The proposed bill aims to establish a statewide Microbusiness Support and Simplification Program in West Virginia, which includes the creation of a new article in the state code. This program is designed to enhance the survivability and growth of microbusinesses, defined as entities with no more than nine employees. Key components of the bill include the establishment of the West Virginia Microbusiness Support Fund, which will provide competitive grants to qualified intermediaries for training and coaching, as well as micro-grants to microbusinesses for various operational needs. The bill also emphasizes the importance of prompt payment to certified microbusiness vendors, requiring state contracts to be paid within 15 days of receipt of goods or services.

Additionally, the bill introduces measures to streamline purchasing processes for microbusinesses, including the potential for micro-purchase set-asides and the requirement for agencies to publish compliance guides for small entities. The Division of Economic Development is tasked with coordinating the program and prioritizing support for rural counties, veteran-owned businesses, and entrepreneurs with limited access to traditional financing. The act is set to take effect on July 1, 2026.

Statutes affected:
Introduced Version: 5B-2P-1, 5B-2P-2, 5B-2P-3, 5B-2P-4, 5B-2P-5, 5B-2P-6, 5B-2P-7, 5B-2P-8