CHARLESTON, W.Va. – The W.Va. Department of Commerce is officially accepting applications for the newly established West Virginia First Small Business Growth Program, a major economic development initiative designed to expand access to private investment capital for small businesses.
Governor Patrick Morrisey announced the launch of the new program, part of his promise to build the state’s economy through small-business growth.
“West Virginia’s small businesses are the backbone of our economy and the foundation of our communities,” Morrisey said.
“The West Virginia First Small Business Growth Program is about giving our entrepreneurs, innovators, and family-owned businesses better access to the capital they need to grow, compete, and create jobs right here in the Mountain State.”
Signed into law earlier in 2026 as Senate Bill 1, the program is intended to help bridge the financing gap that often prevents small businesses from expanding, modernizing, and creating jobs.
The program creates incentives for private investment funds and financial institutions to direct capital into qualifying West Virginia businesses. By leveraging private investment, the initiative is expected to strengthen the state’s small business ecosystem and support long-term economic growth.
“This program helps connect homegrown businesses with the investment dollars they need to expand operations, hire more workers, and succeed long term,” Morrisey said. “We are building an economy where West Virginia businesses can grow and prosper.”
To ensure integrity and maximize economic impact, the W.Va. Department of Commerce has established rigorous baseline criteria for participating growth funds and investors:
Proven Track Record: Growth fund applicants (or their affiliates) must demonstrate major prior investment experience, having successfully invested at least $100 million in non-public companies located in rural or small-population counties across the United States.
Economic Forecasting: Applicants must submit a comprehensive, 10-year economic impact study prepared by a nationally recognized, independent third-party forecasting firm.
Fee Requirement: A non-refundable application fee of $5,000 must accompany the submission.
Small Business Growth Program Timeline
Application Window: The application window is now open for prospective investors. All applications received by 5 p.m. Eastern Time on Tuesday, May 26, will be considered received on the first day.
Review Period: The department will grant or deny applications within 30 days of receiving a completed submission.
Cure Period: In the event of a partial denial, applicants will have a 15-day window to submit additional required information to preserve their original filing date.
The state maintains strict clawback and recapture provisions. If a certified growth fund fails to meet its employment benchmarks or capital retention obligations, the issued tax credits will be rescinded.
To review program rules, download application materials, and submit an application, please visit the West Virginia Small Business Growth Program.
West Virginia ideal for small business growth
West Virginia is increasingly positioned as an ideal environment for small businesses thanks to its combination of affordability, lifestyle appeal, and growing remote-work economy.
Communities such as Charleston, Lewisburg, Elkins, and Shepherdstown offer business districts with construction incentives and access to outdoor recreation. At the same time, the rise of remote work has allowed more professionals and entrepreneurs to relocate to smaller communities without sacrificing career opportunities.
Recent migration data show West Virginia ranking among the nation’s top states for inbound migration, particularly among Gen Z and remote-capable workers seeking lower housing costs and outdoor access. Programs such as Ascend WV have accelerated that trend by attracting remote workers and entrepreneurs to mountain communities throughout the state.
About the West Virginia Department of Commerce
The West Virginia Department of Commerce focuses on business retention, expansion, and recruitment to enhance the state’s economic well-being. By fostering a pro-business environment, the Department works continuously to position West Virginia as a premier destination where businesses can thrive, and families can live and work.