Region 8 Small Business Loan Program

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     The Region 8 Small Business Loan Program is...

 

The West Virginia Development Office has funded the Region 8 Planning and Development Council Small Business Loan Fund.  Using this loan fund, Region 8 will make loans to small businesses in Grant, Hampshire, Hardy, Mineral and Pendleton counties.

 

Possible Uses

 

Loans may be used to start a new business or for expanding an existing business.  Loan funds may be used for a wide variety of purposes, including equipment purchase and working capital.

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Loan Size, Terms & Interest Rate

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Loans can range from $500 to $10,000.  The average size loan is expected to be between $3,000 to $6,000.

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The loan repayment will vary depending on the use of the funds.  The maximum repayment period for a loan will be six years and the minimum period one year (12-72 months).

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The interest rate will be fixed for all loans and shall not exceed 4.25 percentage points above the prime rate the day of loan closing.

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Eligible Businesses

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Eligible businesses will be businesses that employ 10 or fewer persons, including self-employed individuals.  The business must be organized on a for-profit basis.  The actual form of the organization (sole proprietorship, partnership, limited liability company or corporation) is not an eligibility factor.

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Essential Rules

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• In order to create banking relationships, the Small Business Loan Fund will require all borrowers to maintain a positive checking and/or savings account in the business at a bank.

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• Each applicant must meet with the Region's Small Business Development Center representative for an evaluation of their business procedures or for startup businesses to establish an operating procedure.

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• All requests in excess of $2,500 must be accompanied by a business plan.

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• Businesses must be willing to use technical assistance programs offered by federal, state and local agencies.

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• A project cannot begin before loan approval.  All projects must start within 90 days of loan approval.

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Quesions?  Ready to apply?  Contact us today!

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Mail your information to:

Small Business Loan Program

Region 8 PDC

131 Providence Ln. 

Petersburg, WV 26847

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Email us at:

mail@regioneight.org

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Call us at:

304-257-1221

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