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WV
WVEDA Commercial Loan Insurance Program
Insures up to 80% of participating bank loans to help West Virginia businesses access credit.
About this program
The West Virginia Economic Development Authority Commercial Loan Insurance Program helps businesses that cannot obtain conventional bank financing by insuring a portion of a participating commercial bank loan. The program may insure up to 80% of a bank loan, with the insured portion capped at $500,000 and a maximum term of four years.
Eligibility
Eligible applicants are West Virginia businesses seeking financing through participating commercial banks where WVEDA loan insurance is needed to support credit approval.
Requirements
- Applicant must apply directly to a participating bank.
- Loan must be for an eligible business purpose other than refinancing existing debt.
- Bank negotiates collateral, interest rate, and other loan terms under its own lending guidelines.