WV Capital Access Program Making Great Strides
The West Virginia Capital Access Program (WVCAP) received $13.1 million through State Small Business Credit Initiative funding. The funds provide a new source of capital to West Virginia businesses. The program rolled out in January 2012 and has already approved over $6.4 million to West Virginia businesses! The average amount invested or lent to these businesses is over $260,000.
The $6.4 million has created over $23 million in private matching funds to the businesses benefiting through the WVCAP. The businesses are located all across the State and have ranged from automotive and industrial industries to agribusinesses.
The WVCAP offers small businesses four credit programs:
- WVCAP Seed Capital Co-Investment Fund
- WVCAP Subordinated Debt Program
- WVCAP Collateral Support Program
- WVCAP Loan Guaranty Program
WVCAP has approved eight program participants located throughout the state. The program participants are:
- West Virginia Jobs Investment Trust (www.wvjit.org)
- Natural Capital Investment Fund (www.ncifund.org)
- INNOVA Commercialization Group (www.innovawv.org)
- WV Rural Health Infrastructure Loan Fund (www.wvruralhealth.org)
- New River Gorge Regional Development Authority (www.nrgrda.org)
- Mid-Ohio Valley Development Corporation (www.movrc.org)
- Ohio Valley Industrial & Business Development Partnership (www.redp.org)
- Wyoming County EDA (www.wyomingcounty.com/business.php)
In addition to access to capital, the WVCAP has received a grant from the Claude Worthington Benedum Foundation to provide businesses operational assistance for financial modeling, market analysis and business plans. As of the end of September the operational assistance fund has committed over $108,000 to eleven businesses to assist with several areas of need including financial planning, financial modeling and market research. These eleven businesses anticipate with WVCAP funding to retain over 25 jobs and project to create over 90 new jobs in the future.
Any business needing funds to purchase equipment, expand their facilities or increase their working capital should feel free to contact any of the program participants to see if they qualify for assistance through the West Virginia Capital Access Program.