West Virginia Department of Commerce West Virginia Capital Access Program

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West Virginia Capital Access Program

West Virginia Capital Access Program
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)
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.

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Currently, plans call for WVCAP to support four new credit programs:

• WVCAP Seed Capital Co-Investment Fund
• WVCAP Subordinated Debt Program
• WVCAP Collateral Support Program
• WVCAP Loan Guaranty Program

In January 2012, WVCAP approved several organizations as lending sources. They are:

• WVJIT, the state’s venture capital fund
• Natural Capital Investment Fund
• West Virginia rural Health Infrastructure Loan Fund
• INNOVA Commercialization Group
• New River Regional Development Authority
• Mid-ohio Valley Area Development Corporation
• Ohio Valley Industrial & business Development Partnership