WV SB547

Renames the "Charter Schools Stimulus Fund" to the "Charter Schools Startup Fund" and expands eligible uses to include personnel costs, instructional materials, books, computers, furniture, internet/phone installation, and security systems in addition to building renovations and school buses

Requires charter school applicants to submit a separate application to the West Virginia Professional Charter School Board to receive startup funds, with the board required to notify all potential applicants of funding availability

Establishes competitive preference for applicants not working with education service providers when the number of applicants exceeds available funding

Provides initial grants of up to $300,000 to qualifying charter schools, which may be awarded as soon as a valid contract is signed and as late as the end of the school's second year of operation

Requires repayment of grants plus 10% annual interest if a charter school fails to begin operating within 30 months of receiving funds, with additional grants of up to $100,000 available to schools that received initial grants