West Virginia District Office

SBA WV Reports Robust Loan Volume for Fiscal Year 2022

$64.6 Million in loans to support Mountain State economy

Clarksburg, WV – The U.S. Small Business Administration (SBA) West Virginia District Office announced Fiscal Year 2022 (October 1, 2021 – September 31, 2022) summary loan data. Loans via SBA 7(a), 504, and microloan programs in West Virginia totaled 184 and $64.6 million.

In Fiscal Year 2022, SBA’s flagship 7(a) loan program made 166 7(a) loans to West Virginia small businesses totaling nearly $59.5 million. The 504 Loan Program (SBA and third-party lenders, combined) reported $4.6 million in lending to West Virginia small businesses. The Microloan Program, which specifically helps businesses in underserved communities, reported more than $362 thousand in lending in the Mountain State. 

SBA’s 7(a) Loan Guaranty Program is the SBA’s primary financial assistance instrument. It provides loan guaranties on business loans to help qualifying entrepreneurs secure financing on reasonable terms. The program operates through private-sector lenders who provide loans. SBA’s 504 Program provides growing businesses with long-term, fixed-rate financing for major fixed assets, such as land and buildings.

“The U.S. Small Business Administration and our team in West Virginia are dedicated to helping small businesses gain access to capital to start and grow their small business,” said Karen Friel, SBA West Virginia Director. “We know when small businesses are successful, our communities and the economic infrastructure of our state improves.”

Nationally, SBA announced the Agency reached nearly $43 billion in funding to small businesses, providing more than 62,000 traditional loans through its 7(a), 504, and Microloan lending partners and over 1,200 investments through SBA licensed Small Business Investment Companies (SBICs) for Fiscal Year (FY) 2022. Click here for the full national release.

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About the U.S. Small Business Administration

The U.S. Small Business Administration helps power the American dream of business ownership. As the only go-to resource and voice for small businesses backed by the strength of the federal government, the SBA empowers entrepreneurs and small business owners with the resources and support they need to start, grow or expand their businesses, or recover from a declared disaster. It delivers services through an extensive network of SBA field offices and partnerships with public and private organizations. To learn more, visit www.sba.gov.