You are now leaving WesBanco’s website and will be redirected to another site. WesBanco makes no endorsement or claims about the accuracy or content of information contained within third party sites to which you may be going. The security and privacy policies on these sites may be different from WesBanco.
The New Markets Loan Program is used to finance businesses and breathe new life into neglected, underserved, and distressed communities. A proven, cost-effective tool, the NMLP supports job creation and encourages small businesses to expand.
The New Markets Loan Program is made possible through New Markets Tax Credit (NMTC) allocations awarded to WesBanco Bank Community Development Corporation by the CDFI Fund. The NMTC Program has supported a wide range of businesses including manufacturing, food retail, housing, health, technology, energy, education, and childcare. Communities benefit from the jobs associated with these investments, as well as greater access to community facilities and commercial goods and services.
For many low-income cities and towns, attracting traditional financing for business development or expansion is one of the greatest hurdles to revitalizing their communities.
The program supports development in highly distressed communities in Indiana, Kentucky, Maryland, Ohio, Pennsylvania, and West Virginia.
50% Market Rate reduction for up to 7 years and no origination fees.
Flexible credit terms such as higher LTV, non-traditional collateral, and extended interest-only periods.
*All loans are subject to credit approval.
Job creation and retention.
Commercial and community goods and services to low-income communities and low-income persons.
Catalytic investment in the community.
Partnerships with community organizations.
Alignment with regional and community goals.
Since 2004, the WesBanco Bank Community Development Corporation has received $125,000,000 in NMTC awards.
In the past five years, the New Markets Loan Program assisted in total projects in excess of $34,100,000, creating over 800 jobs.
WesBanco projects have ranged from a center for individuals with disablities in Ohio, to a major manufactoring facility in Kentucky, to a medical facility in West Virgina. In each case, our allocation has helped facilitate the completion of a vital local project.