As an effort to strengthen the New River Gorge Regional Development Authority’s assistance to the region’s small business community, in August 2001, the NRGRDA applied for grant funding through the WV Small Business Development Center. In December 2001, the NRGRDA was approved for $50,000 in micro loan seed funds. Based upon the level of loan activity that the NRGRDA has originated through this fund, the SBDC awarded the NRGRDA additional funding including $15,000 in 2005 and $50,000 in 2006, for a total capitalization of $115,000.
The intent of the micro loan program is to serve as an alternative source of financing for those prospective and existing small business owners who do not have access to capital through traditional sources. The micro loan proceeds are used by borrowers exclusively for working capital, inventory, supplies, furniture, fixtures, machinery, renovations and/or equipment. In no case are the funds used to refinance existing debt. Borrowers are referred to NRGRDA’s loan program through local Small Business Development Centers.
- The minimum loan amount is $7,500
- The maximum loan amount is $35,000
- The maximum loan term is 60 months
- Interest rates are fixed and range from prime rate to prime rate +4% and are set at the discretion of the NRGRDA’s loan review committee.
To speak with someone on the NRGRDA team about our loan programs, call (304) 254-8115 and ask for Joe Brouse. You can also email Joe at firstname.lastname@example.org.