West Virginia, the Mountain State, has a handful of state financing resources available to business owners. Keep reading to see what you might be eligible for!
Department or Agency: West Virginia Department of Economic Development
Loan or Grant title: Governor’s Guaranteed Work Force Program
The Guaranteed Work Force Program provides funds for West Virginia employers to cover the costs of training, retraining, and upgrading worker skills at all levels of an organization. Both new and tenured employee training is eligible. Awards are limited to $2,000 per trainee, and overall funding is based on average starting wages, location, number of employees, and the number of trainees.
Department or Agency: West Virginia Small Business Development Center
Loan or Grant title:Entrepreneurship and Innovation Investment Fund
This West Virginia Small Business Development Center’s Innovation and Technology Fund earmarks funds for West Virginia organizations that win federal funds from the Small Business Innovation & Research (SBIR) or Small Business Technology Transfer (STTR) grant programs. The amount of state matching funds varies based on the existing available balance in the State fund at the time of the application. Note that this is not typically a matching grant. Businesses can also apply for a $2,500 grant once their SBIR or STTR grants are submitted.
Department or Agency: West Virginia Economic Development Authority
Loan or Grant title: Direct Lending Program
The West Virginia Economic Development Authority offers a two-tiered loan program to applicants seeking between $50,000 and $10,000,000 in loans. Acceptable uses include fixed assets for manufacturing, distribution centers, technology service companies, and other West Virginia businesses meeting job creation and retention guidelines. Participation percentages and required applicant equity vary by intended use.
Department or Agency: West Virginia Economic Development
Loan or Grant title: Tourism Development Act
West Virginia seeks to encourage the development or expansion of destination projects to promote tourism in the state. Projects should create or preserve tourism jobs, improve the local economy, and generate new sources of tax revenue. Qualified projects can receive 25% of the project costs as a sales tax credit, taken over ten years, though companies can request a subsequent 15-year period to use the credit if needed. Approved costs must exceed $1 million. Note projects may qualify for a 35% credit if they meet certain location requirements.
