New Loan Program for Very Small Businesses Offered By WCEDA

The Wyoming County Economic Development Authority (WCEDA) is introducing a new load fund to serve micro-enterprises in Wyoming and McDowell Counties . A micro-enterprise is a business that consists of only an owner or a business with up to five employees.

The loan fund will make loans available from $300 to $1,200 for first time borrowers. After the initial loan is paid back, borrowers will be able to borrow larger amounts of money. Applicants will be required to take business planning counseling. This loan fund is made possible by funding from the United States Department of Agriculture (USDA).

The WCEDA is not aware of any other programs in West Virginia that are making loans blow $1000 to the micro-enterpriser. The WCEDA believes that there is a market for this loan fund and is eager to serve this segment of the population. For many people in out area, starting a side business while still working a job or using their business as a means of employment is the only way to make a living wage.

Loan decisions will be based on the completion of a business plan and the approval of the Loan Committee Credit scores will not take into account the decision making progress. However, applicants with credit issues will be required to get credit counseling.

Examples of potential applicants would include someone who needs a mower and trimmer for landscaping business or someone who needs to buy a vacuum cleaner and supplies for a cleaning service.

Anyone who would like to find out more information about the new loan fund or that would like to apply for a loan can contact Steve Clark at 304-732-6707 or sclark@railwv.org .