We are very excited to announce the state of West Virginia has received State Small Business Credit Initiative (SSBCI) funding to give the state’s small businesses access to capital. This funding has given West Virginia access to $13.1 million dollars, which will be administered through the West Virginia Capital Access Program (WVCAP). The program rolled out in January 2012 and has already funded over $500,000 in West Virginia businesses.
The WVCAP offers small businesses four credit programs:
- WVCAP Seed Capital Co-Investment Fund
- WVCAP Subordinated Debt Program
- WVCAP Collateral Support Program
- WVCAP Loan Guaranty Program
The SSBCI funds were a component of the Small Business Jobs Act of 2010. The program has also been given a very short 24 month time line to invest the funds. If the $13.1 million is not invested or loaned within the 24 month time line, the U.S. Treasury can request the uninvested funds to be returned back to the Treasury.
WVCAP has approved seven program participants located throughout the state. These program participants are:
- West Virginia Jobs Investment Trust (www.wvjit.org)
- Natural Capital Investment Fund (www.ncifund.org)
- INNOVA Commercialization Group (www.innovawv.org)
- WV Rural Health Infrastructure Loan Fund (www.wvruralhealth.org)
- New River Gorge Regional Development Authority (www.nrgrda.org)
- Mid-Ohio Valley Development Corporation (www.movrc.org)
- Ohio Valley Industrial & Business Development Partnership (www.redp.org)
Any business needing funds to purchase equipment, expand their facilities or increase their working capital should feel free to contact any of the program participants to see if they qualify for assistance through the West Virginia Capital Access Program.
In addition to access to capital, the WVCAP has received a grant from the Claude Worthington Benedum Foundation to provide businesses operational assistance for financial modeling, market analysis and business plans.
For more information about the WVCAP you may call West Virginia Jobs Investment Trust (WVJIT) at 304-345-6200.
