From the great folks at the West Virginia Community Development Hub:
Small businesses looking for a boost can find an incredible resource in a micro-loan program from the Kanawha Institute for Social Research and Action, Inc. (KISRA).
KISRA’s program provides $1,000-$50,000 to disadvantaged small businesses. The program is open to entrepreneurs who often do not quality for conventional loans or
other, larger Small Business Administration-guaranteed loans.
“We started the program to increase access to capital for disadvantaged businesses,” said KISRA’s Chief Executive Officer Michelle Foster. “Loan funds can be used for working capital, inventory, supplies, furniture, fixtures, machinery, renovations, and equipment.”
The program provides loans for a long as 6 years, with an interest rate of up to 8.5%, depending on credit. Eligible businesses must employ 25 or fewer people or have self-employed workers. Businesses must be for-profit and have a current business license.
Foster explained that the program seeks to spark job creation and economic development in West Virginia.
Along with micro-loans, the program also provides a wealth of technical assistance for small businesses, including: one-on-one business counseling on a variety of topics, business plan classes, start-up classes, marketing support, bookkeeping, financial management, and computer and internet training.
From lawyers to laundromats, a number of businesses have flourished, thanks to the program. A sampling of success stories includes: graphic/web designer L.Freeman, LLC; Super Suds Coin Laundry, LLC, the Law Office of Tracie L. Greene, Too Good Floring, and Befine Designs (manufacturer/wholesale and retail for pocket pen holders).