Last Updated on August 23, 2023 by Hannah Stevens
The federal government allocates the majority of the budget of more than $4,922.00 million dollars in grants and additional $4,301.00 million dollars of local government funding sources annually into the business sector since small businesses and large corporations make up the backbone of West Virginia’s economic growth. The state of West Virginia has 30,054 businesses, and they are broken down into the following:
West Virginia Business Sector Breakdown by Size
- 16,006 registered businesses in West Virginia have 0 to 4 employees. This breakdown includes those who work from home and have sole proprietorship.
- 5,857 registered businesses in West Virginia have 5 to 9 employees.
- 3,470 registered businesses in West Virginia have 10-19 employees.
- 2,795 registered businesses in West Virginia have 20-99 employees.
- 761 registered businesses in West Virginia have 100 to 499 employees.
- Over 1,165 registered businesses in West Virginia have over 500 employees.
West Virginia Business Sector Breakdown in Service Industries
- 2,920 registered businesses in West Virginia belong in the Professional, Scientific and Technical Services sector.
- 1,451 registered businesses in West Virginia are in the Administrative, Support, Waste Management, and Remediation Services sector.
- 3,649 registered businesses in West Virginia are part of the Accommodation and Food Services sector.
- More than 4,685 registered businesses in West Virginia are also service orientated businesses, but are not included in the categories above.
You may also be eligible to apply for grants for small businesses if you work in the agriculture industry. The state of West Virginia has more than 24,000 farms.
Small Businesses in West Virginia
It is difficult to start and manage a small business in West Virginia. More than $18,864,009,000.00 US dollars is spent on employee salaries/payroll alone in the state, and every year, over 6,603 companies declare bankruptcy. The federal government doesn’t provide grants publicly for expanding or starting a business. However, some small businesses grants are given in West Virginia to help business owners start and grow their ventures. Moreover, grant recipients don’t have to repay the money. So, it is worth looking into small business grants to help fund your business.
Contact West Virginia financial aid agencies to apply for business grants.
Recent State Funding Opportunities
Below is a list of opportunities recently published in the local state: