In FY 2008, West Virginia Small Business Development Center (WVSBDC) played a vital role in economic development in West Virginia. Small business helps sustain the health of West Virginia’s economy; 97 percent of the state’s businesses are small and employ 54 percent of its nonfarm, private employees.
In FY 2008, WVSBDC provided 7,165 hours of coaching to 1,086 clients, creating and retaining 901 jobs.
| Jobs affected by coaching |
| Created |
61 |
| Retained |
105 |
| Jobs affected by loans |
| Created |
319 |
| Retained |
416 |
Investment
West Virginia small businesses received financing totaling more than $16.7 million.
| Investment Types |
Number |
Dollar Amount |
| Commercial Loan |
24 |
$4,550,060 |
| Grant |
16 |
$429,425 |
| Microloan |
5 |
$52,000 |
| Other |
12 |
$1,418,400 |
| Other Equity Inv |
4 |
$975,000 |
| Owner Inv |
25 |
$1,235,790 |
| SBA 504 |
2 |
$1,477,000 |
| SBA Loan |
20 |
$5,608,731 |
| SBA Community Express |
3 |
$85,000 |
| SBDC Micro Loan |
15 |
$208,000 |
| Venture Capital |
3 |
$550,000 |
| Veteran’s Administration |
2 |
$192,000 |
| Total |
131 |
$16,781,406 |
| Investment Uses Based on Number |
| Start-up |
41% |
| Expansion |
37% |
| Buyout |
16% |
| Restructuring |
3% |
| Rebuild |
3% |
Training Provided
WVSBDC offered 143 seminars and trained 1,989 entrepreneurs.
| Training Topic |
Number of Seminars |
| Pre-business start-ups |
47 |
| Financing a business |
2 |
| Marketing/sales |
28 |
| Business plan |
8 |
| Regulatory compliance |
23 |
| Customer relations |
6 |
| Legal issues |
4 |
| Accounting/budget |
2 |
| Managing a business |
11 |
| Procurement/purchasing |
1 |
| Women’s business |
1 |
| International Trade |
1 |
| Software Training |
3 |
| Other |
6 |
| Total |
143 |
Demographics
Of the 1,086 clients who received coaching, 427 were woman and 186 were minorities.
| Ownership Gender |
Number of Clients |
| Male |
637 |
| Female |
427 |
| Male/Female |
22 |
| Total |
1,086 |
| Veterans |
Number of Clients |
| Total |
116 |
| Ethnicity/Race |
Number of Clients |
| American Indian |
26 |
| Asian |
15 |
| Black |
81 |
| Native Hawaiian |
0 |
| Hispanic |
16 |
| White |
900 |
| Other |
48 |
| Total |
1,086 |