West Virginia Capital Access Program has made it possible for three companies to get approval of $550,000 in investments and loan grants. This is part of a $13 million program that is being designed to finance small businesses operating in West Virginia.
The ‘West Virginia Capital Access Program’ that got started recently in January invested $100,000 in ‘Protea Biosciences’, $250,000 loan to ‘Liberty Hydro’, and $200,00 loan to ‘Aither Chemicals’.
The Federal stimulus package funded the State’s $13 million “credit enhancement” program. There is two year program to make this $13 million reach out to more businesses in Virginia. But whatever fund remains after two years has to be returned back toWashington.
The program fund made available toWest Virginiais designed to help small businesses expand, invest and create more jobs. The fund can also be utilized to guarantee loans and provide collaterals. This loan support helps to mitigate transaction risks faced by commercial banks while lending out to small businesses.
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 firstname.lastname@example.org