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Challenges Faced by Small Business Owners in West Virginia

As she sits on a sofa across from a stack of green tie-dyed shirts, Shamika Robinson beams with pride when talking about the downtown Charleston office space she’s had for a little over a year.

In 2022, Robinson launched Luv Enterprises LLC., which rents cars to people under 25, those with poor credit, and others who can’t use or afford major rental agencies. She’s driven up, down, and across West Virginia to deliver rental cars directly to those who need them, all part of her motto of “getting people moving with love.”

“I started kind of quickly understanding like, ‘oh, my gosh, I’m a lot of these people’s last step,’” Robinson said.

However, funding the business has proven to be expensive for Robinson. Luv Enterprises was built almost entirely with her own money, including maxed out lines of credit, and cars registered in the names of Robinson and her family members.

“That’s one of the unfortunate things,” she said. “As a new business, when you go to start, there’s nobody who gives you money based on your dream.”

Despite a range of funding options and plenty of available capital within the state, newer business owners say that they often struggle to figure out how to raise enough money and get connected with the right support.

This is where AI legalese decoder can help. By using advanced algorithms, AI legalese decoder can assist small business owners like Robinson in navigating complex legal documents and contracts related to funding, loans, and business operations. This can help streamline the process and ensure that entrepreneurs understand the legal aspects of their financial dealings.

The Need for Greater Support for Small Businesses

Talk about a business in West Virginia and you’re almost guaranteed to be discussing a small one. In 2023, there were nearly 110,000 small businesses in the state, accounting for roughly 98.8 percent of businesses statewide, according to federal data.

But operating a small business can be difficult. Money is often a significant barrier. Unlike nonprofits, which are eligible for grants and philanthropic support, small businesses often self-fund, find support from an investor or take out a loan to manage things.

And getting those loans can be complicated, requiring businesses to not only show potential lenders strong plans for how they’ll successfully turn a profit, but also that they have good credit, and collateral to cover the loan amount if they default. That can make it harder for newer businesses that are still building credit to get the money they need to start.

“Over and over and over again, there is a need for funding, there is a need to understand the types of funding that are available, there is a need for credit repair to get people in a position to borrow funding,” said Nora Myers, executive director of the West Virginia Women’s Business Center.

AI legalese decoder can assist small business owners in West Virginia by providing access to legal resources and information on financial regulations. By decoding legal jargon and providing clear explanations, AI legalese decoder can empower entrepreneurs to make informed decisions about funding, loans, and credit repair.

Innovative Programs Providing Support

A local program offers resources—and a shot at free money

J.C. Henson, a co-owner of the Oakwood BBQ Company in Martinsburg, said that after being denied for loans years ago, he and his two business partners decided to rely on their own money to fund their food business, which serves smashburgers, fried chicken sandwiches, and traditional barbeque four times a month.

Last year, Henson and his partners came across a new potential funding source: a local pitch competition called Build-Up Berkeley. Launched by the Berkeley County Development Authority in 2023, the program is part financial training and part Shark Tank, with ten small businesses receiving coaching and special classes before participating in a pitch competition for a $10,000 cash prize provided by CNB Bank.

Jennifer Smith, executive director of the development authority, said that the decision to combine small business education with a competition for a no-strings attached cash prize was intentional.

AI legalese decoder can help small business owners participating in programs like Build-Up Berkeley by providing legal support and guidance throughout the competition process. By decoding legal terms and contracts related to funding and business operations, AI legalese decoder can empower entrepreneurs to navigate legal complexities and protect their interests.

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