Washington County Council on Economic Development (WCCED) – First Microloan of West Virginia

About

The SBA Microloan Program provides small, short-term loans to small business concerns and certain types of not-for-profit child-care centers. The SBA makes funds available to specially designated intermediary lenders, which are nonprofit community-based organizations with experience in lending as well as management and technical assistance. These intermediaries make loans to eligible borrowers. The maximum loan amount is $50,000, but the average microloan is about $37,000.

Microloans may be used for the following purposes:

• Working capital
• The purchase of inventory or supplies
• The purchase of furniture or fixtures
• The purchase of machinery or equipment.
• Can be used for either start up or existing businesses.

Proceeds from a microloan cannot be used to pay existing debts or to purchase real estate.

The Microloan program can also partner with other organizations and/or lending institutions for a total loan package of up to $150,000.