Business financing in Taylor County.

Small business financing is money you borrow — or sometimes receive as a grant — to start, run, or grow a business. It can cover equipment, inventory, a work vehicle, payroll during a slow season, or a building you want to buy or renovate.

Financing comes in a few common forms:

• **Term loans** — You borrow a set amount and pay it back over time with interest. Good for one-time purchases like equipment or a vehicle.

• **Lines of credit** — Like a credit card for your business. You draw money when you need it and only pay interest on what you use.

• **Microloans** — Smaller loans, usually under $50,000, often offered by CDFIs and nonprofits. These are well-suited for new or very small businesses.

• **SBA-backed loans** — Loans made by local banks or CDFIs where the U.S. Small Business Administration guarantees part of the loan. This reduces risk for the lender, which can help you get approved or get a better rate.

• **Grants** — Money you do not have to repay. Grants are competitive and often come with conditions, but they are worth knowing about.

In a rural county like Taylor County, microlenders and CDFIs are often the most accessible first step — especially if your credit history is limited or you are newer to borrowing.

Taylor County is a small, rural county in north-central West Virginia. Bridgeport is the county seat, and the local economy includes healthcare, small retail, construction trades, agriculture, and service businesses. Many residents work as independent contractors or run sole proprietorships.

Here is what lenders in this region generally look for:

• **Time in business** — Most traditional lenders prefer at least 1–2 years. CDFIs and microlenders are often more flexible with startups.

• **Credit score** — Conventional bank loans often require a score of 650 or higher. CDFIs and SBA microloan programs may work with scores as low as 575 or even lower, depending on the full picture.

• **Revenue or income** — Lenders want to see that the business generates — or has a realistic plan to generate — enough to repay the loan. Bank statements, tax returns, or even a solid business plan can all serve as evidence.

• **Collateral** — Assets like equipment, a vehicle, or real estate that the lender can claim if you cannot repay. Not always required, especially for microloans.

• **ITIN borrowers** — If you do not have a Social Security number but have an Individual Taxpayer Identification Number (ITIN), you can still qualify for business loans through certain CDFIs and community lenders. Taylor County has a small but growing Hispanic community, and some regional lenders have programs designed for ITIN holders.

Do not assume you will not qualify before you speak with someone. A loan officer at a CDFI or local credit union will often sit down with you and honestly assess your options — even if the answer is "not yet, but here is what to work on."

Gathering your documents ahead of time makes the application process faster and less stressful. The exact list varies by lender, but most will ask for some or all of the following:

**For the business:**

• Business license or registration (from the WV Secretary of State)

• Last 2–3 years of business tax returns (or personal returns if you are a sole proprietor)

• Last 3–6 months of business bank statements

• A basic business plan or description of how you will use the funds

• Profit and loss statement (your accountant or a SCORE mentor can help you prepare one)

• Any existing business debt — loan statements, lease agreements

**For you personally:**

• Government-issued ID (driver's license, passport, or consular ID)

• Social Security number or ITIN

• Personal tax returns (last 2 years)

• Personal bank statements

• If you have co-owners, they may need to provide the same

**For real estate or construction:**

• Property deed or purchase agreement

• Contractor quotes or project estimates

• Appraisal (the lender may order this)

If you are missing some of these — especially if your business is informal or you have not filed taxes yet — talk to a SCORE counselor or a CDFI loan officer first. They can help you get organized before you formally apply, which saves everyone time.