With the West Virginia University as its backbone and an abundance of natural resources in the surrounding area, Morgantown has become a major economic player in our region. A hub of arts and culture, Morgantown has attracted residents from across the state and the country and harbors a burgeoning international community. Morgantown’s growing population can provide a perfect customer base for local small businesses, as well as a skilled workforce to fill important job roles.
If you’re thinking of starting a small business, or looking to expand an existing venture, Morgantown is an ideal place to do so. But finding the right funding can still be complicated. In this post we’ll explore how local community banks can be a great funding source for your business, and what resources are available to small businesses in North Central West Virginia.
Flexible Business Loans in Morgantown with First Exchange Bank
When exploring options for small business financing, checking with your local community bank can be an important first step. Community banking partners provide unparalleled local expertise. Unlike large national banks that focus on general business trends, at First Exchange our business banking team collaborates closely with local businesses, having a deeper understanding of the area, from seasonal economic patterns to shifts in regional markets and cultures, as well as growth opportunities in vital West Virginia industries like manufacturing, healthcare, and energy. They’ll work hard to get to know you and your business’s needs to provide entrepreneurial support, advice, and assistance.
Additionally, community banks may be more able to work with your business to help you secure funding, and at a better rate. This is just one of many reasons why small businesses prefer working with local banks. As Independent Community Bankers of America points out, “95% of surveyed small-business owners were satisfied with their overall experience partnering with community banks and the loan and credit offerings they received, while two-thirds preferred working with community banks to larger banks and fintechs.”
At First Exchange, we are proud to offer a variety of commercial loans to community businesses including:
- Real Estate Loans: Ideal for purchasing new property or refinancing existing premises.
- Construction Loans: Short-term funding to cover costs associated with building new facilities or renovating existing ones.
- Lines of Credit: Flexible financing for ongoing operational costs and unexpected expenses.
- Commercial Equipment Loans: For purchasing new equipment or upgrading workplace technology.
Contact a lender to learn more about options that may be available to you.
Commercial Banking Services for Operational Efficiency
Your small business will need to develop a banking relationship, with—at the bare minimum—a checking account. Most lenders, investors, or small business support agencies will want to see accounting statements and asset information, including details about your business bank accounts. And your checking account can also be the doorway to other important business services that can help you more efficiently manage your finances.
At First Exchange, our Business Checking Accounts offer options for every business’s needs, no matter how big or small your company may be.
- firstEssential Checking Account: A simple account with no monthly service charge or minimum balance requirements and up to 1,000 free monthly transaction items.
- firstBusiness Interest Checking Account: Designed for businesses aiming to maximize their funds, the firstBusiness Interest Checking account helps your balance grow with competitive interest rates, with a minimum balance of just $5,000 to avoid monthly fees.
- Commercial Checking Account: Offers superior financial efficiency for businesses with complex banking needs, with a robust framework for managing larger transaction volumes and cash flow.
Your business checking account can also help you gain access to a variety of additional services to simplify accounting, give you more control over your cash flow, and accelerate cash inflows. These include:
- Cash Management Services: Including payroll services, online bill pay, automated clearing house (ACH) transactions, and wire transfers.
- Remote Deposit Capture: Allows businesses to deposit checks right from the office, without having to make a trip to the bank.
Morgantown Community and Government Resources for Businesses
To further help you get off the ground, take advantage of business growth opportunities in Morgantown, and network with other area business professionals, it’s important to explore local business resources. Here are a few in our area that all small businesses should be familiar with.
Morgantown Area Partnership
The Morgantown Area Partnership focuses on commercial development and provides comprehensive support to businesses, including:
- Business Advantages: Community and labor market and demographics, details on local incentives and assistance with taxes, site selection to help businesses establish and grow in the area, and more.
- Urban Revitalization Projects: Supports the revitalization of urban areas through projects in opportunity zones and TIF districts, aiming to foster a conducive environment for business operations.
- Support for Key Industries: Provides targeted support for sectors like advanced business services, education & research, engineering & construction, healthcare & bioscience, manufacturing & contracting, mining & energy, and retail & hospitality.
- Resources for Women-Owned and Minority-Owned Businesses: Offers specialized support through networking opportunities, training, and access to bid opportunities within the state government purchasing process.
Local Chapter of the SBDC
West Virginia Small Business Development Center, with a local office in Morgantown, offers personalized coaching and assistance to help entrepreneurs start and grow their businesses effectively. These include:
- One-on-one Business Coaching: SBDC business coaches provide confidential, no-cost technical assistance, helping entrepreneurs identify their goals, develop valuable skills, and acquire the necessary resources.
- Support for Minority Businesses: Assists minority businesses to engage in the competitive state government purchasing process, helping them register and access upcoming bid opportunities.
- Digital Training Courses: Through partnerships like “Grow with Google,” SBDC provides free digital training courses and tools to help businesses adapt and grow in the digital landscape.
Kickstart Your Business Expansion with First Exchange Bank
As you explore potential funding options for your growing Morgantown business, remember that dedicated support is just a conversation away. Whether you’re looking to kickstart a new venture or expand your existing operations, First Exchange Bank is ready to assist you with tools, resources, funding, and expert guidance tailored to your specific needs. Don’t miss out on the opportunity to transform your business idea into reality or to take your current business to new heights! Connect with our knowledgeable staff at your local branch to help you navigate the complexities of starting and growing your business in Morgantown with confidence. Your business journey begins here—let’s make it a success together.
