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Small Business Loans in West Virginia (2021 Update)

For those that are planning to start their own business or those who simply are looking for funding to expand their existing business, a small business loan or SBA may be the ideal choice for you. These programs are offered in West Virginia, along with the rest of the states, to help individuals who are unable to qualify for a traditional bank loans.

While West Virginia may be considered one of the least entrepreneurial states, with only 1.92 small businesses per 100 residents, it's still possible to get sizeable small business loans. On average, the size of a SBA in the state is around $201,000.Small Business Loans in West Virginia

Small Business Loan (SBA) vs. Traditional Bank Loan

Both of these loans are funded by a lending institution. The major difference between these two types of loans is the government will guarantee a portion of an SBA loan to the participating lending institution if the borrower fails to pay the debt. This helps to lighten the risk of loss as compared to traditional bank loans. This is why individuals have a better chance at being approved for SBAs over traditional bank loans.

How Do You Get A Small Business Loan?

You need to start by heading out to a local bank that participates in the SBA program. The top banks for small business lending according to a 2013 report include Main Street Bank Corp (Wheeling), Calhoun County Bank Inc. (Grantsville), The First State Bank (Barboursville), First Sentry Bank Inc. (Huntington), and The Bank of Monroe (Union). There are many other lenders that offer the SBA program that may be closer to your city.

You will need to complete the SBA Loan Application. This will require you to submit financial statements, business certificates, income tax returns, resumes, business leases, and other necessary documents to the lending institution. The lending officer taking care of your application will be able to advise you on the specific documents you will need to procure to complete your application.

Who Is Eligible For SBAs?

The eligibility of a business is decided mainly on the basis of how the business receives its revenue, where it operates, and the character of its ownership. Some other SBA loan requirements include:

  • For-Profit Operation
  • Must Be A Valid Need For Funding
  • No Delinquencies To The US Government
  • Currently or Proposing To Do Business Within The US

What Can I Do With The Money?

There are a number of different ways you can use the money provided by your small business loan. The most popular reasons are for short-term and long-term working capital. This means covering operational expenses, seasonal financing, accounts payable, and purchasing new inventory. Others may choose to use their funding to buy new equipment, real estate, supplies, and materials. This type of loan can be used in a business acquisition or to refinance existing debt, although certain circumstances may apply by the lender.

Banks in West Virginia That Offer Small Business Loans

Here are the best banks to apply for small business loans in West Virginia:

First Sentry Bank

A state-chartered bank in the state, First Sentry Bank was founded in Huntington in 1996. It offers a variety of business banking solutions to help you operate and grow your business.

Calhoun County Bank

Founded in Grantsville, West Virginia in 1900, Calhoun County Bank was named after the county where the bank was established and currently headquartered.

Clear Mountain Bank

Found in Bruceton Mi, Clear Mountain Bank has loaned around $68 million to small businesses in the locale as well as $12 million in micro business lending.

The First State Bank

Headed by its Chairman and CEO Karl E. Hill, The First State Bank dedicates itself to a convenient and customer-centric banking experience. It was established in Texas in 1913 but also has a branch in Barboursville.

Main Street Bank Corp

Operating in the entire state, the Main Street Bank Corp is based in Wheeling, West Virginia. With $22 million in small business loans, it helped small businesses in the community achieve greater heights.

The Bank of Monroe

The Bank of Monroe first opened its doors in 1903 in the same city where it is based today – Union City.

Top Cities in West Virginia and Their Lenders

West Virginia is a small state in the Northeast of the country. The area has not prospered as much as some of the surrounding states, but there is still plenty of money to be made for small business owners. The economy was traditionally built around the coal industry, but changes in the energy industry has resulted in a sharp decline in coal. Tourism still plays a major role in the local economy, as there are many notable mountains in the state. If you’re looking to start a business in the state, you’ll want to choose the right place to set up shop. You should always look to find a city that suits your industry.

In this part of our article, we’ll take a look at the top cities in the state of West Virginia. We’ll also provide you with the best lenders in each of these cities.

Charleston, West Virginia

Charleston is the largest city in West Virginia – it also happens to be the capital of the state. It’s the economic hub of the region. The area has a range of different services-based industries present. There are also food processing and printing companies operating in the region. Below are our favorite lenders in the Charleston region:

First Bank of Charleston

First Bank of Charleston is our top pick for Charleston, West Virginia. If you want to work with a lender that understands the local economy, this is the place to be. They’ve been helping business owners in the community for decades. They offer custom loans, lines of credit, term loans, and construction loans to their clients. You can meet face-to-face with a business lending specialist to discuss your options.

West Virginia FCU
West Virginia FCU is a credit union that has a great reputation in the state for offering affordable financing to local business owners and consumers. Because they’re a credit union, you’ll need to be a member to access their financing. They also offer business banking services to their clients.

Huntington, West Virginia

Huntington is one of the many cities in West Virginia that suffered when changes in industry occurred in the United States. The city has since had to revamp its economy to include technology, healthcare, and tourism. It’s an affordable place to start a new business. Below are our favorite lenders in the city:

Huntington Bank

Huntington Bank is our top choice for the Huntington, West Virginia area. They have a presence throughout the state, but have a particularly large focus on Huntington area. They can provide you with lines of credit and term loans, as well as business insurance if you want to help protect against certain risks in the business environment. Because they are located in Huntington, they have a firm understanding of the local economy and how to help you improve your new business. They’re a partner that should not be missed!

If you want to work with a large national lender instead, BB&T is probably your best bet in Huntington. They have the national experience needed to help you take your business to the next level. They also have an incredible amount of lending power, which is good if you need to borrow a decent sum of money.

Morgantown, West Virginia

Morgantown is the home of West Virginia University – the most notable university in the state. The local economy benefits from money brought by students into the area. Below is our favorite lender in the Morgantown, West Virginia area:

Huntington Bank

Although based in Huntington, if you’re looking for a bank with a range of different financial solutions, Huntington Bank is our top choice in Morgantown. They offer small business loans in various forms, as well as small business banking accounts. If you need business insurance for your company, they also offer high-end insurance products that can ensure your business is protected at all times. They have a local branch in the region that can be used to speak with a Morgantown commercial lending specialist. They have the lending power to take your business to the next level.

Parkersburg, West Virginia

Parkersburg is one of the leading manufacturing areas in the West Virginia area. Despite experiencing significant losses when the various industries in the area declined, Parkersburg still has a number of manufacturing companies in the region. It’s an extremely affordable place to start a new business, which is good for business owners looking to save money during the initial years of their new company. Below is our favorite lender in the region:

Community Bank of Parkersburg

If you’re looking to work with a local lender that has expertise in the Parkesburg economy, you can’t beat Community Bank of Parkersburg. They’re by far our favorite lender in the city. They offer both business lines of credit and business term loans to small business owners in the region. They will also provide you with business banking accounts if you’re looking to set up some company-specific accounts. They’re a great choice with a great reputation.


Remember, some of these companies or banks are very specialized and may only handle SBA loans or a business line of credit. Ask them about any special programs for minorities or women. Also ask for information about business grants for startups if that interest you. If you bad credit don't worry as there still may be other alternative lenders willing to work with you.