Resources

Special Topics

Who does the Small Business Development Center (WV SBDC) help?

The WV SBDC serves businesses with fewer than 500 employees, including new ventures, growing companies and mature businesses. Our primary function is to be a resource to existing businesses that need information or assistance to become more innovative and competitive, but we also have resources and tools for those starting a new business.

What kinds of assistance does the WV SBDC provide?

We offer free one-on-one business coaching services, which enable businesses owners to expand their companies, solve problems, improve management, develop new ideas for products or services, or investigate new business opportunities.

We help the inexperienced businessperson to understand the requirements for going into business, assess business opportunities, determine financial needs and potential sources of financing, and offer guidelines on business planning and marketing.

One important aspect of WV SBDC assistance is that we don't actually do things for you so much as we try to equip you with information and resources to do things for yourself.

Does the WV SBDC provide financing?

The WV SBDC does not provide financing. Our assistance is technical and educational in nature.

The WV SBDC can help you identify what financing you may need and discuss alternative sources. We can also advise you how to improve a loan application and business plan. We work with banks and other lending agencies and organizations to assist in putting together financial projections, but the actual financing comes from outside sources.

What does it cost to use the services of the WV SBDC?

How can I get assistance from the WV SBDC?

There are several ways to take advantage of WV SBDC resources.

This website has a wealth of information to assist you and answer questions. Take some time to scroll through the Resources pages, and review the Training Calendar.

If you are starting a business, consider attending one of our Business Fundamentals workshops. There you will learn about the start-up process, important considerations and decisions you should make before you start, the various regulations and registrations, and the fundamentals of a business plan.

If you are already in business and would like one-on-one business coaching, contact us to set an appointment. We'll ask that you complete an intake questionnaire. We'll also suggest you bring financial information, marketing materials, etc. to our meeting to help us better understand your business.

What can I expect from a meeting with a business coach?

Is there a limit on how many times I can see a business coach?

Who funds the WV SBDC?

Funding Sources

If you are looking for funding to start or grow your business, these links may help you research possibilities. WV SBDC does not provide direct funding, nor do we endorse any non-government websites, companies, or applications. We cannot attest to the accuracy of the information provided by third-party sites or any other linked site. These listings and links are provided for reference only.

Loans and Microloans

SBA Guaranteed Loans

The U.S. Small Business Administration offers several loan programs to help small businesses start up and expand.
www.SBA.gov

SBA Microloans

SBA’s Microloan Program provides small, short-term loans to small business concerns and certain types of not-for-profit child-care centers.
www.SBA.gov/microloans

First Microloan of WV

The Washington County Council on Economic Development provides SBA loans to West Virginia businesses.
304-604-3560
http://www.washingtoncountypa.org/wvsba.html

KISRA

Kanawha Institute for Social Research & Action offers microloans to businesses expanding and creating jobs in West Virginia. Loans range from $1,000 to $50,000 for a term of up to 6 years.
304-768-8924
www.KISRA.org

Natural Capital Investment Fund

Loans to natural resource based businesses to advance sustainable economic development.
304-876-2815
www.conservationfund.org

The Progress Fund

Loans up to $1 million to restore old buildings, or finance a tourism or hospitality business.
724-216-9160
www.progressfund.org

United States Department of Agriculture (USDA)

Loans for equipment, machinery, supplies, or inventory for agriculture based businesses.

(304) 284-4860
www.rd.usda.gov

WV Economic Development Authority (WVEDA)

Loans for manufacturing, distribution centers, technology based companies.
$50,000 to $10 million
Job creation emphasized
http://www.wveda.org/

WV Rural Health Infrastructure Loan

Loans to health providers for building construction, renovation, expansion equipment purchase, technology purchase, and practice acquisition.
304-397-4071
http://wvruralhealth.org/LF/

Woodlands Development Group

Operating as a Community Development Financial Institution (CDFI), Woodlands, Community Lenders (WCL), and affiliate of Woodlands Development Group, makes low-interest loans to qualified businesses and communities in Randolph, Tucker and Barbour county areas. Loans are specifically earmarked for small businesses and non-profits that have difficulty obtaining financing elsewhere.
http://wdgwv.org/
304-636-6495, ext. 29

Wyoming County Economic Development Authority

Wyoming County Economic Development Authority’s Loan Program:

provides capital that small businesses need to start and grow in Southern West Virginia.
fill gaps in small business capital needs that are not addressed by other lending institutions.
partners with other lending institutions to maximize the leveraging of loan funds.

Our team provides the capital that small businesses need to start and grow in Southern West Virginia. The Wyoming County EDA seeks to provide capital to small businesses through the five loan funds that the Wyoming County EDA oversees. The Wyoming County EDA seeks to fill gaps in small business capital needs that are not addressed by other funding sources.

http://wyomingcounty.com/loan-programs.aspx

Venture Capital

Invests money in return for partial ownership

WV Jobs Investment Trust

A public venture capital fund created to develop, promote and expand West Virginia’s economy by making investment funds available to eligible businesses.
304-345-6200
www.WVJIT.org

INNOVA Commercialization Group

Part of the High Technology Foundation, this capital investment program provides business support services to the projects in which it invests.
877-363-5482
http://wvhtf.org/innova-commercialization-group/

Grants

Small Business Innovation Research Program

Businesses compete to solve problems for federal agencies. Participants must conduct research to receive funding.
www.SBIR.gov
https://www.sba.gov/offices/headquarters/oca/resources/6827

Governor's Guaranteed Workforce Program (GGWFP)

Provides funding for on-the-job training and customized training. Must be pre-approved.
304-558-2234
http://www.wvcommerce.org/business/workforcewv/employers/training

Crowdfunding

Kickstarter

Focused on creativity, the website will allow you to post your need and tell your story. Kickstarter backers have funded more than $1.9 billion projects, such as films, music, stage shows, comics, journalism, video games, technology and food-related projects. People who back Kickstarter projects are offered tangible rewards and one of a kind experiences in exchange for their pledges of funding.
www.kickstarter.com

Dealstruck

Term loans up to $250,000 and lines of credit up to $500,000 for qualified businesses.
http://www.dealstruck.com

Kiva

Non-profit organization with a mission to connect people through lending to alleviate poverty. The Kiva Zip community provides access to 0% interest loans and a community passionate about helping entrepreneurs in the U.S.
www.kiva.org
https://zip.kiva.org/borrow

Indiegogo

One of the first websites to offer crowdfunding, it is a launch pad for creative and entrepreneurial ideas. Has generated more than $800 million funding for 600,000 projects.
www.indiegogo.com

Peer-to-Peer Lending

Funding Circle

Loans from $25,000 to $500,000 with 5.49%+ interest rate. Move or expand your business, buy inventory or equipment, or refinance business debt.
www.fundingcircle.com