2024 Profiles FINANCIAL SERVICES |
West Virginia Jobs Investment Trust Contact Information : wvjit . wv . gov
By the Numbers :
• Total Transactions :
89
• Approved Transactions :
$ 23 Million
• Private Match :
$ 46 Million
• Jobs Created :
463
• Jobs Retained :
1,284
• Counties Served :
28
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No matter how promising an idea may be , becoming a business owner can be intimidating , especially when it comes to securing funds . In fact , for many aspiring entrepreneurs , that may be the thing holding them back from making their idea a reality .
The West Virginia Jobs Investment Trust ( WVJIT ) is a state-supported venture capital fund with a mission to drive economic growth and job creation in West Virginia by investing in innovative start-ups and small businesses that may not fit a traditional lending model .
Through the West Virginia Capital Access Program ( WV CAP ), WVJIT utilizes the State Small Business Credit Initiative ( SSBCI ) to help new businesses launch and grow .
WVJIT ’ s strategy is deeply embedded in its collaboration with key partners to ensure comprehensive support for businesses . These partnerships include The Center for Rural Health Development , Inc .; Woodlands Community Lenders ; Wyoming County Economic Development Association ; Regional Economic Development Partnership ; and Partner Community Capital ( PCAP ).
After SSBCI was launched in 2011 , WVCAP was created and allocated $ 13.1 million in funding . The success of that initiative inspired SSBCI 2.0 , launched in 2022 , which received $ 72.1 million .
“ We continue to be one of the leaders in terms of capital deployment in the nation ,” says Andy Zulauf , executive director for WVJIT . “ The success of this is due to the program design that incentivizes our program participants to participate in WV CAP along with the growing
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interest from our community banking partners and the growing community of entrepreneurs and small business owners seeking funding options .”
The significant increase in funding from $ 13.1 million to $ 72.1 million allows WVJIT to support a larger number of businesses , providing them with the financial resources and advisory services necessary to succeed in a competitive market . So far , SSBCI 2.0 has produced 89 transactions in 28 counties , retaining 1,284 existing jobs and creating 463 new jobs .
At the completion of SSBCI 2.0 ’ s allocation , WVJIT hopes to once again achieve stellar economic performance that can match or outperform the success of SSBCI 1.0 in terms of economic performance , capital and jobs created and supported .
“ The program is designed so that when the SSBCI program concludes in 2028 , the funds that have been deployed and recaptured in a successful transaction will remain with the program participant ,” Zulauf says . “ This , in a sense , helps capitalize their loan funds so this capital can be ‘ recycled ’ into their business community .”
WVJIT has recently announced that technical assistance will be added to WV CAP , made possible by an SSBCI Technical Assistance Grant Program awarded to West Virginia by the U . S . Department of Treasury with a total allocation of $ 1.5 million . This program will be known as WV CAP TA and collaborate with PCAP , a leading community development financial institution with more than 20 years of experience .
PCAP will provide participants with one-on-one consulting and educational programs involving both their own staff and outside legal , accounting and financial advisory specialists . Some counseling services include business plan development , financial projections and start-up mechanics .
After identifying their client ’ s specific needs , participants will provide a scope of work for the TA request and , if approved , the client will be partnered with a service provider who will help them complete this request .
This hands-on approach not only helps businesses overcome initial challenges but also sets them up for long-term success .
By addressing critical aspects of business development , such as financial
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West Virginia Executive | Profiles | 2024 |