Which Loan Is Right For Me?

Whether you are a new business in need of startup funding for equipment or an existing enterprise seeking capital to expand, we at the Wyoming County Economic Development Authority are here to help. 

We have given more than $11 million in loans to 435 entrepreneurs across the state (during the economic slowdown and resulting credit crunch, the Wyoming County EDA recognized a need to fill the lending gap throughout West Virginia), and we have a variety of loan options available depending on your business needs.

There are three parts to our Loan Program mission:

1. Provide capital to small businesses that need to start and grow in Southern West Virginia.
2. Fill gaps in small business capital needs that are not addressed by other lending institutions.
3. Partner (not compete) with other lending institutions to maximize the leveraging of loan funds.

Together, we can help you start or grow your small business and move Wyoming County, and West Virginia, forward in the process! See which loan is right for you by reviewing the options below. 

Loan Options:

• $5,000-50,000

The EDA Small Business Loan is available to ALL West Virginia businesses for ANY business need. Loan terms are between 36-180 months. Fill out an application on our website. 

• $25,000-100,000

Our Revolving Loan is designed to stimulate startups, foster expansion, and increase creation and retention of jobs in select counties (Boone, Lincoln, Logan, McDowell, Mercer, Mingo and Wyoming) in southern West Virginia. It is available to both new and existing businesses in these areas for any business need. Loan terms do not exceed 20 years. An online application is available here. 

• $1,000-35,000

For smaller amounts, our Micro Loan might be suitable. These loans are also available to any West Virginia business for any business need. Loan terms are not to exceed 72 months (can be 120 months for real estate companies). Ready to apply? 

Additional Resources:

We also have an Intermediary Relending Program application available. 

Loan funds can be combined in certain situations.  

The Wyoming County EDA is also a participant of the WV Capital Access Program.  For additional information about this statewide program visit: WVCAP – West Virginia Jobs Investment Trust.

Was your West Virginia business affected by the pandemic in some way? Check your eligibility for the COVID-19 Emergency Relief Loan.  Funds are going fast and the program is statewide, now up to $50,000 while funding is available.  

For more lender sources and programs, visit our Business Resources page. As always, contact us with any questions!