Small Businesses operating in West Virginia will soon have access to $13.1 million in funds that can be utilized to create jobs. This new fund is available under the program ‘West Virginia Community Action Partnership’ – WVCAP. The US Department of Treasury has approved Virginia State’s application for Small Business Credit Initiative Funding.
The approval of new funding will open the scope for small business owners to leverage on credit that will help them expand their business and create more private sector jobs. The West Virginia small businesses are very talented and hardworking and this new capital will give them support to further invest, expand and create jobs for the unemployed.
Investing in credit worthy small businesses is investment for economic vitality and growth of communities and state. The congressional delegation of West Virginia applauded this fund awarded to small businesses in West Virginia. It is believed that this $13.1 million funding is going to create more jobs, boost state’s economy and promote small business functioning.
Small business organizations are the best job creators for America. A successful business climate is leveraged with the growth of small organizations. Creation of this sort of climate poses the right environment for growth of West Virginia Small businesses. The West Virginia Department of Commerce will increase awareness about ‘Capital Access Initiative’ and other form of services so as to maximize economic growth.
WVCAP is expected to come into effect from January and supports four new programs:
- WVCAP Subordinated Debt Program
- WVCAP Loan Guaranty Program
- WVCAP Seed Capital Co-investment Fund
- WVCAP Collateral Support Program
The State Small Business Credit Initiative program is just a component of Small Business Jobs Act, 2010 and the program has been funded with $1.5 billion so as to strengthen state programs. It supports small business and manufacturer lending. Under the State Small Business Credit Initiative (SSBCI), US states are given the opportunity to apply for Federal Funds and to operate state run programs. It is going to increase credit availability to small business organizations.
This article was submitted by Raj Tulshan, Director of Business Development of Biz2Credit. Biz2Credit is a small business marketplace that connects entrepreneurs with financing options and advice to grow their business. Send all questions to email@example.com