Diverse funding options for business development opportunities

The Revolving Fund Loan Program

The 4-C EDA operates a system structured to provide loans as part of a larger funding package. It is the purpose of the 4-C RLF to partially fill the gap between the lending available from banking institutions, micro-loan programs, Rural Development, Small Business Administration and the WV Economic Development Authority and the needs of an expanding or start-up company. The economic impact resulting from this lending program should be measurable in terms of creating or preserving jobs.

Loan Specifications:

Maximum Loan: $100,000; Minimum $25,000 (up to 50% - 70% of total project)
Equity: 10% minimum company contribution (based upon total project amount)
Eligible Loans: Start-Up, Expansion, Retention
Working Capital
Fixed Asset Loans
Interest Rate: Attractive Rate, set by Loan Review Committee
Jobs Creation/Retention Ratio: $15,000:1

Our loan officers are pleased to provide assistance in structuring a financial strategy for your project.

Kathy Calhoun, Business Support Liaison
kcalhoun@4ceda.org
Phone: 304.254.8115
Fax: 304.254.8112

Additional sources of Funding for Small Businesses:

Direct Loans:

West Virginia Economic Development Authority provides multiple funding options including a direct loan program with lending from $50,000 - to $10,000,000.

David Warner, Executive director
NorthGate Business Park
160 Association Drive
Charleston, West Virginia 25311-1217
(304) 558-3650
Fax: (304) 558-0206

Venture Capital Investments:

West Virginia Jobs Investment Trust:

West Virginia Jobs Investment Trust (JIT) is a public venture capital fund created to develop, promote and expand West Virginia's economy by making investment funds available to eligible businesses, thus stimulating economic growth and providing or retaining jobs within the state. JIT invests in early stage, later stage and mature small companies who wish to expand. Opportunities to create a significant number of jobs while maintaining economic balance are favorably viewed. Economic diversification is a plus. To maintain its ability to assist others in the future, JIT makes investments expected to yield a financial return proportionate to the level of risk it assumes. JIT does not make grants or low-interest loans.

Andrew Zulauf
1012 Kanawha Boulevard, E., fifth floor
Charleston, WV 25301
(304) 345-6200
Fax: (304) 345-6262

Click For More Information

The Progress Fund

The Progress Fund is a community development financial institution whose mission is to create economic opportunity by lending needed capital and providing technical assistance to small businesses in southwestern and central Pennsylvania and West Virginia. With the decline in industrial businesses, one of the few growing sectors in the rural economy is the tourism industry. The Progress Fund provides opportunities for new and existing entrepreneurs, creates jobs with above average wages and grows the regional economy through its support of the tourism industry and other sectors. The Progress Fund, founded in 1997, is an outgrowth of Congressman John Murtha's efforts. We have loaned more than $7 million to more than 116 enterprises, creating or preserving more than 750 jobs.

Joetta Newcomer 364 Patteson Drive Box 292
Morgantown, WV 26505
(724) 529-0384
Fax: (724) 529-0384

The Progress Fund

Adena Ventures

Adena Ventures is a newly capitalized $34 million venture capital enterprise, formed to provide equity and operational assistance to qualifying businesses in central Appalachia. The company's mission is to generate market-rate returns for investors while promoting shared and sustainable economic development throughout its target region. Adena invests between $200,000 and $2 million in companies with strong management teams, high growth potential and defensible market positions. The U.S. Small Business Administration designated Adena Ventures the first New Markets Venture Capital company in the country and is providing the fund with significant financial leverage, which more than doubles the money available for investment in central Appalachia.

C. Andrew Zulauf
2300 MacCorkle Ave., SE
Charleston, West Virginia 25304
(304) 340-3736

Adena Ventures

Anthem Capital

Anthem Capital is an early stage venture capital firm that invests in information technology and healthcare/life sciences sectors. They target rapidly growing businesses in the Mid-Atlantic States.

Ed Spiva
The Mangels Building
Baltimore, Maryland 21230
(410) 625-1510

Go To Anthem Capital

iNetworks, LLC

iNetworks, LLC, makes private equity and venture capital investments both directly and through its managed funds, with the history and flexibility of working with life sciences and technology companies as well as traditional industries. We are especially interested in companies, either headquartered in or with substantial operations in West Virginia, that are poised for growth and willing to work closely with our team to achieve sustainable success. Initial investments sourced from iNetworks typically range from $250,000 to $4 million, except that the iNetworks Community Development Capital Company, our community development venture capital fund, is limited to a total investment in one company of $1 million.

Charles A. Schliebs
150 Clay St
Second Floor.
Morgantown, WV
(304) 284-2812

Go To iNetworks, LLC

INNOVA Commercialization Group

INNOVA Commercialization Group, an initiative of the West Virginia High Technology Consortium Foundation, is a statewide commercialization group focused exclusively on West Virginia innovators. INNOVA's mission is to create real wealth for West Virginia by assisting entrepreneurs in obtaining the business development assistance and capital necessary to successfully launch new products into the commercial marketplace.

Greg Clutter
1000 Technology Drive
Suite 1000
Fairmont, West Virginia 26554
(304) 366-2577
Fax: (304) 366-2699

Go To INNOVA Commercialization Group

Mountaineer Capital LP

Mountaineer Capital LP provides venture capital to promising new and existing businesses in West Virginia and surrounding states. Mountaineer Capital is licensed as a Small Business Investment Company (SBIC) by the U.S. Small Business Administration. Initial investments are expected to range between $250,000 to $1 million.

Patrick A. Bond
J. Rudy Henley
107 Capitol St.
Suite 300
Charleston, West Virginia 25301
(304) 347-7525
Fax: (304) 347-0072

Go To Mountaineer Capital LP

The Natural Capital Investment Fund (NCIF)

The Natural Capital Investment Fund (NCIF) is a nonprofit certified Community Development Financial Institution that provides financing for natural resource-based businesses that will advance sustainable economic development throughout West Virginia.

Marten R. Jenkins Jr.
P.O. Box 1889
Shepherdstown, WV 25443
(304) 876-2815

The Natural Capital Investment Fund (NCIF)

Novitas Capital

Novitas Capital has successfully invested in and generated returns in seed, start-up and early-stage technology and life science companiesfor more than a decade.

Mike Bolton
150 Clay Street
Suite 207
Morgantown, WV 26501
(304) 284-5026
Fax: (304) 284-5002

Novitas Capital

SELECT CAPITAL VENTURES, I L.P.

SELECT CAPITAL VENTURES, I L.P., is a private equity investment firm focused on the healthcare industry. Areas of interest include healthcare services, healthcare information technology, and medical devices and equipment. Select Capital Ventures operates as a Small Business Investment Company (SBIC) licensed by the Small Business Administrations (SBA).

MIchael Salerno
4718 Old Gettysburg Road
Suite 405
Mechanicsburg, PA 17055
(717) 972-1304

SELECT CAPITAL VENTURES, I L.P.,

Bill & Sharon GlasscockOwnersLaurel Creek HardwoodsNicholas County