The West Virginia Capital Access Program (WVCAP) approved loans and investments of more than $41.7 million for numerous businesses across the state.
The WVCAP funding is expected to allow these companies to create more than 700 jobs and retain more than 1,300. The funding will enable matched commitments of more than $73 million by the private sector.
"The West Virginia Capital Access Program facilitates the growth and development of small businesses within the state by strategically utilizing both federal and private capital,” Andy Zulauf, Executive Director of the West Virginia Jobs Investment Trust (WVJIT) said. “This initiative provides an accessible financial pathway for West Virginia entrepreneurs to scale their operations and strengthen their presence in the local economy.”
WVCAP provides West Virginia small businesses with debt or equity capital to expand and create jobs. WVCAP assists credit-worthy companies that may not fit traditional lending models. WVCAP is administered by WVJIT and offers three programs for funding options:
- Seed Capital Co-Investment Fund (equity financing)
- Subordinated Debt Fund
- Collateral Support Fund
For more information, or to apply for funds, contact the West Virginia Jobs Investment Trust at wvjit.wv.gov. Interested businesses should contact the WVCAP Program Participants, who can be found listed at wvjit.org/wvcap.
About the West Virginia Jobs Investment Trust
West Virginia Jobs Investment Trust (WVJIT) 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. WVJIT invests in early-stage, later-stage and mature small companies that wish to expand. Opportunities to create a significant number of jobs while maintaining economic balance are favorably viewed.