West Virginia Business Loans

Running a business in the Mountain State takes care, commitment and capital. At times, the latter can be the hardest to come by, particularly if your business is seasonal and you experience revenue ebbs and flows. When you’re ready to learn about West Virginia business loans, here are a few lenders to consider. Also, get information about organizations in the state offering training and support to entrepreneurs.

West Virginia is home to more than 113,000 small businesses, according to the Small Business Administration (SBA). Additionally, these businesses employ nearly 270,000 workers.

Some of the largest industries in the state include the following:

• Mining
• Manufacturing
• Agriculture
• Health care
• Tourism
• Personal services
• Business services

How to get a small business in West Virginia first requires getting a clear picture of your business’s financial situation, credit score and cash flow. You also will need to gather documents that lenders will want to see, such as business bank statements and profit-and-loss statements. Once you have everything you need to apply, here are a few lenders you might turn to.

Related: What Credit Score Do I Need for a Loan?

Get Your Business Loan Faster

1. The Grant County Bank

In operation since 1902, this financial institution has grown over the years to 7 offices in 6 West Virginia counties. The bank has a 4.8-star Facebook rating and a 5-star WalletHub rating.

Small business owners can find the following financing options here:

• Agriculture loans
• Equipment loans
• Business term loans
• Business lines of credit
• Business credit cards
• Commercial real estate loans

2. Logan Bank & Trust

Logan Bank & Trust is a locally owned bank that opened its doors in 1964. Today, its branches are located in Logan, Man, Chapmanville and Harts. Google reviewers have awarded the institution 4.5 stars, while WalletHub reviewers gave it 4.8 stars. 

Business loans at this West Virginia bank include the following:

• Business term loans
• Business real estate loans
• Business lines of credit

3. CNB Bank

This bank has been in operation for more than 85 years. It has a 4.2-star SmartAsset rating and a 4.7-star WalletHub rating. 

Available loan programs include these:

• Commercial loans
• Business lines of credit
• Business credit cards
• Commercial real estate loans

4. Community Bank

Community Bank has been operating for more than a century. It has an A+ rating with the Better Business Bureau (BBB) and a 4.7-star WalletHub rating. 

Head to 1 of 4 branches in West Virginia, where you’ll find these funding options:

• SBA loans
• Business term loans
• Business credit cards
• Business lines of credit
• Commercial real estate loans

5. First Exchange Bank

This bank is A+ rated with the BBB. It also has earned a 4.6-star rating on WalletHub. West Virginia business loans available here include the following:

• Construction loans
• Business lines of credit
• Business real estate loans
• Commercial equipment loans

Conventional lenders, such as the banks mentioned above, are known to offer competitive rates and terms to approved applicants. 

However, the requirements to qualify can be challenging to meet. This has led many small business owners to turn to online nonbank lenders, which offer alternative financing options, such as merchant cash advances. 

While repayment terms are shorter, payment installments more frequent and interest rates higher, the process to get funding can happen as quickly as 24 hours from approval. 

• Applying for West Virginia Business Loans and Financing Through Fast Capital 360

  Whether you’re looking for a line of credit, term loan, SBA loan or merchant cash advance, we can help.

  Here are the benefits we offer:

  Speed

  A few minutes is all it takes to complete your easy online application. If approved, you could get funding within a day. 

  Multiple Offers

  We partner with lenders throughout the country, which means you could have more than 1 funding offer come your way. 

  Expert Guidance

  Go over the terms of your offer with a Fast Capital 360 Business Advisor. Then choose the option that’s best for your business. 

In addition to funding sources, the state of West Virginia has organizations dedicated to helping entrepreneurs. Here are a few:

Hive

Hive is a program of the New River Gorge Regional Development Authority. Some of its partners include West Virginia University, the U.S. Economic Development Administration and the U.S. Department of Agriculture. 

Hive offers a variety of services, including:

• Business advising
• Rentable space
• Training opportunities
• Access to funding
• Business resources

SCORE

SCORE offices are located throughout the country, including in West Virginia, which has branches in Charleston, Fairmont and Huntington. Here, small business owners can access a variety of resources, many at no charge.

Interested entrepreneurs can seek a business mentor for confidential advising, sign up for an educational webinar or network. Additionally, the website offers access to articles, videos and business document templates.

West Virginia Small Business Development Center

Get help finding capital for your business, visit the one-stop business portal for helpful resources or connect with a business coach. Learn about topics such as marketing, business management, business planning, human resources, succession planning, cybersecurity, financial analysis and government contracting, among others.