The West Virginia Capital Access Program has helped create or retain nearly 1,000 jobs in recent years, officials said.
As part of the federal Small Business Jobs Act of 2010, the program received $13.1 million to use to lend or invest in small companies. The program aims to leverage $10 in private capital for every dollar of federal support by the program’s end.
The U.S. Treasury Department recently recognized the fund as second in the nation for deploying its funds, using 97 percent of its $13.1 million allocation.
The fund has leveraged more than $62 million in private investment in almost 60 transactions in the last two years.
“The WVCAP funding has allowed new businesses to get started, and existing businesses to expand, by providing a source of risk capital that otherwise would not be available to them,” said Anne Barth, executive director of TechConnect West Virginia.
President Barack Obama’s proposed fiscal year 2015 budget calls for extending the program with an additional $1.5 billion in funding.
“We know there are more small businesses in West Virginia who are ready to move forward, if they can address their capital needs,” Barth said.
The WVCAP was created under the West Virginia Jobs Investment Trust, which partnered with seven other economic development organizations in the state to get the funds deployed within the two-year time frame.