Additional Federal Funding Will Soon Be Available To W.Va. Small Businesses
The Appalachian Regional Commission is awarding $6 million to several programs across West Virginia. This money is meant to help support small businesses that were impacted by COVID-19.
According to the SBA, more than 113,000 businesses in West Virginia are considered small businesses — almost 99 percent of businesses within the state.
In June, Gov. Jim Justice asked the ARC to fund six organizations which that provide loans and technical assistance to small businesses.
This ARC package includes:
- $1,500,000 – Natural Capital Investment Fund
- $1,500,000 – Wyoming County Economic Development Authority
- $750,000 – New River Gorge Regional Development Authority
- $750,000 – Woodlands Community Lenders
- $500,000 – Center for Rural Health Development
- $1,000,000 – Mid-Ohio Valley Regional Planning and Development Council
This funding will be made available to small businesses for things like technical assistance — and will enable equipment purchases and upgrades for entrepreneurs and small businesses. The funding can go toward expenses beyond what’s covered by the Paycheck Protection Program, or other funding assistance programs through the Small Business Administration. Small business owners who want to learn more about how to apply should contact one of the six organizations, said Debra Martin, director of the West Virginia Small Business Development Center, a division of the state Development Office.
Additional funding assistance to small businesses will also be available, Justice said in a virtual press conference on Friday. Justice said the state plans to begin accepting applications soon from small businesses that need funding. Up to $150 million is coming to the state from the federal CARES Act which was passed by Congress in March. According to Justice, any small business in the state with up to 35 employees will be eligible to apply.