A guide from Brookharbor Lenders in Charleston, West Virginia to the kinds of business lenders a Kanawha County owner will meet, what each tends to review, and where a service that passes requests to funding partners fits.
Types of Commercial Lenders a Kanawha County, WV Business Will Meet
Kanawha County, WV had 81 depository credit intermediation establishments in 2023, the Census code for bank and credit union offices, 59 of them under commercial banking (County Business Patterns). Beyond those branches, a business will meet lenders it never visits in person.
| Type | Typical products | What it tends to review |
|---|---|---|
| Bank | Term loans, revolving lines, equipment and commercial real estate lending | Financial statements, tax returns, collateral, the banking relationship |
| Credit union | Business loans and lines for members | Membership, the same records as a bank, its own lending policy |
| Equipment finance company | Equipment loans and leases | The equipment quote, its resale value, the business cash flow |
| Online lender | Term loans, lines, working capital | Bank statements, revenue and credit |
| Card-sales advance provider | Merchant cash advances (not loans) | Card-processing statements and existing advances |
| Community development lender | Loans with a community or development purpose | The project, the business, sometimes training or a plan |
Descriptions are general; each lender sets its own products and criteria.
Do Credit Unions Offer Business Loans to West Virginia Members?
Credit unions can make business loans to members alongside their consumer lending. Membership rules depend on the credit union: some serve a community, some an employer group, some a profession. A business owner who already belongs may find business products there.
Credit union business lending follows the credit union's own policies and the rules that apply to it, which can limit how much it lends to businesses. Ask the credit union directly what it offers and to whom.
Can You Get a Business Loan From a Credit Union, and What Do They Ask?
A business can get a loan from a credit union if it meets the membership rules and the credit union offers business lending. The application usually asks for the same records a bank would: business and personal tax returns, financial statements, bank statements, a description of the purpose and any collateral.
- Proof of membership, or eligibility to join.
- Business and personal tax returns, often for two or three years.
- An up-to-date balance sheet and profit and loss statement.
- Business bank statements, often from the credit union itself.
- Quotes, agreements or bids for the purchase.
- A personal financial statement from each owner.
Do Banks Offer Business Loans to West Virginia Firms Under Ten Employees?
Banks lend to small businesses, including very small ones. In Kanawha County, WV, 2,948 of the 4,396 employer establishments, or 67.1%, had fewer than ten employees in 2023 (County Business Patterns; our arithmetic adding two size classes).
A bank tends to look at the whole relationship: deposit accounts, the owner's history, collateral and financial statements. A long relationship can help; a business with a short history or thin statements may find a bank asks for more collateral or a guarantee. Some bank loans carry a guarantee from the U.S. Small Business Administration, which works through lenders; the SBA's West Virginia District Office is in Clarksburg.
Equipment Finance Companies, Online Lenders and Card-Sales Providers
Equipment finance companies, including captive finance arms of manufacturers, focus on the equipment being bought. They often know its resale value well, which lets them lend against it. Online lenders often review bank statements and revenue more than long financial statements; compare their total cost like any other offer.
Card-sales advance providers buy a share of future card sales; an advance is not a loan and is priced with a factor rate. Each of these can suit a particular purchase, and each should be compared on total dollar cost. The merchant cash advance page explains advances.
Community Development Lenders and State Programs in West Virginia
Community development financial institutions, known as CDFIs, lend with a community or development purpose and sometimes pair loans with training or planning help. Their loans can suit businesses that do not fit a bank's criteria.
The West Virginia Small Business Development Center offers coaching to small businesses in the state and lists a Charleston office; ask the center about any fees. State and local development programs change over time, so check current programs directly with the agencies that run them.
Where a Partner-Matching Office Fits Among West Virginia Lender Types
Brookharbor Lenders is a different kind of service. It talks through a request, works out which funding type suits the purchase, and passes the request to a funding partner, which may be an equipment finance company, an online lender, a bank or an advance provider. The partner reviews the request and decides.
A business with a strong banking relationship may do well to start with its own bank. A request that needs a comparison across lender types, or a purchase a bank does not finance, is where a service like this one fits. The request steps explain the process.
By Brookharbor Lenders · Updated