West Virginia businesses took out 491 SBA 7(a) loans worth $196M in fiscal years 2024 to 2026, counting only loans that were not cancelled. That ranks 45th of 52 by number of loans and 47th by dollars. The median loan was $114K at a median starting rate of 9.75%. In FY2026 alone, lenders approved 146 West Virginia loans for $59.9M before cancellations.
What stands out in West Virginia
One lender dominates
The Huntington National Bank approved 198 of West Virginia's 491 SBA 7(a) loans in FY2024 to FY2026, a 40.3% share. The top three lenders together made 53.7%. Nationally, the same bank holds 10.3% of all 7(a) loans. In practice, a West Virginia business shopping for an SBA loan is likely to meet this bank first, so comparing at least one other lender's terms matters more here than in most states.
Light use of SBA 504
West Virginia had 13 SBA 504 loans, 0.03 for every 7(a) loan, against 0.10 nationally. The 504 program finances owner-occupied real estate and long-life equipment through a certified development company.
Smaller loans than average
The median 7(a) loan in West Virginia was $114K, below the national median of $175K. 62.3% of West Virginia loans were $150,000 or less (49.0% nationally) and 9.8% were $1 million or more (13.6% nationally).
SBA Express is the main channel
47.7% of West Virginia's 7(a) loans were made through SBA Express, against 35.8% nationally. Express loans are capped at $500,000 and the lender makes the credit decision itself, so they move faster but are smaller. The median West Virginia loan was $114K (national median $175K).
More startup lending
Loans to open a new business made up 21.0% of West Virginia's 7(a) loans, against 16.1% nationally; counting businesses two years old or younger, the share is 36.9%.
Transportation and trucking stands out
Transportation and trucking accounted for 6.5% of West Virginia's 7(a) loans (32 loans), 1.4 times its 4.6% national share. The median transportation and trucking loan in West Virginia was $57K at a median rate of 9.50%.
Top SBA 7(a) lenders in West Virginia
| Lender | Loans | Share of state |
|---|---|---|
| 1. The Huntington National Bank | 198 | 40.3% |
| 2. First Community Bank | 40 | 8.1% |
| 3. Manufacturers and Traders Trust Company | 26 | 5.3% |
| 4. Community Trust Bank, Inc. | 21 | 4.3% |
| 5. Clear Mountain Bank, Inc. | 20 | 4.1% |
| 6. Newtek Bank, National Association | 17 | 3.5% |
| 7. Readycap Lending, LLC | 14 | 2.9% |
| 8. Peoples Bank | 12 | 2.4% |
| 9. Citizens Bank of West Virginia, Inc | 10 | 2.0% |
| 10. BayFirst National Bank | 10 | 2.0% |
SBA 504 loans in West Virginia
The SBA 504 program finances owner-occupied real estate and long-life equipment. A certified development company (CDC) lends up to 40% of the project with an SBA-backed debenture, a bank typically lends about 50%, and the business puts in the rest. The amounts below are the CDC portion.
| West Virginia | United States | |
|---|---|---|
| 504 loans, FY2024-FY2026 (not cancelled) | 13 | 18,076 |
| 504 dollars | $14.5M | $20.82B |
| Median 504 loan | $456K | $742K |
| Jobs supported (reported at approval) | 151 | 190,338 |
West Virginia SBA 7(a) loans by fiscal year
SBA fiscal years run October to September, so FY2026 covers October 2025 through September 2026. "Approved" counts every loan SBA guaranteed, the basis of SBA's own published totals; "not cancelled" drops loans that were later cancelled before or after funding. FY2026 loans are recent, so some of them may still be cancelled.
| FY2024 | FY2025 | FY2026 | |
|---|---|---|---|
| Loans approved | 210 | 211 | 146 |
| Dollars approved | $88.0M | $69.7M | $59.9M |
| Loans not cancelled | 192 | 173 | 126 |
| Median loan | $100K | $114K | $150K |
| Median rate | 10.50% | 9.50% | 9.00% |
| Loans of $150K or less | 67.7% | 63.0% | 53.2% |
| SBA Express share | 54.7% | 38.7% | 49.2% |
FY2026 approvals in West Virginia changed by −30.8% from FY2025; nationally the change was −28.1%. See why SBA lending fell in FY2026.
What a typical West Virginia SBA loan looks like
| FY2024-FY2026, not cancelled | West Virginia | United States |
|---|---|---|
| Median loan | $114K | $175K |
| Average loan | $399K | $508K |
| Median starting rate | 9.75% | 10.25% |
| Variable-rate loans | 79.0% | 86.4% |
| Median term | 120 months | 120 months |
| Loans of $150K or less | 62.3% | 49.0% |
| Loans of $500K or less | 87.0% | 76.9% |
| Loans of $1M or more | 9.8% | 13.6% |
| Startups (loan opens the business) | 21.0% | 16.1% |
| Startups and businesses 2 years old or less | 36.9% | 32.0% |
| Change of ownership (buying a business) | 8.4% | 10.9% |
| Franchise businesses | 7.3% | 11.0% |
| SBA Express loans | 47.7% | 35.8% |
| Jobs supported (reported at approval) | 4,470 | 1,733,816 |
Industries that borrow most in West Virginia
| Sector | Loans | Share | Median loan | Median rate |
|---|---|---|---|---|
| Construction | 71 | 14.5% | $100K | 10.00% |
| Restaurants and hotels | 63 | 12.8% | $141K | 9.50% |
| Health care | 63 | 12.8% | $122K | 9.75% |
| Other services (repair, personal care) | 60 | 12.2% | $84K | 9.87% |
| Retail | 47 | 9.6% | $135K | 9.75% |
| Transportation and trucking | 32 | 6.5% | $57K | 9.50% |
| Professional services | 30 | 6.1% | $100K | 10.50% |
| Arts, entertainment and fitness | 26 | 5.3% | – | – |
Where in West Virginia the loans go
| County | Loans |
|---|---|
| Monongalia | 65 |
| Kanawha | 53 |
| Cabell | 32 |
| Putnam | 28 |
| Harrison | 26 |
| Berkeley | 24 |
| Marion | 21 |
| Jefferson | 19 |
| City | Loans |
|---|---|
| Morgantown | 64 |
| Charleston | 30 |
| Huntington | 16 |
| Fairmont | 16 |
| Scott Depot | 12 |
| Hurricane | 12 |
| Beckley | 11 |
| Wheeling | 10 |
Counts only, and only places with at least 10 loans. No individual businesses are listed.
SBA district office for West Virginia
West Virginia loans are overseen by the SBA West Virginia District Office. District offices do not make loans; they support lenders and borrowers and point businesses to local resource partners. Contact details are on SBA's local assistance page.
Comparing SBA and other funding in West Virginia
An SBA loan is often the cheapest long-term money a small business can get, but approval takes weeks and the 2025 and 2026 rule changes narrowed who qualifies. FSE (Funding Solutions Experts) is an independent commercial finance brokerage. We are not an SBA lender and are not affiliated with the U.S. Small Business Administration; one application lets us compare SBA and non-SBA options from our funding partners side by side.
- No fee to your business: we are paid a commission by the funding partner.
- No credit check to apply.
- To be considered, a business generally needs at least 1 year in business and $10,000 or more in monthly revenue.
Read what an SBA loan is and how the programs work or our SBA and term loans guide.
Frequently asked questions
How many SBA loans were made in West Virginia?
Lenders approved 210 SBA 7(a) loans for West Virginia businesses in FY2024, 211 in FY2025 and 146 in FY2026, before cancellations. Net of cancelled loans, the three years total 491 loans worth $196M, plus 13 SBA 504 loans worth $14.5M.
Which banks make the most SBA loans in West Virginia?
In FY2024 to FY2026 the most active 7(a) lenders in West Virginia were The Huntington National Bank (198 loans, 40.3%), First Community Bank (40 loans, 8.1%), Manufacturers and Traders Trust Company (26 loans, 5.3%).
What is the typical SBA loan size and rate in West Virginia?
The median 7(a) loan in West Virginia was $114K and the average was $399K. The median starting interest rate was 9.75%, 79.0% of loans had a variable rate, and the median term was 120 months.
Source and method
Figures come from the U.S. Small Business Administration's 7(a) and 504 FOIA loan files (as of September 30, 2026), aggregated by FSE. Loans are assigned to West Virginia by project state. Profile figures cover FY2024-FY2026 loans that were not cancelled. We publish aggregates only: no borrower names or addresses, and no figure based on fewer than 10 loans. Full details are in the methodology, and every state's figures can be downloaded as CSV.
Compare nearby states by volume: Delaware, Montana, Hawaii, Vermont, or see all states.