the values and behaviors that generate results.

    Disney’s Approach to People Management – The Disney corporate culture instills pride and ownership in Disney Cast Members (employees). The same can be true for any organization looking to inspire and motivate employees. Participants explore the Disney approach to selection, training, retention, and communication, all of which sustain a supportive and interactive culture.

    Disney’s Approach to Quality Service – In an era where everyone is competing for business and market share, excellent customer service isn’t a luxury, it is mission critical. Participants discover how Disney exceeds expectations through its service infrastructure, ongoing research, and established service standards.

    Disney’s Approach to Brand Loyalty – The relationship between consumer experiences and a company’s brand is vital and can generate superior bottom-line results. Participants explore strategies that deliver on an organization’s brand and retain customers for life.

    Program registration fee includes all course materials plus catered breakfast, breaks, and lunch. Group discounts are available.

    For more information and to register for the Disney’s Approach to Business Excellence program, call 877-544-2384 ext. 1 or visit www.KeysHuntington.com .

Nearly all West Virginia counties report increased unemployment

    CHARLESTON — West Virginia's unemployment rate climbed six-tenths of a percentage point to 11.0  percent in February 2010. Nearly all counties reported rising unemployment rates as well. 

    The number of counties recording an unemployment rate considered much worse than average when compared to the state rate was unchanged in February. This group included Grant (17.2), Wetzel (17.7), Wirt (18.0), Clay (18.0), Roane (18.3), and Calhoun (22.6). 

    The number of counties recording an unemployment rate considered better than average when compared to the state rate grew slightly in February. This group included Boone (9.1), Marion (9.1), Kanawha (9.0), Putnam (9.0), Cabell (8.9), and Jefferson (8.2). 

    Once again, Monongalia (6.1) was the sole county recording an unemployment rate considered much better than average when compared to the state rate.

Armstrong World Wide Industries to build new plant near Ravenswood

    MILLWOOD – Gov. Joe Manchin today announced that Armstrong World Industries is creating 40 to 45 permanent jobs by investing $30 to $35 million to build a state-of-the-art mineral wool plant on property adjacent to Century Aluminum Co.

    Mineral wool is a key raw material used in the manufacture of Armstrong’s acoustical ceiling tiles. The new plant will be an addition to the Jackson County Maritime and Industrial Centre in Millwood, W.Va.

    Armstrong chose the Millwood site because of competitive electricity rates and its central location, which is easily accessible to raw material suppliers and other Armstrong ceiling manufacturing locations. The 30,000-square-foot plant will be built on about 18 acres and is scheduled for start-up in mid-2012.

    While building the plant will also create temporary construction jobs, Armstrong will begin the hiring process for its manufacturing operations about one year before the plant is scheduled to open, with training programs for new hires.

    Michael J. Connors, vice president, Finance – Armstrong Building Products, said, “The West Virginia Development Office and Governor’s Office have been instrumental in helping us understand the opportunity and value of locating our plant in Jackson County. We are confident this is the right place to build our new plant, and we are looking forward to getting started and building a bright future here in West Virginia.”

    Armstrong also operates a flooring plant in Beverly, W.Va., that employs nearly 700.

    Armstrong World Industries Inc. is a global leader in the design and manufacture of floors, ceilings and cabinets. In 2009, Armstrong’s consolidated net sales totaled approximately $2.8 billion. Based in Lancaster, Pa., Armstrong operates 36 plants in nine countries and has approximately 10,800 employees worldwide.

Capito joins newly formed Reclaim American Jobs Caucus

    WASHINGTON—U.S. Rep. Shelley Moore Capito, R-W.Va., today announced she will join a newly-formed, bipartisan Congressional caucus that will focus on putting millions of Americans back to work. The Reclaim American Jobs Caucus, a 40 Member, bipartisan caucus headed by Reps. Lamar Smith (R-TX), Sue Myrick (R-NC) and Gary Miller (R-CA), will work to highlight the link between illegal immigration and record unemployment in the United States.

    “I’m happy to join my colleagues on both sides of the aisle to get unemployed Americans back to work,” remarked Capito. “In these challenging economic times, many West Virginians are struggling with job loss. We must ensure that the limited jobs available go to those who can legally work in this country.”

    Currently, 15 million Americans are unemployed, including 86,400 West Virginians, while an estimated 8 million illegal immigrants are employed. 

    “Through enforcement of existing immigration laws, increased worksite enforcement and use of E-verify by employers, we can ensure that lawful American citizens are not competing with illegal immigrants in our job market.”

State Tax Commissioner announces he is stepping down

    CHARLESTON – After nine years with the West Virginia Department of Revenue, Tax Commissioner Christopher Morris announced today that he is stepping down at the end of this month.

    Morris, who joined the Department of Revenue in August 2001, has served in numerous capacities including deputy cabinet secretary and deputy tax commissioner. He was named state tax commissioner by Gov. Joe Manchin in October 2007.

    Manchin said Morris has been a great asset and a dedicated public servant during his time in the Department of Revenue. “Chris has done a tremendous job leading our Tax Modernization Project and changing the business processes at the Tax Department, which will result in better taxpayer services to the citizens of West Virginia,” the governor said.

    Morris said, “While I am looking forward to my transition into the private sector, I will miss working with the great people in the Tax Department. Working with this agency and with this governor has been very rewarding. There are many wonderful people in the Department of Revenue diligently working on a daily basis to make a positive impact for all West Virginians.”

    Manchin will appoint Craig Griffith, current deputy tax commissioner, as acting tax commissioner. Virgil Helton, secretary of the Department of Revenue, said, “Craig has been with the Tax Department for nearly three years and prior to that he practiced law at a local firm in the areas of state and local tax, municipal bonds and corporate law. He will do an outstanding job building on the success we have had in the Department of Revenue.”

WVU forecast shows Morgantown will see growth in 2010

    MORGANTOWN – Job growth in the Morgantown metropolitan area will rebound this year after unusually slow gains in 2009, according to a new forecast released today at the Morgantown Economic Outlook conference.

    The annual conference was sponsored by the West Virginia University Bureau of Business and Economic Research in the College of Business and Economics.

    “The Morgantown area economy came through the global downturn during 2008-09 in good shape,” said George W. Hammond, associate director of the BBER. “Local job growth is likely to continue this year and beat both the state and national rates again in 2010.”

    The metropolitan area includes Monongalia and Preston counties. Morgantown added jobs at a 0.7 percent rate in 2009, which far outpaced the massive job losses posted by both the state (-2.6 percent) and the nation (-4.3 percent).

    “Overall, Morgantown has remained remarkably robust in the face of a severe global and national downturn, but the area did not escape unscathed,” Hammond said. “Indeed, Morgantown’s job growth in 2009 was far below growth in 2008, of 2.2 percent.”

    In addition, he said, the local unemployment rate surged from 2.9 percent in 2008 to 5.1 percent in 2009. However, that remains well below the state rate of 7.9 percent and the national rate of 9.3 percent.

    The outlook calls for the Morgantown Metropolitan Statistical Area to generate stronger job growth in 2010, as the national economy gradually rebounds. Local job growth is forecast to average 1.7 percent per year during the 2009-14 period, which is far above expected state growth (0.7 percent per year) and just above expected national growth (1.5 percent per year).

    Job growth in Morgantown is forecast to be strongest in service-providing sectors, such as health care; government; professional and business services; leisure and hospitality; and trade, transportation and utilities, he said.

    Continued job growth means that the Morgantown unemployment rate will likely gradually fall during the forecast period. Job gains also contribute to continued inflation-adjusted income growth, with the Morgantown MSA expected to post faster growth than the state. The Morgantown MSA is also expected to continue to add residents during the next five years, at rates far above the state average, Hammondsaid.

    Full details are available in the Morgantown MSA forecast publication, which is available online at www.bber.wvu.edu .

West Virginia's unemployment rate rose to 11 percent in February

    CHARLESTON — West Virginia’s unemployment rate climbed six-tenths of a percentage point to 11.0 percent in February, WorkForce West Virginia has reported. The number of unemployed state residents rose 5,000 to 86,400. Total unemployment was up 25,400 over the year. 

    Total nonfarm payroll employment rose 400, where a gain of 2,200 in the service-providing sector narrowly offset a decline of 1,800 in the goods-producing sector. Within the goods-producing sector, construction employment plunged 2,000. Gains of 100 occurred in both manufacturing and mining and logging. Employment increases within the service-providing sector were led by a seasonal gain of 2,600 in government. 

    Other gains included 500 in professional and business services, 300 in other services, and 200 in leisure and hospitality. Employment declines included 700 in trade, transportation, and utilities, 500 in educational and health services, 100 in financial activities, and 100 in information. 

    Since February 2009, total nonfarm payroll employment has fallen 22,600, with losses of 13,500 in the goods-producing sector and 9,100 in the service-providing sector. Declines included 5,900 in construction, 4,300 in mining and logging, 3,500 in trade, transportation, and utilities, 3,300 in manufacturing, 2,800 in leisure and hospitality, 2,200 in professional and business services, 1,400 in financial activities, 700 in information, and 400 in other services. Employment gains included 1,700 in educational and health services and 200 in government. 

    West Virginia’s seasonally adjusted unemployment rate climbed three tenths of a percentage point to 9.5 percent, while the national rate remained at 9.7 percent 

Huntington National Bank Named West Virginia’s Top SBA Small Business Lender

    CLARKSBURG – Judy McCauley, District Director of the U.S. Small Business Administration’s West Virginia District Office recently announced that Huntington National Bank has been selected as the Top SBA Lender in West Virginia for the third consecutive year.

    Huntington National Bank, through SBA’s guaranteed loan programs, provided funding for 30 small businesses for just over $4 million. The 30 loans represented nearly 20 percent of the total West Virginia SBA guaranteed loan volume for fiscal year 2009.

      Stephanie Ellingson, SBA Product Specialist for Huntington National Bank stated: “Huntington is very proud to be West Virginia’s top SBA Lender as SBA lending is an integral part of Huntington’s growth strategy. We firmly believe that small businesses are the engine for our economic recovery and future job growth. Our SBA lending numbers in West Virginia are direct results of Huntington’s recent $4 billion small business lending commitment over the next three years. We look forward to increasing our SBA production in West Virginia in 2010.”

    “We at the West Virginia District Office are proud to recognize Huntington National Bank for their outstanding accomplishments in providing capital to the West Virginia small business community this and the past two years,” said McCauley. “We greatly appreciate the support Huntington has demonstrated for West Virginia’s entrepreneurs when it is most needed and for using SBA’s guaranty loan program.”

    Selected as West Virginia’s Community Bank of the Year for 2010 was Wheeling-based Main Street Bank. Both Huntington National Bank and Main Street Bank and their respective representatives will be recognized at the 2010 Small Business Lending Conference at Seven Springs Mountain Resort on Thursday, March 12, 2010.

Main Street Bank named West Virginia's Top SBA Community Lender

    CLARKSBURG, W.VA. – Judy McCauley, District Director of the U.S. Small Business Administration’s West Virginia District Office recently announced Main Street Bank, headquartered in Wheeling, as the Top SBA Community Bank in West Virginia for fiscal year 2009.

    Main Street Bank, through SBA’s guaranteed loan programs, provided funding for 26 small businesses for nearly $1.7 million. The 26 loans represented nearly 17 percent of the total West Virginia SBA guaranteed loan volume for the period of October 1, 2008 through September 30, 2009.

    Since the signing of the Recovery Act on February 17, 2009, Main Street Bank has used SBA’s loan guarantee to fund 43 small businesses for a total of $2.85 million as of February 24, 2010. They are also the top producer of SBA’s America’s Recovery Capital (ARC) loans in West Virginia having provided 31 small businesses with ARC loans through March 1, 2010 and are “unofficially” credited for making the first ARC loan in the United States.

    Rich Lucas, President of Main Street Bank stated, “Being a community bank, we have been keenly aware of what jobs mean to our area. With the help of the SBA directly through their various loan programs, we have been able to verify 200 jobs were saved or created in the Wheeling area during 2009. The outreach and support from the SBA office has been terrific, and although 2009 was a banner year for us in SBA lending, we have always used SBA resources since our beginnings in 2001. Their programs and services offer a tremendous value for keeping customers in business and people employed.”

    “The West Virginia District Office is proud to be able to recognize Main Street Bank for their outstanding accomplishments in providing capital to the West Virginia small business community,” said McCauley. “Since their creation in 2001, they have always been a strong supporter of entrepreneurship and continue to be a leader among community banks in West Virginia. Their use of SBA’s guaranty loan programs has been unmatched.”

    Selected as West Virginia’s Top Small Business Lender of the Year for 2010 was Huntington National Bank. Both Main Street Bank and Huntington National Bank and their respective representatives will be recognized at the 2010 Small Business Lending Conference at Seven Springs Mountain Resort on Thursday, March 12, 2010.

Unemployment up in every West Virginia county in January

    CHARLESTON - West Virginia's unemployment rate jumped nearly two percentage points to 10.5 percent in January 2010. All counties reported rising unemployment rates as well. 

    The number of counties recording an unemployment rate considered much worse than average when compared to the state rate declined slightly in January. This group included Grant (15.9), Wirt (16.2), Clay (16.5), Wetzel (16.8), Roane (16.8), and Calhoun (21.3). 

    The number of counties recording an unemployment rate considered better than average when compared to the state rate was unchanged in January. This group included Cabell (8.7), Kanawha (8.6), Marion (8.5), Putnam (8.2), and Jefferson (7.8). 

    Once again, Monongalia (5.8) was the sole county recording an unemployment rate considered much better than average when compared to the state rate.

2010 West Virginia Small Business Award Winners Announced

    CLARKSBURG – Judy K. McCauley, director of the U.S. Small Business Administration’s West Virginia District Office today announced the 2010 West Virginia Small Business award recipients.

    Selected as West Virginia’s 2010 Small Business Person of the Year is Craig W. Hartzell, president of Azimuth, Incorporated headquartered in Morgantown, W.Va. As West Virginia’s top small business person, Hartzell will be competing against entrepreneurs from every state, the District of Columbia, Puerto Rico, and Guam for the title of National Small Business Person of the Year during SBA’s 47th Annual National Small Business Week event in Washington D.C. on Tuesday, May 25, 2010.

    Other top West Virginia entrepreneurs and small business champions selected include as the 2010 SBA Young Entrepreneur, Jalon “Jay” Petre, president of Renick Millworks, LLC located in Renick, W.Va.

    Thomas and Rosemary Grant, owners of First Choice Bookkeeping, Inc. of Huntington have been selected as the 2010 Financial Services Champion.

    West Virginia’s 2010 Minority Small Business Champion is Diane Lewis, president of Action Facilities Management based in Morgantown, W.Va.

    Kara Gray, owner of New Horizon Consulting in Dallas, W.Va. has been named as the 2010 Women in Business Champion for West Virginia.

    West Virginia’s Jeffrey Butland Family-Owned Small Business for 2010 is L.J. Hughes & Sons, Inc. in Summersville, W.Va. The firm is in its third generation of family ownership with brothers David M. Hughes, and John M. Hughes along with cousin Fletcher G. Herold, Jr. overseeing daily operations of the business. The company not only was chosen as West Virginia’s top Family-Owned small business, but was also selected as the Regional Award Recipient for SBA’s Region III which encompasses the states of Delaware, Maryland, Pennsylvania, Virginia, West Virginia, and the District of Columbia.

    And finally, chosen as West Virginia’s 2010 Small Business Exporter is Scott M. Hedges, president and Michael J. Grady, vice president of Power Sonix, Inc. located in Martinsburg, W.Va.

    These top entrepreneurs and small business champions will be honored during West Virginia’s 2010 Small Business Awards Celebration on Thursday, May 13, 2010 at the Tamarack Conference Center in Beckley, W.Va.

    The celebration will be hosted by the West Virginia Women’s Business and Training Center and is set to run from noon until 2:00 p.m. on May 13. Cost is $40 per person. To register, contact Karen Jones at (800) 766-4556, via email at kjones@westvirginiawbc.org , or register online at www.westvirginiawbc.org .

Rockefeller introduces legislation to suspend EPA action on greenhouse gases

    WASHINGTON, D.C. — U.S. Sen. Jay Rockefeller, D-W.Va., today introduced legislation to suspend potential Environmental Protection Agency (EPA) regulation of greenhouse gases from stationary sources for two years. 

    “Today, we took important action to safeguard jobs, the coal industry, and the entire economy as we move toward clean coal technology,” said Rockefeller. “This legislation will issue a two year suspension on EPA regulation of greenhouse gases from stationary sources—giving Congress the time it needs to address an issue as complicated and expansive as our energy future. Congress, not the EPA, must be the ideal decision-maker on such a challenging issue.

    “Two weeks ago, I sent a letter to EPA Administrator Lisa Jackson challenging EPA’s potential regulation of greenhouse gases. Administrator Jackson responded quickly and showed some willingness to move the agency’s timetable for regulation to the end of 2010. This is a positive change and good progress, but I am concerned it may not be enough time. We must set this delay in stone and give Congress enough time to consider a comprehensive energy bill to develop the clean coal technologies we need. At a time when so many people are hurting, we need to put decisions about clean coal and our energy future into the hands of the people and their elected representatives, not a federal environmental agency.” 

    Congressman Nick Rahall (D-WV) is introducing the House of Representatives companion legislation, with Reps. Alan Mollohan (D-WV) and Rick Boucher (D-VA) as cosponsors.

    “I am dead-set against the EPA’s plowing ahead on its own with new regulations to limit greenhouse gas emissions from coal-fired power plants,” Rahall said. “This is reasonable and responsible legislation that will protect a vital industry – coal – and essential jobs for West Virginia and the Nation.”

    “EPA must be stopped from moving further down this very dangerous road – one that would throw West Virginians out of work and increase energy prices for all Americans,” Mollohan said. “Climate change will remain deeply controversial, but our approach is the only one that has a chance of bringing all sides together to stop what most everyone agrees is a very bad idea – EPA pushing ahead with its own regulations.”

    “EPA regulation of greenhouse gases would be the worst outcome for the coal industry and coal related jobs,” Boucher said. “Our bill is a responsible, achievable approach which prevents the EPA from enacting regulations that would harm coal and gives Congress time to establish a balanced program.”

    In 2007, the U.S. Supreme Court ruled that greenhouse gases like carbon dioxide could be considered pollutants and gave the EPA the power to regulate them under the Clean Air Act. In the absence of legislation, the EPA has the power – and is legally mandated by the Supreme Court – to step in and address carbon emissions. 

    In response to that court mandate, the EPA has plotted a course for regulating carbon emissions from vehicles and stationary sources. Accordingly, the plan for stationary sources would hit large emitters – like coal-burning power plants – up front, while smaller emitters would be addressed later. 

    To address the near-term challenges to coal posed by the planned EPA regulation, Rahall, Mollohan, and Boucher are proposing a two-year suspension of EPA’s regulatory authority for stationary sources.

    The legislation has received the support of the United Mine Workers of America.

Petroleum Development Corporation reports net loss in 2009

    DENVER  -- Petroleum Development Corporation today reported its 2009 fourth-quarter and year-end operating and financial results.

    The company reported a net loss attributable to shareholders for the year ended December 31, 2009, of $79.3 million, or $4.82 per share, compared to a net gain of $113.3 million, or $7.63 per diluted share, for the same prior year period. The company's adjusted net loss attributable to shareholders for the year ended 2009 was $2.9 million, or .18 per share, compared to adjusted net income of $39.7 million, or $2.67 per diluted share, for the year ended 2008.

    The net loss attributable to shareholders in the fourth-quarter 2009 was $16.0 million, or .84 per share, while net income for the same period ended December 31, 2008 was $41.1 million, or $2.78 per diluted share. The adjusted net loss for the fourth-quarter was .7 million or .04 per share compared to an adjusted net loss for the same period in 2008 of $4.3 million or .29 per share.

    Annual production for the year ended December 31, 2009 increased 11.8% to 43.3 Bcfe, compared to 38.7 Bcfe in 2008. Production growth in 2009 was 100% organic from the development of existing core operating areas. Fourth-quarter 2009 production decreased 8.3% to 10 Bcfe compared to third-quarter 2009 production of 10.9 Bcfe, and decreased 11.4% compared to the fourth-quarter 2008 production of 11.3 Bcfe. The decrease was a result of the Company's capital expenditure reduction in 2009. During 2009, the Company drilled 79.2 total net wells compared to 333.4 total net wells drilled in 2008. The 2009 total was comprised of 71.2 net development wells drilled and 8.0 net exploratory wells drilled.

    Adjusted cash flow from operations, a non-GAAP measure defined below, decreased to $170.2 million for the year ended 2009 compared to $199.9 million in 2008, a decrease of 14.9%. Adjusted cash flow from operations for the fourth-quarter 2009 was $55.5 million, compared to the same period in 2008 of $41.2 million, an increase of 34.7%.

    Total proved reserves as of December 31, 2009 were 717 Bcfe compared to 753 Bcfe of total proved reserves reported at the end of 2008. New SEC reserve guidelines stipulate the adoption of several changes to the methodology utilized to quantify year-end reported reserves. The change in pricing from a year-end spot price to a 12-month average price had the most significant impact on the year-over-year reduction in the company's year-end 2009 reported reserves. Reserve values in 2009 were based on an average natural gas price of $3.17/Mcf and an average oil price of $54.64/Bbl, versus an average year-end spot natural gas price of $4.98/Mcf and a year-end spot average oil price of $37.85/Bbl in 2008. Using year-end spot pricing methodology, as was used at year-end 2008, reserve values would have been valued at $5.51/Mcf for natural gas and $72.91/Bbl for oil on December 31, 2009, and reported reserves would have been 811 Bcfe. At year-end 2009, natural gas and oil represented approximately 84.9% and 15.1% of proved reserves, respectively. Additionally, approximately 41.2% of the proved reserve total was developed and approximately 58.8% was undeveloped.

    Petroleum Development Corporation (www.petd.com ) is an independent energy company engaged in the development, production and marketing of natural gas and oil. Its operations are focused in the Rocky Mountains with additional operations in the Appalachian Basin and Michigan. PDC is included in the S&P SmallCap 600 Index and the Russell 3000 Index of Companies.

WorkForce West Virginia receives $1.9 million broadband grant

    CHARLESTON — The U.S. Department of Commerce’s National Telecommunications and Information Administration (NTIA) today announced a $1.9 million Recovery Act investment to enhance and expand public-use computers, connection speeds and wireless capabilities at 20 WorkForce West Virginia One Stop field offices across the state.

    Funds will bridge the technology gap and increase economic opportunities for the unemployed or disabled, veterans, youth, older adults and low-income individuals in West Virginia. 

    Although One Stop locations have existing computer equipment, most lack the resources to offer a modern computer center or the ability to provide a true broadband Internet experience.

    “Broadband technology is a must-have career tool,” said Russell Fry, acting executive director for WorkForce West Virginia. “Funding will allow us to replace all of the existing computer workstations at the centers, add new workstations and serve almost 2,300 additional users per week, nearly doubling current traffic.”

    WorkForce West Virginia will purchase new equipment for each center, upgrade to faster broadband connections and add video conferencing at each site. Upgrades will give clients the opportunity to improve existing skills, learn a new skill and find jobs.

    This is the second grant awarded to West Virginia by the U.S. Department of Commerce for broadband development in recent weeks. Last month, a $126 million award was announced that will take the state’s technology infrastructure to a new level, particularly for the more rural parts of West Virginia.

WorkForce West Virginia is a network of work force development services designed to provide West Virginia's citizens and employers the opportunity to succeed in today’s competitive global economy. For more information, visit www.workforcewv.org .

WVU receives $14.5 million in federal funding for new animal facility annex

    WASHINGTON, D.C. – West Virginia University has received more than $14.5 million in American Recovery and Reinvestment Act (ARRA) funding for the construction of a new animal research facility annex at West Virginia University (WVU). The funding is being made available as a research facilities construction grant within the Department of Health and Human Services’ National Center for Research Resources.

    WVU will use the funds to construct a 22,000-square-foot building, adjacent to the Robert C. Byrd Health Sciences Center, to meet the infrastructure needs of current and future biomedical researchers who use laboratory animals. The new facility will include modern animal housing space, with independent air handling and other biosafety features. The grant will help the Health Sciences Center (HSC) move forward with a long-term strategic plan for developing research facilities and expanding research programs in cancer, neurosciences and other areas of biomedical research.

    It complements the new laboratory space that has already been constructed on campus, including the Erma Byrd Biomedical Research Center, completed in 2008. The new vivarium will provide current and future researchers with a core facility for animal-related activities. The building is the second phase of a project to replace the HSC’s original animal quarters, built in 1957, which are inadequate to meet modern standards for the care and use of research animals. The first phase is currently under construction.

    According to WVU officials the new facility is expected to result in 253 additional permanent jobs on the WVU campus, including 13 directly in the animal quarters and 240 in biomedical research laboratories around the Health Sciences Center. During construction, the project will add 113 jobs to the local community.

WVU graduate donates $1 million to his alma mater for engineering research

    MORGANTOWN -- George Bennett, a West Virginia University graduate who founded four successful businesses and reshaped the practice of management consulting, has contributed $1 million to his alma mater.

    The gift will be used to support research in energy, nanotechnology, biomedical sciences, and biometrics in WVU’s College of Engineering and Mineral Resources, and is eligible for matching funds from the West Virginia Research Trust Fund.

    “This gift reflects the gratitude I feel for the excellent foundation I received at West Virginia University,” said Bennett, “and my confidence in the future of the University, the College of Engineering and Mineral Resources, and the state of West Virginia.”

    WVU President James P. Clements said, "George Bennett has been a generous friend and advisor to his alma mater over the years, and his latest gift to support research in areas important to our state, nation and world -- such as energy, nanotechnology, biomedical sciences, and more -- will help advance WVU's work and discoveries in these areas."

    Bennett earned his bachelor’s degree in industrial engineering from WVU in 1967 and master’s and doctoral degrees in industrial administration from Carnegie Mellon University in 1971. In 1982, he was inducted into the WVU Academy of Industrial Engineers. In January, he was inducted into the WVU Academy of Distinguished Alumni.

    Bennett launched his entrepreneurial career in 1973 as a co-founder of Bain & Co., a large, top-tier international consulting firm whose clients have historically outperformed the stock market by four to one. The company has offices in 27 countries on five continents.

    In 1976, Bennett founded Braxton Associates, Inc., a boutique strategy consulting firm with a reputation for innovation and creativity. The firm was acquired in 1984 by Deloitte Touche Tohmatsu International, one of the world’s largest professional service firms.

    In 1985, Bennett co-founded Symmetrix, Inc., a consulting firm that developed extensive system integration and re-engineering capabilities. He served as its chairman and chief executive officer from 1985 to 1996. In 1996, the firm was sold to Nextera Enterprises.

    Bennett served as an important adviser to David C. Hardesty during his tenure as president of WVU from 1995 to 2007, sharing his management consulting expertise to help the University develop best practices and propel it forward.

    Bennett and Chris McKown founded Health Dialog in 1997. The firm provides analytic services for health-care payers and telephonic and Web support to patients. The firm is well known for the scale of its databases and the sophistication of its analytic techniques. Bennett served as both CEO and chairman of the board until 2008, when the firm was sold.

    Bennett spent a year in Washington in the early 1980s as a member of the Grace Commission, created by President Ronald Reagan to bring state-of-the-art business practices to the federal government. Bennett has remained active in Washington and has been an active participant in the ongoing debate regarding health reform.

    The West Virginia Research Trust (RTF), passed by the State Legislature in 2008, provides $35 million in state funds for research at WVU, provided the University can raise an equivalent amount in private contributions within five years. RTF funds support research in energy, nanotechnology, bio-sciences and/or biometrics.

    The gift was made through the WVU Foundation, a private non-profit corporation that generates and provides support for West Virginia University.

Tri-State Airport to receive $900,000 federal grant for new connector taxiway

    HUNTINGTON — Tri-State Airport in Huntington, W.Va. will receive $906,838 in federal funding to move forward with construction of a new connector taxiway to serve general aviation growth.

    “This is important for southern West Virginia,” said U.S. Rep. Nick Rahall, who is Vice-Chairman of the House Transportation and Infrastructure Committee. “This money supports a capacity project that will create opportunities for business development and expand our regional economy.”

    The airport funding was awarded through the FAA’s Air Improvement Program (AIP), which provides significant funding to local airports, helping them expand airport runways and improve facilities. This grant is part of an effort to fund key infrastructure projects at airports across West Virginia and the nation.

    “This is really good news and we greatly appreciate the opportunity to have this funding,” said Jerry Brienza, Tri-State Airport Director. “Congressman Rahall is a great supporter of our airport and we so appreciate all that he does for us.”

    “Investments in infrastructure projects, like our airports, are central to the American way of life, but critically essential to the health and well-being of southern West Virginia’s economy,” said Rahall. “This is this kind of project that re-opens our plants doors, and gets our industries cranking and will pay dividends not only now, but for generations.”

    This grant will provide federal funding to convert an outdated and unused runway into a new connector taxiway that will provide access to the airport’s south apron and future hanger development area, facilitating growth and development of general aviation services.

SBA, SCORE to host free webinar on social media marketing

    CHARLESTON – The U.S. Small Business Administration and West Virginia SCORE, Counselors to America’s Small Businesses, is sponsoring the free webinar “Social Media Marketing for Small Business” from Noon to 1 p.m. on Friday, March 12, 2010 and on Friday, April 9, 2010. Registration is available online at www.wvscore.org or by calling (304) 347-5220.

    Social media has exploded as an inexpensive and highly effective way for small businesses to reach out and interact with customers. This webinar provides participants with an overview of business uses for Facebook, Twitter, LinkedIn, and blogging.

    Kara Gray of New Horizon Consulting is the presenter. Interested business owners can participate in the training without leaving the comfort of their own office. All that is needed is a telephone and a computer.

Conference to examine Morgantown area's economy

    MORGANTOWN -- The Morgantown Economic Outlook Conference, Wednesday, March 17, from 8 a.m. to noon at the Waterfront Place Hotel, will examine the area’s economic performance and outlook and the future of the global economic crisis.

    Morgantown has continued to grow during the past year, in contrast to huge job losses for the state and nation, but the pace of local job growth has dropped significantly. Presentations at the conference will consider the economic outlook for 2010 and beyond and contrast local prospects with forecasts for the state and nation.

    The conference, presented by the WVU College of Business and Economics, will closely examine the national economic slowdown and what it means for job, population and income levels in the Morgantown metropolitan area, which includes Monongalia and Preston counties.

    Dr. James P. Clements, WVU president, will provide the opening remarks. The conference will feature economists Dr. George Hammond of the University’s Bureau of Business and Economic Research and Dr. Nigel Gault of IHS Global Insight, an international economic forecasting firm. Economic forecasts and analysis of the Morgantown Metropolitan Statistical Area for the next five years will be distributed at the event.

    Other speakers at the conference include Charles W. Huguenard (vice president and general manager, Longview Power), Corky DeMarco (executive director, West Virginia Oil and Natural Gas Association) and Parry Petroplus (president, Petroplus and Associates, Inc.). Registration costs $40 per person ($55 after March 12). Student registration is $20 with ID. To register visit www.be.wvu.edu or call 304-293-7831.

West Virginia's unemployment rate rises to 10.5 percent in January

    CHARLESTON — West Virginia’s unemployment rate jumped nearly two percentage points to 10.5  percent in January, WorkForce West Virginia has reported. The number of unemployed state residents rose 15,300 to 82,400. Total unemployment was up 29,600 over the year. 

    Total nonfarm payroll employment declined 22,300, with losses of 5,800 in the goods-producing sector and 16,500 in the service-providing sector. Within the goods-producing sector, losses were led by a seasonal decline of 4,500 in construction. Other losses included 600 in mining and logging and 700 in
manufacturing. Declines within the service-providing sector were driven by seasonal losses of 5,300 in trade, transportation, and utilities and 4,700 in government. Other declines included 2,800 in leisure and hospitality, 1,500 in educational and health services, 1,400 in professional and business services, 700 in financial activities, and 100 in information. Employment in other services was unchanged over the month. 

    Since January 2009, total nonfarm payroll employment has fallen 23,000, with losses of 13,900 in the goods-producing sector and 9,100 in the service-providing sector. Declines included 5,200 in mining and logging, 4,900 in manufacturing, 4,600 in trade, transportation, and utilities, 3,800 in construction, 3,100 in leisure and hospitality, 2,600 in professional and business services, 1,600 in financial activities, 800 in information, and 800 in other services. Employment gains include 3,300 in educational and health services and 1,100 in government. 

    West Virginia’s seasonally adjusted unemployment rate climbed three-tenths of a percentage point to 9.3 percent, while the national rate declined three-tenths of a percentage point to 9.7 percent.