West Virginia has a thriving startup scene, with several companies making groundbreaking discoveries and bringing innovative products to the market. One of these companies is Endolumik, a Morgantown-based surgical device company. Companies like Endolumik are succeeding in part thanks to new grants and funding opportunities offered by the West Virginia Capital Access Program (WVCAP) and associated programs that administer its grants.
In this blog, you’ll learn:
- What the West Virginia Capital Access Program is and how it helps small businesses
- How strategic partnerships with economic development organizations like the West Virginia Jobs Investment Trust help small businesses achieve their goals
- How seed investments, like the one led by the West Virginia Jobs Investment Trust for AmeriCarbon, help position startups for growth and success
- How 3 Steps To Startup and WVCAP help you gear up for success and grow your business
WVCAP Client Spotlight: Endolumik Partnered with WVCAP and 3 Steps 2 Startup To Reach Its Funding Goals
Endolumik recently closed a $1.5 million investment to bring its patented near-infrared (NIR) surgical device – Gastric Calibration Tube – to the commercial market. This investment was made possible in part by the West Virginia Capital Access Program (WVCAP) initiative and the West Virginia Jobs Investment Trust (WVJIT), both of which are instrumental in providing financial support to startups in the Mountain State.
WVCAP and WVJIT: Supporting the Growth of West Virginia Startups
WVCAP is a state-run program that offers financing options to small businesses and entrepreneurs looking to start or expand their business operations in West Virginia. The program offers various loan and equity programs to assist startups in obtaining the capital needed to launch their business ventures.
WVCAP’s primary goal is to promote economic growth in West Virginia by providing financial assistance to businesses that create jobs, particularly in rural areas. The program aims to promote entrepreneurship and innovation in the state, which ultimately leads to the creation of more jobs and a more robust economy.
How WVCAP Helped Endolumik’s Mission
Endolumik’s success is a testament to the critical role that WVCAP and WVJIT play in supporting the growth of West Virginia startups. The investment from the Country Roads Angel Network (CRAN) of Beckley, which was made possible in part by WVCAP and WVJIT, has enabled Endolumik to commercialize its first device using its patented NIR technology. The device, the Gastric Calibration Tube, was recently cleared by the Food and Drug Administration under its Safer Technology Program, making it the first device ever to receive this authorization.
According to Mara McFadden, co-founder and CEO of Endolumik, the funding and authorization from the FDA have set the company up for success. The investment has enabled Endolumik to hire three people and build up its inventory, which is crucial for the commercial launch of the device.
What West Virginia Capital Access Program (WVCAP) Offers Startups
The success of Endolumik is just one example of the growing startup ecosystem in West Virginia, and the critical role that organizations like WVCAP and WVJIT play in supporting the growth of these companies. The investment from CRAN and WVJIT has enabled Endolumik to
The WVCAP program was initially created under the Jobs Act of 2010, giving West Virginia access to over $13 million to create the WVCAP using the State Small Business Credit Initiative (SSBCI) Federal program. It was then reauthorized under the American Rescue Act Plan of 2021. The reauthorized program allows West Virginia to expand the original program with more than $70 million.
The program focuses on increasing access to capital and promoting entrepreneurship in underserved communities and businesses.
The West Virginia Capital Access Program (WVCAP)’s goals are to:
- Invest In Entrepreneurs
- Fund Innovation and Development
- Grow Companies
- Create Jobs
What WVCAP Can Offer Your Small Business
The WVCAP provides the necessary support for businesses that may not have access to much free cash flow or are looking to finance an acquisition with only debt. The program can help preserve local jobs within the community, which can help to strengthen the local economy. The program is also easy to apply for.
Getting Started with 3 Steps To Startup & WVCAP
If you’re a small business owner looking to acquire and grow your business, we recommend looking into the WVCAP program and the services offered by 3 Steps To Startup. The 3 Steps To Startup team can guide you through the application process and help you understand how the program can benefit your business. With the proper support, you can take your business to the next level and achieve your goals.
Don’t hesitate to take advantage of the opportunity and contact 3 Steps To Startup today.
Get Your Startup Geared Towards Success With3 Steps To Startup
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Tags: 3 Steps To Startup, Business Goals, Educational Resource, Entrepreneurship, Innovation, Small Business, Startup, successful entrepreneurship, West Virginia Small Business, WVCAP, WVJIT