While nearly 80% of U.S. small business owners seek growth capital during the course of their lifespan, only a fraction of those operating outside of major financial hubs ever secure the funding they need to truly scale. Research also shows that businesses with access to professional growth capital are three times more likely to survive economic shifts and reach long-term sustainability. For West Virginia’s over 118,000 small businesses, this capital can mean the difference between surviving and thriving. The West Virginia First Small Business Growth Program was passed and signed during the 2026 legislative session to make $100M in critical growth stage capital available across the state.
To apply for capital investment authority and an allocation of tax credits, an applicant must complete this application by providing all information required via our electronic OR mailable options below. Applications received by 5pm EST on Tuesday, May 26 will be considered to have been received simultaneously on the first day of the application process.
Timeline
May 26, 2026
Applications due by 5pm EST. Any application received by this date and time will be deemed as having been received simultaneously on the first day of the application process.
June 25, 2026
The WV Department of Commerce will communicate acceptance or denial of each application by this date and certify the investment amount and tax credit schedule for those accepted.
90 days from certification
Accepted growth fund shall issue the capital investment authority to and receive cash in the amount of the certified amount from a growth investor.
95 days from certification
Growth fund shall provide Commerce with evidence of the receipt of the cash investment.
For Prospective Investors
- Proof of their licensing as a rural business investment company under 7 U.S.C. § 2009cc or as a small business investment company under 15 U.S.C. § 681.
- Evidence that, as of the date the application is submitted, the growth fund applicant or affiliates of the growth fund applicant have invested at least $100 million in nonpublic companies located in counties within the United States with a population of less than 75,000 according to the 2020 Federal Decennial Census of the United States.
- A business plan that includes a revenue-impact assessment projecting state and local tax revenue to be generated by the growth fund applicant’s proposed qualified investments, prepared by IMPLAN or REMI, using a dynamic economic forecasting model that analyzes the growth fund applicant’s business plan over the 10 years following the date that the application is submitted to the department. Such a plan must include an estimate of the new jobs created and the jobs retained in the state as a result of the applicant’s qualified investments.
- A $5,000 non-refundable application fee payable to the WV Department of Commerce, delivered via physical check.
For Small Businesses Seeking Investment
- Businesses eligible for the West Virginia First Small Business Growth Program will have their principal business operations in West Virginia, have fewer than 250 employees at the time of the initial qualified investment in the business, and will use the capital for scaling, expansion, or bridging cash flow gaps. There are no industry or geographical carveouts for the types of investments that might qualify.
- Investors approved for this program will look for investment opportunities on their own without any project approval needed from the State of West Virginia. While there is no minimum investment amount criteria for the West Virginia First Small Business Growth Program, similar programs in other states typically see investments made in the range of $1M to $5M per company through debt or equity that can catalyze a small business from being a successful local shop to becoming a regional or larger enterprise. Under this program, no single business can receive more than the greater of 20 percent of a program-approved growth fund’s capital investment authority or $7.5 million total.
- We encourage any small business interested in the West Virginia First Small Business Growth Program investments to (1) register your interest with your county’s economic development authority in case they are contacted by program-approved growth investors looking for dealflow, and (2) check this website after June 25 for updates on contact information for program-approved investors who you can reach out to.
- To learn more about the West Virginia First Small Business Growth Program, please fill out this contact form and your message will be responded to promptly.
