Woodlands Community Lenders to Provide
Low-interest Loans to Area Businesses and Communities
A new non-profit community loan fund has just launched operations in Elkins, WV. Woodlands Community Lenders (WCL), an affiliate of Woodlands Development Group, will make low-interest loans to qualified businesses and communities in the Randolph, Tucker, and Barbour County areas. The Randolph County Development Authority provides support for this new business.
Who Can Apply?
WCL’s first loans are expected to be reviewed by February 2012. The loans are specifically earmarked for small businesses and non-profits that have difficulty obtaining financing elsewhere.
Where Does WCL Get Funding?
WCL will arrange the loans using funding provided through grants, donations, and federal relending programs. WCL will operate as a Community Development Financial Institution (CDFI). There are nearly 1,000 CDFIs in operation across the country, delivering on their mission to provide financial products and services to people and communities underserved by traditional financial institutions.
In the months ahead, the organization will be actively seeking out and applying for additional grants and other funding sources in order to expand the number of loans available. In addition to grants, WCL is open to receiving donations and investments from local businesses, organizations, and individuals that wish to help improve our local economy.
WCL is located at 1404 N. Randolph Ave., Elkins, WV, in the Randolph County Housing Authority complex. Inquiries should be directed to Marti Neustadt at 304-636-6495x29 or via e-mail at firstname.lastname@example.org.