As part of the State Small Business Credit Initiative,
The West Virginia Capital Access Network has been responsible for deploying the funds in partnership with eight different organizations located across the state. In total,
Part of the program requirements is to have at least one private matching dollar for every invested federal dollar. Because of this, an additional
"I'm proud of it," she said. "It's not often we lead the country in something good."
In a press release, Sen.
He said small businesses are "the engine of our economy," and that they create jobs necessary for economic development.
Through the program, the Capital Access Network has made 39 investments and provided loans to various businesses with hopes of sparking
Businesses benefiting from the money include medical, biotechnology and automotive companies as well as restaurants, day cares and physical therapy groups.
The program, and others that encourage small business lending, was created in 2010 when President
Through the State Small Business Credit Initiative, the U.S. Treasury has distributed more than
States do not have to pay the federal government back. Instead money recouped on the loans is recycled to support even more development.
Because the program has been successful and well-received by participating states, Obama proposed an additional
O'Connor said additional funds would be welcomed because there is such a high demand for assistance.
"The only downfall of the program is that the eight participants are full," she said, later adding that there is a wait list to receive funds.
No progress has been made on extending the federal program, but there have been talks of creating a state-sponsored version, O'Connor said.
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