Business Retention and Expansion

OPPORTUNITIES ABOUND

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.

FINANCIAL ASSISTANCE

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.

CAPITAL ACCESS

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.

LENDER SOURCES AND PROGRAMS

FEDERAL GOVERNMENT PROGRAMS

Federal Home Loan Bank

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.

Small Business Administration

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.

United States Department of Agriculture

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.

STATE GOVERNMENT SOURCES

Infrastructure and Jobs Development Council

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)

Jobs Investment Trust Fund Fifth Floor

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.

WV Capital Access Program

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.

WV Economic Development Authority

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.

West Virginia Housing Development Fund

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.

West Virginia Tourism

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.

PRIVATE, NOT-FOR-PROFIT AND LOCAL PROGRAMS

Greenbrier Valley Economic Development Corporation

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.

KISRA (Kanawha Institute for Social Research & Action)

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.

New River Gorge Regional Development Authority (NRGRDA)

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.

Wyoming County Economic Development Authority

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.

Region 1 Planning and Development Council

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.