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New loan fund for businesses announced

Submitted photo Local leaders representing Woodlands Community Lenders, Davis Trust Co., Citizens Bank of WV and Tucker Community Foundation gather for the announcement of a new loan fund for area businesses.

ELKINS — Woodlands Community Lenders recently announced the creation of a new loan fund for area businesses. Davis Trust Co., Citizens Bank of WV and Tucker Community Foundation have made a joint investment into the new fund that now totals $1 million.

Woodlands will use these funds to finance new and growing small businesses in the region.

“Many entrepreneurs are not able to get the financing they need through conventional loans,” said Dave Clark, director of Woodlands, “and so we can sometimes take on riskier loans than our bank partners can.”

Businesses financed by Woodlands include Tip Top Coffee in Thomas, 1201 Crossfit in Elkins and Finlen Logging in Mabie. Altogether, Woodlands has financed more than 70 local businesses, lending more than $2 million since its inception as a nonprofit, non-traditional lender in 2012.

“We often finance new businesses entirely on our own, but more and more we’re working with local banks, like Davis Trust and Citizens, to co-lend on loans,” said Jennifer Poling, Woodlands’ business developer, in a news release. “This works out well for everyone — we make it easier for banks to put money into the deal, a business gets started or expanded, and new jobs and new opportunities are created.”

To date, Woodlands’ financing is tied to more than 100 jobs in the region, according to a news release.

“We’ve also worked with Woodlands on commercial real estate loans,” explained Hoy Ferguson, loan officer with Davis Trust. “We may loan up to 70 percent to 80 percent of what’s needed, and Woodlands can often help fill a portion of the remaining gap.”

More than 100,000 square feet of downtown space has now been renovated in the region with Woodlands’ support.

“Davis Trust Co. is excited to be working with Woodlands Community Lenders, The Tucker Foundation and Citizens Bank of West Virginia, to help provide capital to small businesses in our area,” Ferguson continued.

Tucker Community Foundation helped launch Woodlands Community Lenders with an initial small investment in 2012.

“Making a second investment now seemed a logical next step, given the impact on the region and the critical need to support the growing number of small businesses in our area,” said Rob Burns, director of TCF.

Matt Osborne, senior vice president with Citizens, said the new fund will create jobs and bring economic growth in the area.

“Entrepreneurs are an essential part of our local economy, and working with Woodlands, we are able to provide the capital to assist local business owners. We’re happy to participate in this innovative lending partnership,” Osborne said.

More information on the loan pool is available by contacting Poling at 304-614-4758.

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