SSBCI enhance West Virginia's economy

12/16/2011

Small businesses in West Virginia recently received a upgrade to the tune of $13.1 in loan funds from the U.S. Department of Treasury's State Small Business Credit Initiative, the State Journal reports. The funds are intended to help create jobs, promote small businesses and boost the state's economy.

A total of $1.5 billion was allocated to the SSBCI via the Small Business Jobs Act of 2010. The majority of the funds are intended for state programs that support lending to small businesses and manufacturers.

"West Virginia's small businesses already have talent and dedication. Now this program will equip them with the capital they need to invest in their businesses, expand and create new jobs," said governor Earl Ray Tomblin, as quoted by the news source. "An investment in our creditworthy small businesses is an investment in the economic vitality of our communities and our state."

Approximately 90 percent of employers in the state are small business owners, meaning an economic boost may be in the cards following the dispersal.

Small business owners in the state will receive the chance to be recognized at the Annual West Virginia Small Business Week Awards Celebration, which will be held in May 2012, the SBA's website notes.