CWVenture Microloan Program

START OR EXPAND YOUR BUSINESS.

About CWVenture

In an effort to provide more funding opportunities to existing district businesses and create more incentives for prospective businesses, Charleston Main Streets (CMS) has established CWVenture, a small business microloan program through funding made by possible by the West Virginia Development Office and BB&T.

Under this Lending Program, CMS provides small startup or expansion loans that range from $500 to $5,000 for qualified businesses. These loans can be used for projects including, but not limited to, working capital, real estate for the use of small business, capital improvements, machinery and equipment.

The CMS Economic Development Committee manages and accepts applications for the program. A panel consisting of members of the committee reviews all applications and associated financials. The Microloan Review Panel consists of the committee chair, at least two committee members, and the CMS Executive Director. The panel may ask for additional information or clarification from the applicant if necessary. The panel will establish the terms of the loan, including the amount, interest rate, length, and the dollar amount of such repayments.

Applications are due by the first Monday of each month and are reviewed for approval or denial by the third Friday of each month.

Microloan Structure

Loan terms range from one to three years. There are options to defer principal payments, amortize over longer periods, or establish seasonal schedules as needed. Rates will be no greater than the Prime Lending Rate at time of application, but no less than 1%. Rates will be addressed at time of loan approval.

The loan will be amortized for the total length of time. All loan payments will be due on the first of every month. There is no prepayment penalty. New businesses/startups will have a limitation on the amount they can borrow. Loan terms are normally up to three years, but will be structured as follows:

Maximum term:
   $500 - $1,000 1 year (12 months)
   $1,001 - $2,500 2 years (24 months)
   $2,501 - $5,000 3 years (36 months)

The CMS CWVenture program works as a draw-down loan. Borrowers will request funds by communicating with the CMS office. Funds will then be made available within 3-5 business days (when applicable) through a check which can be picked up in person from the CMS office.

For all CWVenture details, criteria, application & approval process, and the full microloan application, download the form below. Submission and approval guidelines are included.