KISRA Offers Loans to West Virginia Businesses
The Kanawha Institute for Social Research & Action, Inc. (KISRA) offers an affordable loan product that is available to businesses that are expanding and creating jobs in West Virginia. Capital is the lifeblood of any business. This is especially true for small businesses. Without adequate financing through microloans, commercial lending, or investment capital, most entrepreneurs cannot start new businesses or grow their existing companies. Obtaining capital can be especially difficult for start-ups and small firms that often lack the years in business or established credit history financial institutions may require prior to lending. KISRA’s Micro-Loans range from $1,000 to $50,000. KISRA is the only SBA micro-lender in the state of West Virginia.
Dr. Michelle Foster, CEO of KISRA, says “KISRA’s Micro-Loan Program provides options and freedom for West Virginia business owners. Unlike traditional lending institutions, our loan approval process looks beyond the applicant’s credit score.”
In order for businesses to be eligible for the Micro-Loan Program, they must employ 25 or fewer employees or self-employed individuals, must be organized for profit, have a current business license and be current on all taxes and workers’ compensation premiums.
Loan funds can be used for a variety of things including but not limited to fixtures, machinery, renovations and equipment. Funds cannot be used to refinance existing debt, to purchase real estate, purchase buildings or for down payment purposes.
For more information about KISRA’s Micro-Loan Program or to begin the application process, visit kisra.org or contact Jim Gordon, Lending Specialist 304.768.8924