10 Best Small Business Loans in West Virginia


West Virginia small business lenders offer exceptional resources to growing organizations.

Key Terms

  • Small businesses have a wide range of resources available to them that can help with financing, budgeting, debt management, and more.
  • Most small business loans can have 5-to-10-year terms, but some are longer, providing a more affordable monthly payment for borrowers that fit within their financial goals.
  • If you do not have a business credit history established, the owner’s personal credit score could be a factor in determining if the borrower qualifies.

West Virginia is perhaps best known for its Appalachian Mountains and the dense forests and rolling hills. The state, located in the Mid-Atlantic region, is one of the smallest in overall size and has a population of about 1.7 million people. Known as The Mountain State, West Virginia is a treasure for those who love to hike and ski. It is also one of the strongest locations in the region for coal mining and logging industries. The state is diverse, with a range of large metro areas and small, rural regions. No matter where a person lives, there are a lot of valuable reasons to open a business here, including a strong economy, a low cost of living, and excellent access to labor.

The economy in West Virginia centers around a few key industries. That includes manufacturing, mining, and forestry, but also tourism. There are some large organizations that operate here, especially organizations like Kroger, Lowe’s Home Centers, and WVU Medicine. Yet, even as large companies take their place in the state, there are also a lot of small businesses in West Virginia. The U.S. Small Business Administration (SBA) states there are 111,614 small businesses operating in the state with 269,473 employees. Those companies have a payroll of $9,939,089. There is no doubt, then, that these companies contribute significantly to the region’s overall economic success.

To do well, small businesses often need financial support in the form of a loan. Small business loans in West Virginia can provide one of the best resources for affordable capital. There are currently 495 active small business loans in West Virginia, according to the most recent three year data from the SBA. Those loans have a total value of $185,661,905. In the state, the average loan size is $375,075. Borrowers can use those funds for many things, often helping to support their growth and development.

Show Me Lenders

How small business loans work in West Virginia

A small business lender in West Virginia could be a bank, private lender, or specialized financial institution that offers loans designed for smaller companies, often companies that may not have as many assets or the long credit history of larger organizations. Small business loans come in a wide range of forms, and each one of these loans is designed to provide companies with affordable access to the capital they need for a range of tasks, such as building their sales, creating new products, or hiring more employees.

Small business lenders in West Virginia are available, and they are working closely with many business owners to provide competitive loan offers. However, to offer loans, lenders need to consider the risks involved with the business. They need to determine how likely it is for the borrower to repay the loan on time and with the interest required.

To determine this, most West Virginia small business lenders will gather a range of information from the business. This starts with a business plan that provides some insight into the organization, including its ownership, how it is run, what type of products and services it offers, and the overall ownership. The company also needs to share information about the company’s financials, such as its revenue, business balance sheet, bank statements, and tax returns. All of this can shed light on how much money the company may be able to lend.

Small business owners may wish to consider more than one type of loan to meet their needs. For many, SBA loans are the best choice. These are federally backed loan programs that allow a company to borrow with the reassurance that the SBA will help cover the losses a lender receives if the business fails to make payment. These loans are typically for established companies but tend to offer lower down payment requirements, more flexible borrowing terms, and better overall access to lower interest rates.

Other types of loan structures exist as well. This includes:

  • Bank loans
  • SBA loans from sba.gov
  • Business term loans
  • Equipment financing
  • Business lines of credit

You are not limited to loan funds only; in fact, many entrepreneurs explore all options for business financing before turning to loans. In the state of West Virginia, you might be able to get help for nonprofits, resources from the West Virginia Small Business Development Center (WVSBDC), help from the West Virginia Development Office, or federal government support for new businesses. Make sure you research special opportunities if your company is minority-owned or women-owned, for example. Depending on your business needs, there are plenty of business resources out there, including tax credits or microloans.

If you’re not able to cover your business needs from those sources, however, you might need to fill out a loan application.

As a business owner, you have a lot of things to think about when it comes to obtaining a small business loan in West Virginia. That includes not just whether a lender will offer a loan to you but also the terms and conditions and how well those loans work to meet your needs. Learn as much as you can about the lender to be sure you’re getting the best possible loan available.

10 Biggest small business loan lenders in West Virginia

West Virginia small business loan lenders ranked by loans issued in the state.

RankBank Name# of West Virginia LoansAvergage Interest RateAverage Loan Size
1Huntington National Bank735.66%$242,858
2Clear Mountain Bank313.90%$259,984
3Peoples Bank135.18%$331,646
4Citizens Bank of West Virginia84.73%$348,538
5Pendleton Community Bank75.69%$186,214
6Live Oak Banking Company65.10%$1,836,667
7Community Trust Bank55.40%$226,920
8First Western Bank45.31%$2,791,750
9M&T Bank45.88%$216,250
10Fifth Third Bank34.25%$767,500

Get Small Business Loan Quotes

1. Huntington National Bank

Founded in 1866 and based out of Columbus, Ohio, with branches in 11 states and $179 billion in assets to meet its customers’ needs, Huntington National Bank has much to offer. Huntington National Bank has a number of products and services to meet personal and business banking needs.

We reached out to Huntington National Bank to see if there were any advantages to working with them during the SBA loan process. Here is what they told us:

  • SBA Preferred Lender
  • Offers the SBA 7(A) Loan Program, SBA 504 Loan Program and SBA Express.
  • Loans can be used for working capital, business acquisition, equipment purchases or other purposes.

When you’re ready to connect with an experienced SBA loan officer, use our form to quickly match with SBA loan programs based on your specific circumstances.

2. Clear Mountain Bank

With 10 branch locations in West Virginia, Clear Mountain Bank is able to provide its customers with financial tools and services. Clear Mountain Bank offers a number of different products to help meet its customers’ needs, including small business loans, mortgages, and other financial solutions for personal and business.

We reached out to Clear Mountain Bank to see if there were any advantages to working with them during the SBA loan process. Here is what they told us:

  • While the bank offers small business products, we weren’t able to verify their experience with SBA loans specifically. If you are interested in working with them, we suggest reaching out and contacting the bank directly.

When you’re ready to connect with an experienced SBA loan officer, use our form to quickly match with SBA loan programs based on your specific circumstances.

3. Peoples Bank

Opening in January 1921 in Lynden, Washington, Peoples State bank began to serve its community. Now known as Peoples Bank and with over 100 years in service and $2.6 billion in assets, it is able to meet the needs of all of its customers from its 9 locations.

We reached out to Peoples Bank to see if there were any advantages to working with them during the SBA loan process. Here is what they told us:

  • While the bank offers small business products, we weren’t able to verify their experience with SBA loans specifically. If you are interested in working with them, we suggest reaching out and contacting the bank directly.

When you’re ready to connect with an experienced SBA loan officer, use our form to quickly match with SBA loan programs based on your specific circumstances.

4. Citizens Bank of West Virginia

With six locations throughout West Virginia, Citizens Bank of West Virginia is able to meet the needs of its customers through all of its tools and services. With tools like wealth management, mortgages, digital banking, and business accounts, Citizens Bank of West Virginia can provide for all of its customers.

We reached out to Citizens Bank of West Virginia to see if there were any advantages to working with them during the SBA loan process. Here is what they told us:

  • Offers SBA 7(a) Loans, SBA 504(Loans) and SBA Express loans
  • Can be used for business acquisition, equipment, franchises, construction or working capital.

When you’re ready to connect with an experienced SBA loan officer, use our form to quickly match with SBA loan programs based on your specific circumstances.

5. Pendleton Community Bank

Originally started in 1925 as Farmers and Merchants Bank of Marlinton, Pendleton County Bank got its name in 1937 when it moved to Franklin, West Virginia. Now operating with locations in West Virginia and Virginia, Pendleton County Bank can meet the needs of its customers with all financial products.

We reached out to Pendleton Community Bank to see if there were any advantages to working with them during the SBA loan process. Here is what they told us:

  • Approved SBA Lender
  • Offers the SBA 7(A) Loan Program and SBA 504 Loan Program.
  • Loans can be used for working capital, business acquisition, equipment purchases or other purposes.

When you’re ready to connect with an experienced SBA loan officer, use our form to quickly match with SBA loan programs based on your specific circumstances.

Other resources for small businesses in West Virginia

West Virginia small businesses can also find some excellent local resources to use to give them guidance and support as they work to build their business. The Small Business Administration in West Virginia is an excellent choice. It has locations in the state, but its website is packed with information and tools on it. There are educational programs, loan tools, information about launching, planning, and growing businesses that are all free to use.

Another exciting opportunity for small business owners is SCORE. This organization is dedicated to creating opportunities for small business owners to connect with successful business experts to allow them to get the guidance and support they need to thrive. SCORE is a free resource with much to offer borrowers, including workshops, mentors, training programs, and outstanding onsite content with information about starting, building, and growing companies in a wide range of industries.

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Joshua Holt

Joshua Holt is a lawyer and founder of Biglaw Investor. He spent 10 years practicing private equity mergers & acquisition law for one of the largest law firms in the country. As part of his practice, he advised small and medium sized businesses on matters ranging from business loans to the acquisitions and divestitures of stocks and assets.

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