Main Local Economy Information in West Virginia
West Virginia's economy historically centers on coal mining and natural resources but has been diversifying into sectors like healthcare, education, and tourism. The state is also making efforts to grow its technology and manufacturing industries.
Your West Virginia and Local Small Business Funding Guide
West Virginia provides various financial incentives including tax credits, low-interest loan programs, and grants designed to support energy, manufacturing, and tourism sectors, as well as small businesses looking to capitalize on economic diversification.
Small Businesses in West Virginia
Small businesses in West Virginia benefit from targeted state support aimed at stimulating economic growth and diversification beyond traditional industries. There are significant opportunities in sectors such as tourism, crafts, and technology.
Documents Needed to Get a Small Business Loan in West Virginia
- A comprehensive business plan that highlights market opportunities and competitive strategies
- Financial statements including profit and loss statements, balance sheets, and cash flow projections
- Business and personal tax returns
- Proof of business registration in West Virginia
- Credit reports for the business and its owners
West Virginia Department of Commerce: Key Functions and Contact Information
Website URL: West Virginia Department of Economic Development
Phone: [304-558-2234]
Address: State Capitol Complex, Building 6, Room 525, Charleston, WV 25305
Local Resources in West Virginia
The West Virginia Small Business Development Center (WVSBDC) offers business coaching and advisory services, financial planning assistance, and help with navigating both state and federal funding programs.
How to be Successful with Business Funding in West Virginia
Successfully securing business funding in West Virginia often involves leveraging state-supported initiatives designed to promote economic development. Engage with local business development programs and consider industries supported by state policies for diversification.
SBA Resources in West Virginia
The Small Business Administration (SBA) in West Virginia helps businesses access loans, government contracts, and provides guidance on strategic business planning. They also offer specific programs that address the challenges of the state's economic environment.