Best Small Business Loans in West Virginia 2023: Finest Selection

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Best Small Business Loans in West Virginia

In 2023, the landscape for small business loans in West Virginia is expected to remain competitive and diverse, offering entrepreneurs various financing options to support their ventures. With the continued growth of online and alternative lenders, small businesses will have even more opportunities to access tailored financing solutions that best suit their needs. 

Discover a world of funding solutions for your West Virginia LLC, from short-term cash boosts and flexible credit lines to tailor-made financing options. Gain access to diverse lenders, loan products, and cutting-edge fintech platforms for speedy, efficient, and accessible small business loans in West Virginia. Let LLCBase guide you through the exciting journey of setting up your business – we’ve got your back every step of the way.

Small Business Loans

What is a Small Business Loan

A small business loan provider is a financial institution, lender, or service that offers financing solutions specifically designed for small businesses in West Virginia. These providers facilitate access to capital for small businesses, helping them meet various financial needs such as working capital, equipment purchases, expansion, and other growth-related expenses. Small business loan providers can include West Virginia banks, credit unions, online lenders, and alternative financing companies. They offer a range of loan products, such as term loans, lines of credit, invoice financing, and merchant cash advances, each tailored to meet small businesses’ unique needs and requirements.

10 Best Small Business Loans in West Virginia

We will discuss West Virginia’s ten best small business loans, including eligibility criteria, loan amounts, annual percentage rates (APRs), and required minimum credit scores. Business loans provide financing options for business owners who want to start an LLC in West Virginia. We’ll also provide the pros and cons of each business loan to help you make the best decision for your West Virginia LLC.

1. OnDeck – Best for Short-term Loans

OnDeck is a leading online lender specializing in providing small businesses with short-term loans and lines of credit. With a simple application process, fast approval times, and flexible repayment options, OnDeck is an ideal choice for businesses seeking quick access to capital for short-term needs, such as working capital, inventory purchases, or unexpected expenses.

Eligibility Criteria

  1. At least one year in business
  2. Minimum annual revenue of $100,000
  3. Personal credit score of 625 or higher

Loan Amounts: $5,000 – $250,000

APR: starts at 29.9%

Minimum Credit Score: 625

Pros
  • Fast approval process
  • Flexible repayment options
  • Offers both term loans and lines of credit
Cons
  • High-interest rates for those with lower credit scores
  • Requires a personal guarantee
  • Not ideal for long-term financing
  • Unavailable in Nevada, North Dakota, or South Dakota.
Apply to OnDeck

2. Lendio – Best for Lender Comparison

Lendio is a small business loan marketplace that connects borrowers with a vast network of lenders, allowing business owners to compare loan options from various providers. By offering a wide range of loan products and personalized recommendations, Lendio helps businesses find the best financing solutions tailored to their unique needs and financial situation.

Eligibility Criteria

  1. At least six months in business
  2. Minimum annual revenue of $50,000
  3. Personal credit score of 560 or higher

Loan Amounts: $500 – $5,000,000

APR: starts at 3%

Minimum Credit Score: 560

Pros
  • Access to a vast network of lenders
  • One application for multiple loan options
  • Personalized loan recommendations
Cons
  • Not a direct lender – acts as a marketplace
  • Loan terms and rates vary depending on the lender
  • Some lenders may have additional fees
Apply to Lendio

3. QuickBridge – Best for Fast Funding

QuickBridge is an alternative lender that provides fast and flexible funding solutions to small businesses. With a simple application process, quick approval, and funding often within 24 hours, QuickBridge is an excellent choice for businesses needing immediate capital to address short-term financial needs or seize growth opportunities.

Eligibility Criteria

  1. At least nine months in business
  2. Minimum monthly revenue of $8,000
  3. Personal credit score of 850 or higher

Loan Amounts: $5,000 – $500,000

APR: start at 1.10-factor rates

Minimum Credit Score: 850

Pros
  • Fast funding, often within 24 hours
  • Simple application process
  • Early payoff discounts
Cons
  • Requires daily or weekly repayments
  • Short loan terms (up to 15 months)
  • Not ideal for startups or businesses with low revenue
Apply to QuickBridge

4. American Express Business Blueprint™ – Best for Lines of Credit

American Express Business Blueprint™ offers a range of financial solutions, including term loans and lines of credit, exclusively to American Express cardmembers. With flexible repayment options, competitive rates, and no origination or prepayment fees, this program provides businesses with the financial flexibility and support they need to grow and succeed.

Eligibility Criteria

  1. Must be an American Express cardmember
  2. Good credit history
  3. Satisfactory financial performance

Loan Amounts: Up to $250,000

APR: Varies by loan term

Minimum Credit Score: 640; good credit history is required

Pros
  • Flexible repayment options
  • No origination or prepayment fees
  • Offers both term loans and lines of credit
Cons
  • Only available to American Express cardholders
  • Limited to businesses with strong financial performance
  • Requires a personal guarantee
Apply to Amex

5. BlueVine – Best for Flexible Lines of Credit

BlueVine is an online lender that offers flexible lines of credit and invoice factoring solutions to small and medium-sized businesses. With fast approvals, competitive rates, and the ability to draw funds only when needed, BlueVine’s lines of credit provide businesses with the financial flexibility they need to manage cash flow and seize growth opportunities.

Eligibility Criteria

  1. At least six months in business
  2. Minimum annual revenue of $100,000
  3. Personal credit score of 625 or higher

Loan Amounts: $5,000 – $250,000

APR: starts at 6.2%

Minimum Credit Score: 625

Pros
  • Fast approval and funding
  • No prepayment penalties
  • Only pay interest on the funds you use
Cons
  • Not available for some industries
  • Requires a lien on business assets
  • Higher APRs for those with lower credit scores
  • Unavailable to businesses in North and South Dakota, Puerto Rico, and other U.S. territories
Apply to BlueVine

6. National Funding – Best for Small to Mid-Sized Businesses

National Funding is a trusted alternative lender that offers a variety of loan products, including working capital loans, equipment financing, and merchant cash advances, designed to meet the unique needs of small to mid-sized businesses. With flexible terms, high approval rates, and a quick application process, National Funding is a reliable financing partner for businesses seeking tailored funding solutions.

Eligibility Criteria

  1. At least one year in business
  2. Minimum annual revenue of $100,000
  3. Personal credit score of 600 or higher

Loan Amounts: $5,000 – $500,000

APR: start at 1.10%-buy rates

Minimum Credit Score: 600

Pros
  • Flexible loan terms and repayment options
  • High approval rates
  • Quick application process
Cons
  • Not transparent about APRs
  • Requires a personal guarantee
  • Not ideal for startups or businesses with low revenue
Apply to National Funding

7. Fundbox – Best for Small to Mid-Sized Businesses

Fundbox is an innovative financial technology company that provides lines of credit and invoice financing solutions to small and medium-sized businesses. With a fast and straightforward application process, transparent pricing, and flexible repayment options, Fundbox helps businesses manage cash flow challenges and unlock growth opportunities.

Eligibility Criteria

  1. At least two months in business
  2. Minimum annual revenue of $50,000
  3. Personal credit score of 600 or higher

Loan Amounts: $1,000 – $150,000

APR: Start at 4.66%

Minimum Credit Score: 600

Pros
  • Fast funding, often within 24 hours
  • No prepayment penalties
  • Transparent pricing and fees
Cons
  • Short loan terms (up to 12 months)
  • Requires weekly repayments
  • Not suitable for startups or businesses with low revenue
Apply to Fund Box

8. TD Bank – Best for Healthcare Professionals

TD Bank offers specialized financing solutions designed exclusively for licensed healthcare professionals, including dentists, veterinarians, and physicians. With flexible repayment terms, relationship-based pricing, and a deep understanding of the healthcare industry, TD Bank is a trusted financing partner for healthcare practices seeking to grow, expand, or modernize their operations.

Eligibility Criteria

  1. Licensed healthcare professionals
  2. Good personal credit history
  3. Satisfactory financial performance

Loan Amounts: Up to $5,000,000

APR: Varies by loan product and borrower qualifications

Minimum Credit Score: 660; good credit history is required

Pros
  • Specialized financing options for healthcare professionals
  • Flexible repayment terms
  • Relationship-based pricing for existing customers
Cons
  • Limited to healthcare professionals
  • Requires a personal guarantee
  • Not transparent about APRs and fees
  • Only located in 16 states
Apply to TD Bank

9. Funding Circle – Best for Established Business

Funding Circle is a leading online lender that offers affordable and transparent term loans to established small businesses. With competitive interest rates, longer loan terms, and no prepayment penalties, Funding Circle provides businesses the capital they need to invest in long-term growth opportunities and strengthen their financial position.

Eligibility Criteria

  1. At least two years in business
  2. Minimum annual revenue of $50,000
  3. Personal credit score of 660 or higher

Loan Amounts: $25,000 – $500,000

APR: 7.49% to 24.99%

Minimum Credit Score: 660

Pros
  • Competitive interest rates
  • Longer loan terms (up to 5 years)
  • No prepayment penalties
Cons
  • Requires a lien on business assets
  • Not ideal for businesses with low revenue or credit scores
  • Longer application process compared to other lenders
Apply to Funding Circle

10. Biz2Credit – Best for Loan Options

Biz2Credit is a small business financing platform that connects borrowers with a wide range of loan options from an extensive network of lenders. With a personalized approach to loan recommendations and various loan products, Biz2Credit helps businesses find the right financing solution to meet their unique needs and financial goals.

Eligibility Criteria

  1. At least six months in business
  2. Minimum annual revenue of $100,000
  3. Personal credit score of 575 or higher

Loan Amounts: $25,000 – $6,000,000

APR: Varies by loan product and borrower qualifications

Minimum Credit Score: 575

Pros
  • Wide range of loan options
  • Access to a network of lenders
  • Personalized loan recommendations
Cons
  • Not a direct lender – acts as a marketplace
  • Loan terms and rates vary depending on the lender
  • Some lenders may have additional fees
Apply to Biz2Credit

FAQs

Which banks are considered the best small business banks in West Virginia?
Some of the best small business banks in West Virginia include BB&T, United Bank, WesBanco, and City National Bank.
What factors should be considered when selecting a small business bank in West Virginia?
Some important factors to consider include fees, interest rates, online banking services, customer service, and proximity to your business.
How can I open a small business account at a West Virginia bank?
To open a small business account at a West Virginia bank, you will need to provide your business’s tax ID number, your personal identification, and other relevant documentation.
Can I apply for a small business loan at a West Virginia bank?
Yes, many West Virginia banks offer small business loans. Be sure to compare rates and terms before applying.
Are there any credit unions that offer small business banking services in West Virginia?
Yes, credit unions such as Richwood Bank and Hancock County Savings Bank offer small business banking services in West Virginia.
Do West Virginia banks offer mobile banking services for small businesses?
Yes, many West Virginia banks offer mobile banking services for small businesses, allowing you to manage your accounts from your smartphone or tablet.
Can I set up online bill pay for my small business with a West Virginia bank?
Yes, many West Virginia banks offer online bill pay for small business owners as a convenient way to manage their finances.
Are there any small business grants available in West Virginia?
Yes, there are various options for small business grants in West Virginia through organizations like the West Virginia Small Business Development Center and the Appalachian Development Highway System.
How can I find a small business mentor in West Virginia?
You can connect with a small business mentor through organizations like SCORE or the West Virginia SBA.
Can I set up automatic payments for my business expenses with a West Virginia bank?
Yes, many West Virginia banks offer automatic payment options so business owners can automate their finances.
What is the minimum balance required to open a small business account at a West Virginia bank?
The minimum balance required to open a small business account may vary depending on the bank. Be sure to check with your chosen bank for details.
Are there any no-fee small business accounts at West Virginia banks?
Yes, some banks in West Virginia offer no-fee small business accounts. Be sure to compare account options before choosing one.
Can I set up alerts to monitor my business finances with a West Virginia bank?
Yes, many West Virginia banks offer customizable alerts so you can stay on top of your business finances.
Do West Virginia banks offer merchant services for small businesses?
Yes, many West Virginia banks offer merchant services including credit card processing, check verification, and electronic gift cards.
What type of small business insurance options are available through West Virginia banks?
Some West Virginia banks offer a variety of insurance options for small businesses including liability and property insurance.
Can I apply for a West Virginia state-funded small business loan?
Yes, there are state-funded small business loans and grants available in West Virginia through the West Virginia Business Development Corporation.
What are the benefits of using a local West Virginia bank for my business finances?
Using a local West Virginia bank can provide you with personalized customer service, a better understanding of local business.
How do I deposit checks into my business account at a West Virginia bank?
You can deposit checks into your West Virginia business account by visiting a branch location or using a mobile banking app.
Can I set up employee payroll services with a West Virginia bank?
Yes, many West Virginia banks offer payroll services for small businesses.
Are there any small business seminars or workshops available in West Virginia?
Yes, organizations such as the Huntington Regional Chamber of Commerce and the West Virginia Small Business Development Center offer various small business seminars and workshops.
How long does it take to process a small business loan application at a West Virginia bank?
The processing time for small business loan applications will vary depending on the bank and the loan type. Be sure to check with your chosen bank for details.
Can I use a West Virginia business loan to purchase equipment?
Yes, many West Virginia business loans can be used for equipment purchases.
What types of commercial real estate loans are available at West Virginia banks?
West Virginia banks offer a variety of commercial real estate loans including construction loans, acquisition loans, and refinancing options.
Can I set up a line of credit for my West Virginia small business?
Yes, many West Virginia banks offer lines of credit to small businesses.
What penalties am I responsible for if my account balance drops below a certain threshold with a West Virginia bank?
The penalties for dropping below a certain account balance threshold may vary depending on the bank. Be sure to check with your chosen bank for details.
What are some options for savings accounts for a West Virginia small business?
Some West Virginia banks offer savings accounts specifically for small business owners, including options for high interest rates or CDs.
Are there any government-sponsored programs for small business loans in West Virginia?
The Small Business Administration (SBA) offers various loan programs for small businesses in West Virginia, including the 7(a) loan and the microloan program.
Can I apply for a small business line of credit online at a West Virginia bank?
Some West Virginia banks may offer online applications for small business lines of credit, but it is always best to contact the bank directly for details.
What are the qualifications for a West Virginia small business loan?
The qualifications for a West Virginia small business loan will vary depending on the loan type and the lender. Be prepared to provide financial documents and other income statements.
What are some of the best small business banks in West Virginia?
Some of the best small business banks in West Virginia include BB&T, WesBanco, City National Bank, and Branch Banking and Trust.
What kind of accounts do the best small business banks in West Virginia offer?
The best small business banks in West Virginia usually offer business checking, savings, and credit accounts.
Are there any local small business banks in West Virginia?
Yes, some of the best small business banks in West Virginia are WesBanco and City National Bank, which are both local banks.
Can small business owners open a business account at a national bank based in West Virginia?
Yes, some of the best national banks for small businesses in West Virginia include BB&T and Huntington National Bank.
Do the best small business banks in West Virginia offer free banking services?
Some of the best small business banks in West Virginia offer free business checking accounts, often with a minimum balance requirement.
What can small businesses use credit accounts for at the best small business banks in West Virginia?
Small businesses can use credit accounts for purchasing inventory, covering expenses, or fulfilling short-term financial needs.
Can small business owners apply for loans at the best small business banks in West Virginia?
Yes, some of the best small business banks in West Virginia offer business loans for a variety of purposes, such as equipment financing or commercial real estate.
How can small business owners determine which bank is best for them in West Virginia?
Small business owners should compare interest rates, fees, and features of business banking products at different banks in West Virginia to find the best fit for their needs.
What kind of assistance can small businesses get from the best small business banks in West Virginia?
Small businesses can get assistance with managing their finances, improving their cash flow, and identifying growth opportunities from the best small business banks in West Virginia.
Can small businesses get help with online banking services at the best small business banks in West Virginia?
Yes, many of the best small business banks in West Virginia offer online banking services that can be accessed from a personal computer or mobile device.
How can small businesses connect with the best small business banks in West Virginia?
Small businesses can connect with the best small business banks in West Virginia by visiting their local branches, calling customer service, or visiting their websites.
What are the benefits of banking with a local bank in West Virginia as a small business?
There are many benefits of banking with a local bank in West Virginia as a small business, including personalized service, community involvement, and understanding of the local market.
Are there any educational resources offered by the best small business banks in West Virginia?
Yes, many of the best small business banks in West Virginia offer educational resources such as financial planning and business coaching, at no additional charge.
Can small businesses get help with merchant services at the best small business banks in West Virginia?
Yes, some of the best small business banks in West Virginia offer merchant services, such as credit card processing and online payments.
Can the best small business banks in West Virginia help with international transactions?
Yes, some of the best small business banks in West Virginia offer foreign exchange services, business line of credit, and international wire transfers.
Do the best small business banks in West Virginia offer wealth management services?
Yes, some of the best small business banks in West Virginia offer wealth management services to help business owners prepare for their future, retirement or child’s education.
What is the most popular small business bank in West Virginia?
There is no clear answer as to what the most popular small business bank is in West Virginia, but BB&T and City National seem to be quite popular.
Can small businesses bundle banking services with the best small business banks in West Virginia?
Yes, business owners can typically bundle business accounts, credit cards and other services to save money, keep a record of transactions or enjoy several perks.
What kind of loan options are offered at the best small business banks in West Virginia?
The loan options available can vary from bank to bank, but in general small business owners can access SBA loans, business-starter loans, equipment financing, revolving lines of credit, commercial real estate loans, charge sales loans among others.
What other services besides deposit accounts does the best small business banks in West Virginia offer?
Small businesses can access a range of additional banking services from the best small business banks in West Virginia such as Internet banking, fraud protection, employee benefits programs, payroll support and online lost cards reporting.
Can the best small business banks in West Virginia offer mortgages to small businesses?
Some of the best small business banks offer commercial real estate loans that small business owners can use to buy, improve or renovate property.
Are the lending terms on small business loans competitive at the best banks in West Virginia?
Typically, yes. However, loan terms depend on several factors such as the business market and customer profile, which might fluctuate depending on the business’s current economic status or track record.
Do the best small business banks in West Virginia offer financial bonuses or incentives for referring a business to them?
Yes, banks in West Virginia usually provide financial incentives or offer promotions to direct business referrals in addition to attractive signaling bonuses to entice new businesses into trying out their services.
Can small businesses influence the fees charged by banks in West Virginia?
Small businesses can raise concerns regarding bank fees and charges by writing the bank’s customer service or filling out surveys to voice their opinions regarding how fees affect their business models and operations alike.
How do the best small business banks in West Virginia ensure they offer quality service to their customers?
Best banks in West Virginia set up operating metrics to track customer satisfaction with their service, analyze past financial performance data, and provide a grievance channel, which caters to air grievances or petition the banks to make business decisions that are in their best interest prior to realizing they are making poor decisions.
Do small businesses in WV have access to online checking accounts?
Yes, WV-based banks currently offer affordable online business accounts with transactional capabilities.
How can the best small business banks in West Virginia help customers deal with currency fluctuations?
The best personal and small business banks leverage multiple currency options while embracing the latest technological advances to enable them quickly convert currency at attractive rates.
What should small businesses consider when choosing an account with the best small business banks in West Virginia?
Customer service, proximity to the organization, account-related fees and charges, medium used while offering services, and the solutions needed by the customer should be taken into account when selecting a bank account with West Virginia’s prominent small business banks.

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Conclusion

As West Virginia, also known as The Mountain State continues to foster a vibrant entrepreneurial ecosystem, having access to the right financial partners and resources will be crucial in navigating this thrilling ride. By exploring various small business loan options and staying attuned to the ever-evolving financing landscape, entrepreneurs can achieve their dreams and contribute to the ongoing prosperity of the West Virginia economy.

When looking for the best small business loans in West Virginia, it’s essential to consider your unique needs and financial situation. Whether you’re forming a West Virginia LLC or growing your existing LLC in West Virginia, each of these lenders offers something different to help you achieve your goals. Be sure to compare loan options, eligibility criteria, APRs, and repayment terms to find the right fit for your business. Visit LLCBase for more information about starting an LLC in West Virginia.

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