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Alternative Business Lenders & Financiers
of West Virginia
HUBTHE
Community Development HubWest Virginia
HUBTHE
Community Development HubWest Virginia
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CWVenture - Charleston Main Streets
WEBSITE https://www.cwvmainstreets.org/cwventure-microloan-program.html
LOCATION Charleston, WV
CONTACT (304) 767-9800
LENDING REGION Charleston, WV
LOAN TYPE
Loan terms range from one to three years. There are options to defer principal payments, amortize over longer periods, or establish seasonal schedules as needed. Rates will be no greater than the Prime Lending Rate at time of application, but no less than 1%. Rates will be addressed at time of loan approval.
New businesses/startups will have a limitation on the amount they can borrow. Loan terms are normally up to three years, but will be structured as follows:
Maximum term:
$500 - $1,000 / 1 year (12 months)
$1,001 - $2,500 / 2 years (24 months)
$2,501 - $5,000 / 3 years (36 months)
Alternative Business Lenders & Financiers of West VirginiaNeed a business loan to start, grow or sustain your business? Take a look at these local, regional and statewide alternatives to traditional banks. Many of these organizations are nonprofits focused on building and strengthening West Virginia businesses and communities.
For more locally based options for alternative lenders or information and support on business services and business planning, contact the WV Small Business Development Center:
WV Small Business Development Center (304) 558-2960 or visit http://wvsbdc.com Ask Me! Line: 888-WVA-SBDC or [email protected]
Glossary of Common Terms:Early Seed Capital: Seed-stage financings are often comparatively modest amounts of capital provided to inventors or entrepreneurs to finance the early development of a new product or service.
Intermediary Relending: Loans provided to local organizations (intermediaries) for the establishment of revolving loan funds. These revolving loan funds are used to assist with financing business and economic development activity to create or retain jobs in disadvantaged and remote communities.
Loan Terms: Regularly scheduled repayment terms over a set period of time for a loan.
Prime Lending Rate: A prime rate or prime lending rate is an interest rate used by banks, usually the interest rate at which banks lend to favored customers—i.e., those with good credit. As of May 2018, the prime lending rate was about 4.75 percent.
Principal Payment: A payment toward the amount of principal owed. Generally when a loan payment consists of only a principal and interest payment, the amount owed for interest is processed first and the remaining amount of the payment is applied to the principal balance.
Revolving Loan: It is an arrangement which allows for the loan amount to be withdrawn, repaid, and redrawn again in any manner and any number of times, until the arrangement expires.
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Community Works West Virginia
WEBSITE http://communityworkswv.org/intermediary-lending-program
LOCATION Charleston, WV
CONTACT (304) 965-2241
LENDING REGION Statewide
LOAN TYPEIntermediary Relending Program via USDA Rural Development, a commercial revolving loan fund to commercial developers in rural communities.
First Microloan of West Virginia
WEBSITE http://washingtoncountypa.org/loan-programs/west-virginia-sba-microloan/
LOCATION Wheeling, WV
CONTACT (304) 604-3560
LENDING REGIONBarbour, Brooke, Calhoun, Doddridge, Gilmer, Hancock, Harrison, Jackson, Lewis, Marion, Marshall, Monongalia, Ohio, Pleasants, Preston, Randolph, Ritchie, Taylor, Tucker, Tyler, Upshur, Wetzel, Wirt, and Wood Counties
LOCATION Charleston, WV
CONTACT (304) 281-0488
LENDING REGIONBoone, Braxton, Cabell, Clay, Fayette, Kanawha, Lincoln, Mason, Nicholas, Putnam, Raleigh, Roane, Wayne and Webster Counties.
LOAN TYPEThis SBA Microloan Program provides commercial loans from $5,000 to $50,000. The program provides financing at a fixed interest rate. The SBA Community Advantage 7A Program provides commercial loans up to $250,000. The SBA program provides financing at a fixed interest rate.
Greenbrier Valley Economic Development Corporation
WEBSITE http://gvedc.info/
LOCATION Maxwellton, WV
CONTACT (304) 497-4300
LENDING REGION Greenbrier, Monroe and Pocahontas Counties
LOAN TYPES
Micro Loans from $1,000 to $15,000 for businesses that employ 10 or less people, Intermediary Lending up to $125,000, or Rural Business Enterprise Loan up to $50,000 for businesses with the emphasis on female leadership. Loans vary but can be used for the acquisition and development of real estate; business construction; equipment and materials; inventory; pollution controls; start up costs; and professional services.
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INNOVA Commercialization Group
WEBSITE http://wvhtf.org/innova-commercialization-group/
LOCATION Fairmont, WV
CONTACT (304) 366-2577
LENDING REGION Statewide
LOAN TYPEEarly seed capital investment up to $500,000 for high growth industries and technology based businesses only. Fixed assets, working capital, equipment, prototype development, and support needed to launch and expand product development. Some limited grants for Technical Assistance available.
Mid-Ohio Valley Regional Council (MOVRC)
WEBSITE http://www.movrc.org
LOCATION Parkersburg, WV
CONTACTCarol Jackson, Business and Finance (304) 422-4993
LENDING REGIONPrimary region of Ritchie, Wood, Pleasants, Jackson, Calhoun, Roane, Tyler and Wirt counties. The program has expanded with limited offerings to Doddridge, Gilmer ,Mason, Taylor and Tucker Counties
LOAN TYPESRevolving loan program provides loan options that vary in their amounts and capabilities with a range from $2,000 to $250,000. Microloan program of up to $35,000 available statewide.
Mountain State Capital
WEBSITE http://mountainstatecapital.com/
LENDING REGION West Virginia, Pennsylvania, Ohio, Kentucky, Maryland, Virginia, North Carolina and Tennessee
LOAN TYPEMountain State Capital invests in early stage companies spanning a variety of technology and industry sectors, including but not limited to software, healthcare services, manufacturing, medical devices and energy technologies.
Natural Capital Investment Fund
WEBSITE http://www.ncifund.org
LOCATIONS Shepherdstown, Fairmont and Charleston, WV
CONTACTMarten Jenkins President and CEO 304 876-2815, ext 207
Justin White West Virginia Business Lender (304) 575-1462
Kevin O’Connor Senior Business Lender, West Virginia (304) 333-6743
LENDING REGIONNCIFund serves businesses located in West Virginia; North Carolina; the Appalachian regions of Maryland, Virginia, Kentucky, Tennessee, and Ohio; South Carolina; and south Georgia. NCIF focuses especially on businesses located in underserved rural and urban communities.
LOAN TYPESNatural Capital Investment Fund (NCIFund) is a business loan fund that provides debt financing to small and emerging businesses, with a particular focus on entrepreneurs and enterprises that are good stewards of natural resources. NCIF loans range from $10,000 to $2,500,000. Terms for the loans depend on the use of capital.
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New River Gorge Regional Development Authority (NRGRDA)
WEBSITE http://nrgrda.org
LOCATION Beckley, WV
CONTACTJoe Brouse, Director of Business Retention and Expansion (304) 254-8115
LENDING REGION The New River Gorge region of Fayette, Nicholas, Raleigh and Summers Counties
LOAN TYPEThe NRGRDA manages an internal loan program and assists businesses with gaining access to the capital they need to start-up and/or expand. NRGRDA partners with the WV Small Business Development Center to provide a full-time business coach for regional businesses to call upon for technical assistance in all areas of start-up and business operations.
The Progress Fund
WEBSITE https://www.progressfund.org/
LOCATION Greensburg, PA
CONTACTDavid A. Kahley, President & CEO 724-216-9160
LENDING REGION Pennsylvania, West Virginia and Maryland
LOAN TYPE
The Progress Fund provides financing from $20,000 to over $1 million to people who are starting, expanding or buying small businesses. Can be used to purchase property, restore and rehabilitate buildings, purchase inventory or equipment, buy the assets of an existing business, and for working capital. The interest rate is variable based on the risk of the project.
Terms are typically five to fifteen years. An origination fee and various closing costs are charged.
Region 1 Planning and Development Council
WEBSITE http://www.regiononepdc.org/
LOCATION Princeton, WV
CONTACT (304) 431-7225
LENDING REGION McDowell, Mercer, Monroe, Raleigh and Summers and Wyoming Counties
LOAN TYPE$10,000 - $100,000 loans for businesses that have been denied traditional financing; priority to those that provide permanent jobs for low to moderate income families; manufacturing jobs.. Up to 25 years for land, buildings, and permanent fixtures. Up to 10 years for equipment.
Regional Economic Development Partnership
WEBSITE http://redp.org/
LOCATION Wheeling, WV
CONTACT (304) 232-7722
LENDING REGION Serving Ohio and Marshall Counties
LOAN TYPES Revolving Loan Fund (RLF) Up to $350,000 per loan, Shared first lien position. Manufacturing companies eligible.
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WV Angel Investor Network
CONTACT (304) 888-6918 or [email protected]
LENDING REGION Statewide
LOAN TYPESeed capital, early stage capital for high growth industries and technology based businesses only. Maximum investment of $100,000. Activities related to business growth including: facility acquisition, equipment, working capital, intellectual property development.
The (WV) Center for Rural Health Development
WEBSITE http://wvruralhealth.org/LF/
LOCATION Hurricane, WV
CONTACTRobert Dearing, CFO and Loan Manager (304) 397-4071
John Reger, Loan Fund Consultant (304) 397-4071
LENDING REGION
Lending throughout West Virginia. Eligible borrowers include any licensed health care provider operating in West Virginia, with the exception of those operating in the city limits of Charleston, Huntington, Wheeling, Parkersburg and Morgantown. Borrowers include hospitals, private physician and dental practices, community health centers, long-term care providers, behavioral health providers, pharmacists and others.
LOAN TYPECapital improvement needs for the healthcare industry. The Center also offers project development and capital financing technical assistance to prospective borrowers to assist with effective project planning, design, construction and/or project finance for health care projects.
WVCAP Seed Capital Co-Investment Fund
WEBSITE http://www.wvjit.org/wvcap/
LOCATION Charleston, WV
CONTACTMichele O’Connor (304) 345-6200 or [email protected]
LENDING REGION Statewide
LOAN TYPE
The WVCAP Seed Capital Co-Investment Fund can provide funding of up to $500,000 to assist businesses in advancing intellectual capital, for market and competitive analysis, design and development of advance prototypes, to hire key personnel and more. Rates are competitive and market adjusted for risk (8-10%), with 1-5 year repayment terms. The Seed Capital program has a 100% match in which every $1 of WVCAP funding is matched by $1 of non-WVCAP capital.
West Virginia USDA Rural Development
WEBSITE https://www.rd.usda.gov/programs-services/business-industry-loan-guarantees
CONTACTLisa Sharp, RBS Program Director (304) 284-4871
LENDING REGION Rural areas in West Virginia
LOAN TYPE This program bolsters the availability of private credit by guaranteeing loans for rural businesses.
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Woodlands Community Lenders
WEBSITE http://www.wdgwv.org/woodlands-community-lenders.html
LOCATION Elkins, WV
CONTACTDave Clark, Executive Director (304) 636-6495
LENDING REGION Randolph, Tucker, and Barbour Counties
LOAN TYPEWoodlands Community Lenders is an affiliate of Woodlands Development Group. Loans are specifically earmarked for small businesses and non-profits that have difficulty obtaining financing elsewhere.
Wyoming County Economic Development Authority
WEBSITE http://wyomingcounty.com/loan-programs.aspx
LOCATION Pineville, WV
CONTACTChristy Laxton, Executive Director (304) 732-6707
LOAN REGION Lending throughout West Virginia, with the revolving loan funds targeted only to Southern West Virginia.
LOAN TYPE
West Virginia Small Business Fund has loans available statewide from $5,000–$50,000. Loan terms not to exceed 20 years. Revolving Loan Program offers financing and technical assistance designed to stimulate startups, foster expansion, and increase creation and retention of jobs in select counties in southern West Virginia. Loans are available from $25,000–$150,000 with a term not to exceed 20 years. West Virginia Microloan Program has loans available state-wide ranging from $1,000–$35,000 with a term not to exceed 10 years.
HUBTHE
Community Development HubWest Virginia
HUBTHE
Community Development HubWest Virginia
West Virginia Community Development Hub Energizing Entrepreneurial Communities
424A Shrewsbury Street, Charleston, WV 25301 (304) 533-1077 | http://wvhub.org
