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Are you looking for West Virginia’s best business loans & startup financing companies? For your small business in the Mountain State, many banks, credit unions, and unconventional lenders are offering different loan types. Also, this state is home to 111,000+ small businesses. That is why many lenders operate in WV, offering startup financing solutions to local entrepreneurs.

Understand the unique features and benefits of different loan types to empower your business. That’s how you choose the best lender for your business. Also, look into no-credit equipment financing options if you can’t get a business loan via traditional means.

Consider these 7 business loans & startup financing options in W. Virginia to get started. Check our reviews of these lenders to decide which one’s the best option for you:

1. Swoop Funding

Swoop Funding is every West Virginia-based small company’s top startup financing option. It will offer entrepreneurs a range of funding solutions to meet their needs. You can access many loan types, including traditional term loans & innovative financing options with a simplified process.

At Swoop Funding, you can get $5k to $500k as a small business. Moreover, you have to have a credit score of 600+ with the company’s annual revenue being $50k (at least). Even if it’s been 6 months since you started this business, Swoop will consider your loan application! However, it is important to talk directly to Swoop’s experts to determine your creditworthiness.

2. Citizens Bank of West Virginia

At the Citizens Bank of West Virginia, you can get ample funding to make sure that your small business can stand on its feet. The average loan amount at this lender is around $350k. Also, the loan amount is 4.73%. So, you can apply for term loans, open a new line of credit, get your hands on real estate loans, or simply take out government-guaranteed loans. You can utilize the 4th-category loans for:

• Business acquisition
• Equipment
• Specialized commercial vehicles
• Commercial real estate purchase/renovation
• Construction
• Franchises
• Working capital

3. Clear Mountain Bank

With an incredibly low average interest rate (3.90%), Clear Mountain Bank gives you a normal loan amount of around $260,000. This bank operates from its ten branch locations scattered all over West Virginia. Also, it has branches in Maryland as well. So, you can apply for commercial loans or simply open a new line of credit with this bank. Clear Mountain Bank also offers you a series of loans so you can invest in commercial real estate. If you want to purchase equipment for your company, this lender will provide you with loans for this purpose as well. Depending on your business, specific needs & financial background, there’ll be other options for commercial loans that can be tailored to fit your needs.

4. PCB

At PCB, you can get the money needed to continue your business operations without anything stopping the train of success. This bank operates in both Virginia and West Virginia. The name “PCB” stands for Pendleton Community Bank. The average interest rate here is around 5.70%. Also, $186,000 is the average payout that you can get from PCB. This lender has its origins in the Mountain State’s Pendleton County. It’s 99 years old and offers you competitive rates with flexible terms.

5. Peoples Bank

We have mentioned this lender before. At Peoples Bank, West Virginian business owners can get ample funding to keep their companies in business for many years to come. The average loan amount available here is over $330,000. Moreover, the average rate of interest here hovers at 5.18%. This bank was established in Washington more than a century ago. However, it offers amazing lending opportunities to Mountain State businesses. Holding $2.6 billion in assets, Peoples Bank helps you get started in the world of entrepreneurship. With loan amounts from $1k to $10k, this line of credit goes beyond overdraft protection.

6. Fifth Third Bank

At Fifth Third Bank, you can find amazing lending services for small businesses. This lender has like a dozen branches in West Virginia alone. The average rate of interest here is 5.25%. It offers an average loan amount of $767k to eligible applicants. So, if you need to open a line of credit or apply for a term loan, then you can get in touch with Fifth Third Bank. You can apply for real estate financing as well while applying for SBA funding from this West Virginian lender. That is how you can make sure that your company has ample funds to stay in business. You can get SBA financing from this lender for the following purposes:

• Cash for daily business activities
• Funds for acquiring or starting a business
• Finance for buying commercial equipment

7. First Exchange Bank

Lastly, we should mention the First Exchange Bank as a prime West Virginian lender. This loan provider exclusively works with Mountain State startups to make sure that they have enough funds to stay operational in this economy. So, you can apply for construction & real estate loans through this lender. You may also open a new line of credit or apply for commercial equipment loans. That’s how you can reach new heights of success at the First Exchange Bank.

West Virginia Government Resources

Check out these government resources about business grants/funding and startup financing options in WV:

• Financing – WV Business Portal
• State of West Virginia | Small Business Assistance
• West Virginia’s Business Development Incentives
• Rural Business Development Grants in West Virginia

Top Cities in West Virginia for Business Loans

Curious to know which West Virginian cities or municipalities are the best for business loans & startup financing? If you live in any of these 30 cities, then you can easily access SBA loans or other nontraditional financing means to embark on your entrepreneurial journey:

1. Charleston
2. Huntington
3. Morgantown
4. Parkersburg
5. Wheeling
6. Weirton
7. Fairmont
8. Clarksburg
9. Martinsburg
10. Beckley
11. Bluefield
12. South Charleston
13. Vienna
14. Summersville
15. Grafton
16. Keyser
17. Elkins
18. St. Albans
19. Bridgeport
20. Logan
21. Harpers Ferry
22. Ripley
23. Fayetteville
24. Ravenswood
25. Point Pleasant
26. Williamson
27. Shinnston
28. Oak Hill
29. Sutton
30. New Martinsville

Conclusion

Whether you’re a startup owner or founded a well-established business years ago, you have to choose the right financing partner and lender. That’s how you keep your business vessel afloat and key commercial operations running in West Virginia in this economy. If you aren’t fine with this list of lenders, check out startup financing partners in Virginia, Ohio, Kentucky, Maryland, & Washington DC, too. They also cater to West Virginian startups’ unique needs.

Now, choose a lender that offers you flexible loan terms and interest rates. Check their online reputation, customer service, interest rates, and other factors. If something is still unclear, get in touch with us at Sophisticated Investor to learn how to get your entrepreneurial dreams funded quickly. That’s how you can take your business to new heights of success.