CHARLESTON, WV (LOOTPRESS) – Governor Patrick Morrisey today announced that the West Virginia Department of Commerce is officially accepting applications for the newly established West Virginia First Small Business Growth Program, a major economic development initiative designed to expand access to private investment capital for West Virginia small businesses.
“West Virginia’s small businesses are the backbone of our economy and the foundation of our communities,” Governor Morrisey said. “The West Virginia First Small Business Growth Program is about giving our entrepreneurs, innovators, and family-owned businesses better access to the capital they need to grow, compete, and create jobs right here in the Mountain State.”
Signed into law earlier this year as Senate Bill 1, the program is intended to help bridge the financing gap that often prevents small businesses from expanding, modernizing, and creating jobs.
The program creates incentives for private investment funds and financial institutions to direct capital into qualifying West Virginia businesses. By leveraging private investment, the initiative is expected to strengthen the state’s small business ecosystem and support long-term economic growth.
“This program helps connect homegrown businesses with the investment dollars they need to expand operations, hire more workers, and succeed long term,” Governor Morrisey said. “We are building an economy where West Virginia businesses can grow and prosper.”
To ensure integrity and maximize economic impact, the Department of Commerce has established rigorous baseline criteria for participating growth funds and investors:
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Proven Track Record: Growth fund applicants (or their affiliates) must demonstrate major prior investment experience, having successfully invested at least $100 million in non-public companies located in rural or small-population counties across the United States.
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Economic Forecasting: Applicants must submit a comprehensive, 10-year economic impact study prepared by a nationally recognized, independent third-party forecasting firm.
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Fee Requirement: A non-refundable application fee of $5,000 must accompany the submission.
Program Timeline
Application Window: The application window is now open for prospective investors. All applications received by 5 p.m. Eastern Time on Tuesday, May 26, will be considered to have been received simultaneously on the first day.
Review Period: The Department of Commerce will grant or deny applications within 30 days of receiving a completed submission.
Cure Period: In the event of a partial denial, applicants will have a 15-day window to submit additional required information to preserve their original filing date.
The state maintains strict clawback and recapture provisions. If a certified growth fund fails to meet its employment benchmarks or capital retention obligations, the issued tax credits will be rescinded.
To review program rules, download application materials, and submit an application, please visit https://westvirginia.gov/the-west-virginia-first-small-business-growth-program-sb-1/.
