Wyoming County EDA’s 2024 Loan Program: Empowering Local Businesses

In 2024, the Wyoming County Economic Development Authority (EDA) demonstrated its unwavering commitment to fostering economic growth by providing substantial financial support to local businesses. The EDA received 112 loan inquiries, leading to 22 formal applications. Of these, 12 applications were approved, culminating in the closure of 17 loans totaling $742,500.

Breakdown of 2024 Loans:

• Micro Loans: 2 loans totaling $45,000
• Revolving Loan: 1 loan of $100,000
• Small Business Loans: 2 loans totaling $43,000
• IRP Loan: 1 loan of $60,000
• FASTER WV: 4 loans totaling $102,000
• SSBCI: 2 loans totaling $182,500
• ARC Revolving Loan Fund: 5 loans totaling $210,000

Loan Program Goals:

The Wyoming County EDA’s loan program is designed with specific objectives to bolster the local economy:

1. Provide Capital: To supply the necessary funding that small businesses require to start and grow in Southern West Virginia.
2. Fill Gaps: To address unmet capital needs of small businesses that are not served by other lending institutions.
3. Partner, Not Compete: To collaborate with other lending institutions to maximize the leveraging of loan funds, ensuring comprehensive support for businesses.

Overview of EDA Loan Programs:

The Wyoming County EDA offers a diverse range of loan programs tailored to meet the unique needs of businesses:

1. EDA Small Business Loans: Available statewide, these loans range from $5,000 to $50,000, with terms between 36 and 180 months. They are designed to support qualified applicants in various business endeavors.
2. Revolving Loan Fund: Offering loans ranging from $5,000 to $100,000 in select southern WV counties, this program provides financing and technical assistance aimed at stimulating startups, fostering expansion, and promoting job creation and retention in select southern West Virginia counties.
3. Micro Loans: Targeting smaller financial needs, these loans range from $1,000 to $35,000, with terms up to 72 months (extendable to 120 months for real estate). They are accessible to businesses statewide.
4. IRP Loans: Aimed at small business owners in West Virginia, this program assists with equipment purchases, renovations, and working capital requirements in select southern WV counties up to $150,000.
5. ARC Revolving Loan Fund: Offering loans from $1,000 to $50,000, this statewide program supports various business needs.
6. FASTER WV Initiative: In collaboration with Advantage Valley and partners, this initiative builds a robust culture of entrepreneurship in the region, providing resources and support to emerging businesses with loans up to $50,000.
7. State Small Business Credit Initiative – WV Capital Access Program (SSBCI/WVCAP): This program offers Mountain State small businesses a new source of capital, assisting those that are creditworthy but may not fit traditional lending models.

The Wyoming County EDA remains dedicated to empowering businesses by providing essential financial resources and support, thereby contributing to the economic vitality of the region.