Businesses should apply directly to their commercial bank for their financing need. The bank determines if VSBFA participation is needed for its approval. The lender is encouraged to call the VSBFA to discuss the transaction. VSBFA approves or declines participation within a week of receiving all required application information.

Whatever the case, the SBDC of West Virginia has the resources and team to help you navigate growth effectively. Perhaps you’ve realized you are facing considerable workload increase and need to successfully on-board new employees, or maybe you have recently pursued the potential to supply your product globally. The SBDC’s mission is to foster Virginia Small Businesses Near Me success and grow Southwest Virginia’s economy. There is also some education involved, making sure the community realizes the importance of agriculture and the benefits of buying fresh and local. A major key to Gore’s success is its dedicated employees, which number more than 30 currently.

Find a repository of loans and grants available for small businesses here. The information contained on this page should not be construed as specific legal, HR, financial, or insurance advice and is not a guarantee of coverage. In the event of a loss or claim, coverage determinations will be subject to the policy language, and any potential claim payment will be determined following a claim investigation. Commercial property insurancehelps protect your owned or rented building, plus the equipment you use to operate.

VSBFA provides businesses and localities with debt financing resources for economic development projects and other small business and entrepreneurial financing needs. VSBFA’s definition of “small business” is $10 million or less in annual revenues over each of the last three years, or a net worth of $2 million or less, or fewer than 250 employees in Virginia, or qualification as a 501 nonprofit entity. Certain coverages vary by state and may not be available to all businesses. All Hartford coverages and services described on this page may be offered by one or more of the property and casualty insurance company subsidiaries of The Hartford Financial Services Group, Inc. The Hartford® is The Hartford Financial Services Group, Inc. and its subsidiaries, including Hartford Fire Insurance Company.

Since VSBFA’s primary function is to assist banks in making loans to businesses, VSBFA can assist any type of for-profit business as well as 501 nonprofit entities. VSBFA can also lend to local industrial and economic development authorities and provides bond financings to benefit for-profit businesses and 501 nonprofit entities, and to support clean energy and P3 transportation projects. Fees for participation in LGP are 1.5% of the loan amount, in addition to a $200 application fee. The CCP helps Virginia’s businesses obtain the funds to start or expand their operations in Virginia. VSBFA’s participation helps reduce a lender’s credit risk by providing cash collateral on deposit at the lender bank as support for a business purpose loan.

The guaranty term cannot exceed seven years for term loans. Guaranties for lines of credit are available on an annual basis with a maximum of four subsequent renewals. Eligible borrowers must be a VSBFA-defined small business and meet VSBFA credit standards. Loan purposes include lines of credit for accounts receivable and inventory, term loans for permanent working capital, and fixed asset purchases. Businesses that derive 15% or more of their revenues from defense-dependent activities and can demonstrate economic hardship related to defense downsizing may also be eligible.

The Small Business Development Center provides one-on-one counseling, business education opportunities and resources to help small business owners or managers improve their business. The sole objective is to help Southwest Virginia’s businesses prosper and increase job opportunities. The Virginia SBDC Network provides confidential advising, business training and connections to resources for new and existing businesses throughout the Commonwealth. The SBDC is funded in part through a cooperative agreement with the U.S.

The Small Business Development Center of WV provides tools, coaching and access to make your business a success. John and Carolyn Marker were the driving force for the market expansion and are still very active. McKay was a physical therapist at a local hospital for 16 years, worked part-time at the market for a while then managed it full-time starting in 2014. The Shenandoah Valley area has changed quite a bit from when Gore’s started several decades ago; now there are fewer farmers around, but the ones they work with have much larger operations. Interest in its products has grown, too, with the recent move toward more local sourcing of food. Four generations have invested in the growth of Gore’s Meats in the Shenandoah Valley and it has certainly paid off.