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.
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.
​
​
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
​
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.
​
​
Essential Rules
​
-
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
​
- or -
​
Email us at:
​
- or -
​
Call us at:
304-257-1221
​
​
​
​