- (304) 254-8115
- (681) 207-7471
- info@nrgrda.org
Finding the right resources and funding to maintain and expand your business can be challenging. Our organization has developed the right processes to ensure each and every business in our region has the opportunity and access to the necessary resources to thrive.
Like the old saying goes, “You have to spend money to make money.” Below are a few options we have developed to help you gain access to capital for your business. Not only do we manage our own micro-loan programs, but we can help you leverage your investments to make sure you have all the resources you need to grow.
Small businesses continue to make important contributions to our national economy and the New River Gorge Regional Development Authority (NRGRDA) supports the continued growth of West Virginia’s economy and seeks to educate and serve the small business community. The NRGRDA is an economic development organization focused on building and diversifying the economies of Fayette, Nicholas, Raleigh and Summers county.
Here you will find information about financial resources available to small businesses. We concentrate on sources of capital located in or actively serving West Virginia, and more specifically southern West Virginia. The resources cited are illustrative and do not represent a complete list of all useful materials to be found online. Should additional research be desired, this section provides the foundation and approach for accomplishing such a task.
Whether you are seeking start-up financing, on the hunt for expansion capital or an organization that aids small businesses in obtaining financing this section is intended to serve as a resource for all. Each funding source is briefly identified and accompanied by a list of contacts. It is the responsibility of the user to further explore these resources and carefully review their submission criteria and guidelines. Every company or individual looking for start-up funding should have a well thought-out, detailed business plan, including financial projections. Existing businesses will need a plan with both historical and projected financial information. Only then can the needs of the applicant seeking capital be fully evaluated and properly met by the investor or lender.
601 Grant St, Pittsburgh, PA 15219 | (800) 288-3400 | www.fhlb-pgh.com
| PROGRAM | TYPE OF ASSISTANCE | ELIGIBLE APPLICANTS | ELIGIBLE ACTIVITIES |
|---|---|---|---|
| Banking on Business | Loan: Maximum of $200,000 | For-Profit | Building purchase, land acquisition, facility expansion, machinery and equipment purchase, leasehold improvements, capital, closing costs. |
320 W Pike St Suite 330, Clarksburg, WV 26301 | (304) 623-7440 | www.sba.gov/wv
| PROGRAM | TYPE OF ASSISTANCE | ELIGIBLE APPLICANTS | ELIGIBLE ACTIVITIES |
|---|---|---|---|
| Basic and Small 7A Program |
Small Loan: Maximum of $350,000 Basic Loan: Maximum of $5,000,000 | Businesses that meet the SBA definition of a small business. | Real estate acquisition, equipment, leasehold improvements, inventory and working capital. |
| SBA Express | Loan: Maximum of $350,000 | Businesses that meet the SBA definition of a small business. | Revolving lines of credit and/or term loans the same as the 7A program. Business must meet SBA’s size standards, nature of business, use of proceeds, credit requirements, and other eligibility factors. |
| SBA Veterans Advantage | Loan: Up to $350,000 Processed under Express; Up to $5M Processed under 7A. | Businesses that meet the SBA definition of a small business. |
Real estate acquisition, equipment, leasehold improvements, inventory and working capital. Revolving lines of credit and/or term loans the same as the 7A program. Business must meet SBA’s size standards, nature of business, use of proceeds, credit requirements, and other eligibility factors. |
| International Trade Loan | Loan: Up to $5M (SBA guaranteed portion $4.5M) | Businesses that meet the SBA definition of a small business. | Acquire, renovate, modernize facilities or equipment used in making products or services to be exported. Working capital and to refinance business debts on unreasonable terms. |
| Export Working Capital Loan | Loan: Up to $5M (SBA guaranteed portion $4.5M) | Businesses that meet the SBA definition of a small business. | Short-term working capital to cover the costs of filling export orders, including ability to support Export Stand-By Letter of Credit. |
| CAPLines (Working Capital, Contract, Seasonal, Builders) | Loan: Up to $5,000,000 | Businesses that meet the SBA definition of a small business. | Seasonal and/or short term working capital; construction costs; advances against existing inventory and receivables; consolidation of short term debt. |
| Community Advantage | Loan: Up to $250,000 | Businesses that meet the SBA definition of a small business. | Real estate acquisition; equipment; leasehold improvements; inventory and working capital. |
| Small Business Innovation Research |
Grant Phase I: Up to $150,000 Grant Phase II: Up to $1,000,000 | Businesses that meet the SBA definition of a small business. Selection is through an RFP process. | Research and development; Commercialization of technology, products, or services. |
481 Ragland Road, Beckley, WV 25801 | (304) 252-4343 | www.rd.usda.gov/wv
| PROGRAM | TYPE OF ASSISTANCE | ELIGIBLE APPLICANTS | ELIGIBLE ACTIVITIES |
|---|---|---|---|
| Business and Industry | Loan: Lender and borrower negotiate terms. Interest rate tied to published rate that may change no more often than quarterly. | For-Profit | Acquisition, start-up and expansion of businesses that create rural employment. |
| Value-Added Producer Grants | Grant: Awarded on a competitive basis. | Independent producers, farmers, agricultural cooperatives | Planning purposes such as conducting feasibility studies or business plans; or as working capital to help start of expand the operations of a venture. |
| Rural Energy for America Program |
Loan Guarantee: Loans cannot exceed 75% of eligible project costs. Grant: Awarded on a competitive basis. Grants may not exceed 25% of eligible project costs. | Agricultural producers; small businesses | Renewable energy projects, energy efficiency improvements and energy audit and renewable energy development assistance. |
1009 Bullitt Street, Charleston, WV 25301 | (304) 414-6501 | www.wvinfrastructure.com
| TYPE OF ASSISTANCE | ELIGIBLE APPLICANTS | ELIGIBLE ACTIVITIES |
|---|---|---|
| Loan: Up to $3,000,000 (Loans can be performance based and forgivable) | Any West Virginia business | Fixed assets (Up to 10 years of the useful life of equipment; Up to 20 years on real estate) |
1012 Kanawha Boulevard East, Charleston, WV 25301 | (304) 345-6200 | www.wvjit.org
| TYPE OF ASSISTANCE | ELIGIBLE APPLICANTS | ELIGIBLE ACTIVITIES |
|---|---|---|
| Short term Investments usually structured as convertible preferred equity or subordinated loans with stock options. | Companies with outstanding growth potential based on: Location; Investment structure; Industry; Management; Market | Varies depending on the needs of each company. |
245 Kelly Avenue, Oak Hill, WV 25901 | (304) 469-6364 | www.wvjit.org/wvcap
| PROGRAM | TYPE OF ASSISTANCE | ELIGIBLE APPLICANTS | ELIGIBLE ACTIVITIES |
|---|---|---|---|
| Seed Capital Co-Investment Fund | Loan: Maximum of $500,000 | Businesses that meet the SBA definition of a small business. | Development of intellectual capital; market analysis; prototype development; hire personnel. |
| Subordinated Debt Fund | Loan: Maximum of $500,000 | Businesses that meet the SBA definition of a small business. | Equipment; facility expansion; working capital. |
| Collateral Support Fund | Loan: Maximum of $250,000 | Businesses that meet the SBA definition of a small business. | Provides additional collateral support. |
| Loan Guaranty Fund | Loan Guaranty: Maximum of $250,000 | Businesses that meet the SBA definition of a small business. | Working capital. |
| Operating Assistance Fund | Technical Assistance | Businesses that meet the SBA definition of a small business. | Business plans; financial models; market research; product development; marketing; management systems. |
180 Association Drive, Charleston, WV 25311 | (304) 558-3650 | www.wveda.org
| PROGRAM | TYPE OF ASSISTANCE | ELIGIBLE APPLICANTS | ELIGIBLE ACTIVITIES |
|---|---|---|---|
| Direct Loan Program | Loan: 45% of the total project costs ($50,000‐$800,000) | Existing and expanding WV companies currently targeted by the WVDO | Fixed assets including land, buildings, site preparation, construction, machinery and equipment. |
| Major Project Program | Loan: 45% of the total project costs ($800,001‐$10,000,000) | Existing and expanding WV companies currently targeted by the WVDO | Fixed assets including land, buildings, site preparation, construction, machinery and equipment. |
| Loan Insurance Program | Loan: Up to 80% of a bank loan (Not to exceed $500,000) | Existing and expanding WV companies currently targeted by the WVDO | Fixed assets including land, buildings, site preparation, construction, machinery and equipment. |
| Leveraged Technology Loan Program | Loan: Up to 90% of a bank loan (Not to exceed $500,000) | Businesses implementing an innovative technology for manufacturing products or high value services. | Funds may only be used for working capital for raw materials, production, inventory, product commercialization, marketing. |
5710 MacCorkle Ave SE, Charleston, WV 25304 | (304) 391-8600 | www.wvhdf.com
| PROGRAM | TYPE OF ASSISTANCE | ELIGIBLE APPLICANTS | ELIGIBLE ACTIVITES |
|---|---|---|---|
| Mini‐Mod Rehab Program | Loan: Up to $300,000 ($25,000 per unit with first lien; $20,000 per unit with second lien) | Mixed use projects with ground floor commercial space and upper floors of affordable housing. | Fixed assets including land, buildings, site preparation, and construction. Funding for predevelopment expenses is on a case by case basis. |
| Leveraged Loan Program | Loan: No maximum nor minimum | Mixed use projects with ground floor commercial space and upper floors of affordable housing. | Fixed assets including land, buildings, site preparation, and construction. Funding for predevelopment expenses is on a case by case basis. |
Building 3, Suite 100, State Capitol Complex, 1900 Kanawha Boulevard East, Charleston, WV 25305 | (304) 558-2200 | www.wvtourism.com
| PROGRAM | TYPE OF ASSISTANCE | ELIGIBLE APPLICANTS | ELIGIBLE ACTIVITIES |
|---|---|---|---|
| Large Grants Marketing Program (Requires collaboration between applicant and partner organization) | Grant: Minimum of $10,000 (Will pay for 50% of the total costs of projects that are at least $20,000) | For-Profit or Nonprofit entity located within the state that promotes tourism and is a destination. Applicant must Partner with an entity located within the state making a financial contribution toward the applicant's match requirement for a collaborative marketing program. | Printed material, including the printing of direct mail and travel related literature; Print media; Television and radio; Internet media; Billboards; Production expenses (with some limitations); Website development & design. |
| Small Grants Marketing Program | Grant: Up to $7,500 (Applicant must provide at least 25% of the total project costs) | For-Profit or Nonprofit entity located within the state that promotes tourism and is a destination. Applicant must Partner with an entity located within the state making a financial contribution toward the applicant's match requirement for a collaborative marketing program. | Printed material, including the printing of direct mail and travel related literature; Print media; Television and radio; Internet media; Billboards; Production expenses (with some limitations); Website development & design. |
804 Industrial Park Road, Maxwellton, WV 24957 | (304) 497-4300 | www.gvedc.com
| PROGRAM | TYPE OF ASSISTANCE | AREAS SERVED | ELIGIBLE APPLICANTS | ELIGIBLE ACTIVITIES |
|---|---|---|---|---|
| Micro‐Loan Program | Loan: $1,000 to $15,000 | Greenbrier, Monroe, Pocahontas | Business may not employ more than 10 people. | Acquisition and development of real estate; business construction; equipment; materials; inventory; pollution control; start up costs; professional services. |
| Intermediary Relending | Loan: Up to $125,000 | Greenbrier, Monroe, Pocahontas | For-Profit | Acquisition and development of real estate; business construction; equipment; materials; inventory; pollution control; start up costs; professional services. |
| Rural Business Enterprise Loan | Loan: Up to $50,000 | Greenbrier, Monroe, Pocahontas | For-Profit businesses with emphasis on female CEOs. | Acquisition and development of real estate; business construction; equipment; materials; inventory; pollution control; start up costs; professional services. |
131 Perkins Ave, Dunbar, WV 25064 | (304) 768-8924 | www.wyomingcounty.com
| PROGRAM | TYPE OF ASSISTANCE | AREAS SERVED | ELIGIBLE APPLICANTS | ELIGIBLE ACTIVITIES |
|---|---|---|---|---|
| Micro‐Loan Program | Loan: $1,000 to $50,000 | Statewide | Disadvantage d businesses with 25 or fewer employees. | Renovations, inventory, working capital, furniture, fixtures, machinery and equipment. |
The Attar Center, 200 Main Street, Beckley, WV 25801 | (304) 254-8115 | www.nrgrda.org
| PROGRAM | TYPE OF ASSISTANCE | AREAS SERVED | ELIGIBLE APPLICANTS | ELIGIBLE ACTIVITIES |
|---|---|---|---|---|
| Micro-Loan Program | Loan: $7,500 to $15,000 | Fayette, Nicholas, Raleigh, Summers | Businesses with 15 or fewer employees who do not have access to traditional financing. | Renovations, furniture and fixtures, inventory, supplies, purchase of machinery/equipment, or working capital. |
PO Box 1828, Pineville, WV 24874 | (304) 732-6707 | www.wyomingcounty.com
| PROGRAM | TYPE OF ASSISTANCE | AREAS SERVED | ELIGIBLE APPLICANTS | ELIGIBLE ACTIVITIES |
|---|---|---|---|---|
| Small Business Fund | Loan: $5,000 to $50,000 | Statewide | New or existing businesses | Renovation, equipment, construction or working capital. |
| Micro-Loan Program | Loan: $1,000 to $15,000 | Statewide | New or existing businesses | Renovation, equipment, construction or working capital. |
| Revolving Loan Fund | Loan: $25,000 to $215,000 | Boone, Lincoln, Logan, McDowell, Mercer, Mingo, Wyoming | New or existing businesses | Renovation, equipment, construction or working capital. |
1439 E Main St Suite #5, Princeton, WV 24740 | (304) 431-7225 | www.regiononepdc.org
| TYPE OF ASSISTANCE | AREAS SERVED | ELIGIBLE APPLICANTS | ELIGIBLE ACTIVITIES |
|---|---|---|---|
| Loan: $10,000 to $100,000 | McDowell, Mercer, Monroe, Raleigh, Summers, Wyoming | Businesses that have been denied traditional financing; priority to those that provide permanent jobs for low‐ moderate income families; manufacturing jobs. | Fixed assets or working capital. |
PLEASE NOTE THE LENDER SOURCES AND PROGRAMS INFORMATION, INCLUDING BUT NOT LIMITED TO TYPES OF ASSISTANCE, AREAS SERVED, ELIGIBLE APPLICANTS AND ELIGIBLE ACTIVITIES, CONTAINED HEREIN IS FOR REFERENCE ONLY AND IS PROVIDED ON AN “AS IS” BASIS AND MAY BE SUBJECT TO CHANGE. CERTAIN TERMS AND CONDITIONS APPLY TO ALL LISTED LENDER PROGRAMS, LOANS, GRANTS AND OTHER SERVICES. FOR COMPLETE DETAILS, CONTACT AN AUTHORIZED REPRESENTATIVE OF THE RESPECTIVE LENDER SOURCE.
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