Alternative Lenders for West Virginia Companies

The benefit of using debt as a finance tool is that you get to keep the equity of your company, paying interest on a loan instead.

Targeting small businesses

101. CommunityWorks in West Virginia, Inc.

     A community development financial institution that provides a variety of services to homeowners and member organizations.
     Benefits: Receive between $5,000 - $100,000 loans.
     Loan recipient characteristics: Offers innovative mortgage lending products, technical assistance, training and services.
     For more information: Phone: 304-965-2241 or go to communityworkswv.org.
     

102. Washington County Council on Economic Development

     First Microloan of West Virginia Focused on job-creating women, low-income, minority and veteran-owned businesses.
     Benefits: Receive between $5,000 - $50,000 loans.
     Loan recipient characteristics: Funds opening or expanding West Virginia businesses, buying inventory, purchasing equipment or supplementing working capital.
     For more information: Point of contact: Tim James, Wheeling Loan Officer Phone: 304-604-3560 Point of Contact: Sam Payne Sr., Charleston Loan Officer. Phone: 304-281-0488 or go to Washington County Council.

103. U.S. Dept. of Agriculture’s Rural Energy for America Program

     Funds operational improvements for agriculture businesses.
     Benefits: Receive $1,500 - $25,000,000 loans.
     Loan recipient characteristics: Funds may be used for renewable energy systems or improvements such as biomass, geothermal, hydropower, hydrogen, wind generation, s o lar generation and ocean power generation.
     For more information: Point of Contact: Jesse Gandee. Phone: 304-284-4882 or go to USDA. 
     

104. AgFirst Farm Credit Bank

     A nationwide network of 73 customer-owned lending institutions that support rural communities and agriculture with reliable, consistent credit and financial services.
     Benefits: Receive between $50,000 - $1,500,000 loans.
     Loan recipient characteristics: Focused on rural communities and agriculture businesses as w ell as home buyers.
     For more information: Phone: 800-845-1745 or go to agfirst.com.
     

105. Natural Capital Investment Fund

     A community development financial institution that lends and provides advisory services to businesses and nonprofits located in underserved rural and urban communities.
     Benefits: Receive between $5,000 - $750,000 loans.
     Loan recipient characteristics: Specializes in triple-bottom-line West Virginia enterprises that are otherwise difficult to fund.
     For more information: Point of Contact: Marten Jenkins Phone: 304-870-2207. 
     

106. Wyoming County EDA

     Provides capital that small businesses need to start and grow in southern West Virginia.
     Benefits: Receive between $5,000 - $50,000 loans.
     Loan recipient characteristics: Fills gaps in small business capital needs that are not addressed by other lending institutions. Partners with other lending institutions to maximize the leveraging of loan funds.
     For more information: Phone: 304-732-6707 or go to Wyoming County.
     

107. Woodlands Development Group and Community Lenders

     A community development financial institution serving Barbour, Tucker, and Randolph counties. Benefits Receive between $4,000 - $100,000 loans.
     Loan recipient characteristics: Focused on housing and community development, downtown redevelopment, community facilities and planning and small business lending.
     For more information: Phone: 304-636-6495 or go to  wdgwv.org.
     

108. The United Federal Credit Union, Morgantown

     A community development financial institution focused on West Virginia business opportunities.
     Benefits: Receive between $25,000 - $100,000 loans.
     Loan recipient characteristics: Focused on home construction and small business financing.
     For more information: Point of Contact: Vicky Metts, Vice President of Operations Phone: 304-225-1902 or go to tufcu.org.
     

109. New River Gorge Regional Devel opment Authority

     An alternative finance option focused on Fayette, Raleigh, Nicholas and Summers counties.
     Benefits: Receive between $7,500 - $200,000 loans.
     Loan recipient characteristics: Serves as an alternative source of financing to those who do not have access to capital through traditional sources.
     For more information: Phone: 304-254-8115 or email New River Gorge Development.
     

110. Center for Rural Health Development

     A community development financial institution focused on healthcare expansion opportunities in West Virginia.
     Benefits: Receive between $50,000 - $200,000 loans.
     Loan recipient characteristics: Eligible borrowers include hospitals, private physician and dental practices, community health centers, long-term care providers, behavioral health providers, pharmacists and others.
     For more information: Phone: 304-397-4071 or go to wvruralhealth.org.
     

111. Mid-Ohio Valley Regional Council

     A community development lender in central West Virginia counties.
     Benefits: Receive between $2,000 - $250,000 loans.
     Loan recipient characteristics: Focused on companies in Ritchie, Wood, Pleasants, Jackson, Calhoun, Roane, Tyler and Wirt counties with limited offerings to Doddridge, Gilmer, Mason and Tucker counties.
     For more information: Point of Contact: Carol Jackson Phone: 304-422-4993 or go to movrc.org.
     

112. The Progress Fund

     A Greenburg, PA, alternative lender for hard-to-finance projects.
     Benefits: Receive between $50,000 - $1,000,000 loans. Loan recipient characteristics Can be used to restore old buildings or finance a tourism or hospitality business.
     For more information: Phone: 724-216-9160 or go to progressfund.org.
     

113. West Virginia Economic Development Authority (WVEDA)

     An alternative lender for West Virginia companies that emphasizes job creation in its lending criteria.
     Benefits: Receive between $50,000 - $10,000,000 loans.
     Loan recipient characteristics: Loans can be used for manufacturing, distribution centers or technology-based companies.
     For more information: go to wveda.org.
     

114. Boone County Community and Economic Development Corporation

     Has assisted new and expanding small businesses with working capital through a regional microloan program.
     Benefits: Receive between $2,000 - $10,000 loans.
     Loan recipient characteristics: The goals are to aid in the development of small businesses and to create and preserve jobs in Boone, Logan, Lincoln and Mingo counties.
     For more information: Phone: 304-369-9118 or go to Boone County Community.
     

115. Charleston Main Street CWVenture MicroLoan Program Under

     this lending program, CMS provides small startup or expansion loans.
     Benefits: Receive between $500 - $5,000 loans.
     Loan recipient characteristics: Loans can be used for projects including working capital, real estate, capital improvements, machinery and equipment.
     For more information: go to Charleston Main WVenture.
     

116. Regional Development Funding Corporation (RDFC)

     Based in Pittsburgh, RDFC offers SBA’s 504 loan program throughout West Virginia.
     Benefits: Works with business operators and other lenders to craft loan packages.
     Loan recipient characteristics: Available for most qualified small businesses that meet the collaborative loan package requirements.
     For more information: go to RDFC.
     

Targeting impact businesses

117. RSF Social Finance

     Funds diverse company founders working toward solutions that deliver social, economic and ecological benefit.
     Benefits: Receive between $200,000 - $5,000,000 loans.
     Portfolio company characteristics: Funds companies whose mission drives what they do and how they do it. For example, use of funds includes creating new opportunities for youth or preserving farmland.
     For more information: Email RSF or go to rsfsocialfinance.org.