State tops list for small business funding
West Virginia is a national leader in deploying funds to small businesses through a federal program created to spur private sector lending and investment, a release by the U.S. Treasury Department said Wednesday.
As part of the State Small Business Credit Initiative, West Virginia was given $13.2 million to stimulate economic growth around the state. Almost all of that money has been distributed to small business owners to encourage them to increase lending, expand operations and create new jobs.
The West Virginia Capital Access Network has been responsible for deploying the funds in partnership with eight different organizations located across the state. In total, $12.8 million was awarded, with $7 million going to seed- and early-stage businesses.
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