Small businesses
in West Virginia
now have access
to new loan funds
they can use to
invest, expand
and create jobs.
The West Virginia Capital Access
Program (WVCAP) is the state’s
new program designed to increase
small business access to capital.
The program was announced
in December 2011 when the
United States Department of the
Treasury approved the state’s
application for State Small
Business Credit Initiative (SSBCI)
funding. The approval gives
West Virginia access to $13.1
million to fund new small business
lending programs.
Protea Bioscience, Morgantown,
$100,000 loan originated by West Virginia Jobs
Investment Trust (WVJIT)
“West Virginia’s small businesses
already have talent and
dedication. Now this program will
equip them with the capital they
need to invest in their businesses,
expand and create new jobs,” said
Gov. Tomblin. “Small businesses
account for more than 90 percent
of the employers in the state. An
investment in our creditworthy
small businesses is an investment
in the economic vitality of our
communities and our state.”
The West Virginia Department of
Commerce will provide matching
funds for a Claude Worthington
Benedum Foundation grant
proposal to promote public
awareness of the WVCAP initiative
and awareness of services that
will maximize economic growth.
The SSBCI program, a key
component of the Small Business
Jobs Act of 2010, was funded
with $1.5 billion to strengthen
state programs that support
lending to small businesses
and small manufacturers.
SSBCI funds are expected to
generate a minimum of $10 in
new private lending for every $1
in federal funding. The federal
SSBCI is expected to help spur
up to $15 billion in lending to
small businesses.
Under the SSBCI, all states have
the opportunity to apply for federal
funds for state-run programs that
partner with private lenders and
investors to increase the amount of
credit available to small businesses.
Participating states will use the
federal funds for programs that
leverage private lending to help
finance small businesses and
manufacturers that are creditworthy,
but are not getting the loans they
need to expand and create jobs.
For more information,
call West Virginia
Jobs Investment Trust,
304-345-6200.