Region 8 Small Business Loan Program
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.
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.
Loan Size, Terms & Interest Rate
Loans can range from $500 to $10,000. The average size loan is expected to be between $3,000 to $6,000.
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).
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.
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.
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.
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.
All requests in excess of $2,500 must be accompanied by a business plan.
Businesses must be willing to use technical assistance programs offered by federal, state and local agencies.
A project cannot begin before loan approval. All projects must start within 90 days of loan approval.
Quesions? Ready to apply? Contact us today!
Mail your information to:
Small Business Loan Program
Region 8 PDC
131 Providence Ln.
Petersburg, WV 26847
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