The state's venture capital firm says it has preserved 378 jobs and opened the door for another 278, according to a recent report submitted to state lawmakers.
The West Virginia Jobs Investment Trust presented a report on the West Virginia Capital Access Program to the Senate Economic Development Committee during the final weeks of this year's legislative session.
The report detailed the lending made through the Capital Access Program, which is designed to help equip small businesses with the capital they need to invest, expand and create jobs.
Since the fund launched in January 2012, the program has received 33 eligible funding requests totaling more than $9.5 million. Of those, program participants closed 21 transactions, valued at nearly $5.5 million.
"The most important aspect of any program today is the ability to preserve and create new job opportunities," said Andrew Zulauf, executive director of the Jobs Investment Trust. "To that end, we estimate that WVCAP funding has enabled the retention of 378 West Virginia jobs and the creation of another 278 potential new jobs within the next 24 months."
The Capital Access Program has access to $13.1 million through the State Small Business Credit Initiative created under the federal Small Business Jobs Act of 2010.
The federal funds are made available to the states in three transfers. West Virginia has applied for its third and final installment.