Business, Government Legal News from throughout WVPA microlender serving more counties in northern WV

The Washington County Council on Economic Development has expanded its Small Business Administration microloan program to 11 more counties in West Virginia, the SBA's West Virginia District Office announced Feb. 13.

That brings the organization's coverage in West Virginia to 14 counties, according to West Virginia District Office Director Judy K. McCauley.

To its previous coverage in Harrison, Marion and Monongalia counties, the WCCED has added Hancock, Brooke, Ohio, Marshall, Wetzel, Tyler, Pleasants, Doddridge, Wood, Ritchie and Wirt counties.

Access to smaller loans is one of the most requested needs of entrepreneurs who are looking to start or expand a business in West Virginia, McCauley said.

"The SBA Microloan program provides business loans up to $50,000. We are excited the WCCED has expanded to offer microloans to a wider geographical area," she said.

The SBA makes funds available through its microloan program to nonprofit intermediaries such as WCCED, which then make small loans directly to entrepreneurs.

Financing can be used for typical business purposes such as working capital and purchase of furniture, fixtures, machinery, supplies, equipment and inventory. Interest rates are negotiated between the borrower and the intermediary with the maximum term for a microloan being six years.

Lifelong West Virginia resident Tim James will cover the majority of WCCED loans for the West Virginia territory. James has more than 15 years of experience with lending and small business. He has been a center manager and business development specialist for the SBA's Small Business Development Center in Wheeling and Fairmont. He also has served as a part-time instructor at the West Virginia Business College.

WCCED is the most seasoned SBA microlender in West Virginia, since 1996. Its goal is to create local jobs, support entrepreneurs and help businesses expand. WCCED has provided small businesses more than $1.17 million in microloans in West Virginia.

For additional information about the SBA's microloan program, visit www.sba.gov or call 304-623-5631. To contact the WCCED about a microloan, call 304-604-3560 or 724-225-8245.