For more about the U.S. Small Business Administration's loan programs, visit sba.gov.
CHARLESTON, W.Va. -- Jennifer Miller never thought she would get the loan she needed to start her business.
"I had no collateral," said Miller, owner of the Mission Savvy juice bar and café in downtown Charleston. "I had a car but I was still making payments on it."
After working on her business plan for more than a year, she went to the local U.S. Small Business Administration office and asked about a loan. To her delight, she secured a 10-year, $50,000 federal low-interest rate loan from BB&T.
Businesses like Miller's, which don't qualify for traditional lending from banks, are the reason for the SBA's lending program.
"Once we have that SBA enhancement on it [the loan], we can make it happen," said Stephanie Ellingson of Huntington Bank.
In the 2013 fiscal year, which ended Sept. 30, Huntington Bank awarded 77 SBA loans, totaling more than $20 million.
When combined with SBA loans from other banks, West Virginia small businesses got 183 loans for nearly $40 million in fiscal 2013 - an increase of nearly 12 percent over the previous year, according to SBA figures announced last week.