WV to get nearly $12.8 million from US Treasury State Small Busi - Beckley, Bluefield & Lewisburg News, Weather, Sports

WV to get nearly $12.8 million from US Treasury State Small Business Credit Initiative

Posted: Updated:
  • Local NewsLocal NewsMore>>

  • Friends of McDowell County Train Fatality speak out, Ask for Donations

    Friends of McDowell County Train Fatality speak out, Ask for Donations

    Friday, August 22 2014 7:46 PM EDT2014-08-22 23:46:55 GMT
    Tragedy strikes on train tracks in southern West Virginia. One person is dead and two others hurt after coming too close to a train in McDowell County.
    Tragedy strikes on train tracks in southern West Virginia. One person is dead and two others hurt after coming too close to a train in McDowell County.
  • NEW DETAILS: Tips leads to sex offender's capture in Princeton

    NEW DETAILS: Tips leads to sex offender's capture in Princeton

    Friday, August 22 2014 6:22 PM EDT2014-08-22 22:22:55 GMT
    State Troopers out of Princeton, WV confirmed that they are looking for Christopher Lee Tolliver, a registered sex offender. Tolliver was scheduled to have a preliminary hearing on Tuesday Aug. 19, 2014, but failed to show up.
    State Troopers out of Princeton, WV confirmed that they are looking for Christopher Lee Tolliver, a registered sex offender. Tolliver was scheduled to have a preliminary hearing on Tuesday Aug. 19, 2014, but failed to show up.
  • Family left homeless in Raysal, McDowell County after a fire rips through their house

    Family left homeless in Raysal, McDowell County after a fire rips through their house

    Friday, August 22 2014 6:19 PM EDT2014-08-22 22:19:25 GMT
    A fire late Thursday night leaves a family in McDowell County homeless. Everyone was able to get out of the home in Raysal safely, but a friend of the family, who saved their dog, told us it was a very close call.
    A fire late Thursday night leaves a family in McDowell County homeless. Everyone was able to get out of the home in Raysal safely, but a friend of the family, who saved their dog, told us it was a very close call.
  • BusinessBusinessMore>>

  • Annual Business Summit will focus on advanced careers

    Annual Business Summit will focus on advanced careers

    Saturday, August 23 2014 1:00 PM EDT2014-08-23 17:00:15 GMT
    From Aug. 27-29, business, industry, financial and political leaders from throughout the Mountain State will gather for the West Virginia Chamber of Commerce Annual Meeting and Business Summit. The topic of advanced career placement will be discussed in an education session led by Senate Education Committee Chairman Bob Plymale, D-Wayne.
    From Aug. 27-29, business, industry, financial and political leaders from throughout the Mountain State will gather for the West Virginia Chamber of Commerce Annual Meeting and Business Summit. The topic of advanced career placement will be discussed in an education session led by Senate Education Committee Chairman Bob Plymale, D-Wayne.
  • Judge rules rental owner waited too long

    Judge rules rental owner waited too long

    Saturday, August 23 2014 10:00 AM EDT2014-08-23 14:00:16 GMT
    The owner of three Clarksburg rental properties demolished because of alleged code violations waited too long to challenge the validity of the city's building ordinances, Harrison County Circuit Judge James A. Matich has ruled.
    The owner of three Clarksburg rental properties demolished because of alleged code violations waited too long to challenge the validity of the city's building ordinances, Harrison County Circuit Judge James A. Matich has ruled.
  • Business plan: WV is halfway through its 40-year plan to revitalize state's economy

    Business plan: WV is halfway through its 40-year plan to revitalize state's economy

    Saturday, August 23 2014 9:00 AM EDT2014-08-23 13:00:22 GMT
    West Virginia has come a long way since former President John F. Kennedy visited the hillsides in 1963. The state has seen much success, but still has much progress to make.
    West Virginia has come a long way since former President John F. Kennedy visited the hillsides in 1963. The state has seen much success, but still has much progress to make.
 A new quarterly report from the U.S. Treasury Department’s State Small Business Credit Initiative found West Virginia to be a leading state in awarding the funds to local lenders and small businesses.

West Virginia has awarded nearly $12.8 million, according to the report, which also noted that states have expended, obligated or transferred $835 million through the Treasury Department’s SSBCI program to support small business lending and investments throughout the country.

“The SSBCI program provided West Virginia the opportunity to design and create credit and equity programs that simply were not available to small business owners in the state,” said West Virginia Jobs Investment Trust Executive Director Andrew Zulauf. “We now have a collaborative infrastructure within the state, where an approved network of lending agencies work together to not only provide financing, but to assist entrepreneurs and small business owners with operational support in the area of business plan development, financial modeling, market research and legal expertise.”

West Virginia has participated in the SSBCI program since 2011, and 97 percent of the state’s total $13,168,350 in SSBCI funds have been distributed through the West Virginia Capital Access Network. The network has made 39 SSBCI investments and provided loans to businesses since December 2013.

SSBCI was created in September 2010 through the Small Business Jobs Act of 2010. President Barack Obama proposed an extension of SSBCI and an additional $1.5 billion in funding in his 2015 budget.

SSBCI funds are not repaid to the federal government. The U.S. Treasury Department will award as much as $1.5 billion through SSBCI to fund programs that support small businesses, including small manufacturers.