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New Markets Tax Credit Loan Program

Community development loans to help grow business opportunities

The New Markets Loan Program is a community loan fund providing financing to locale businesses in recovering neighborhoods. Designed to breathe new life into neglected, underserved, and distressed communities, this local business loan is a proven, cost-effective tool to help communities rebuild. The NMLP, supported through the New Markets Tax Credit, supports job creation and encourages small businesses to expand. It’s available in Ohio, Pennsylvania, Indiana, West Virginia, Maryland and Kentucky.

To apply for the New Markets Tax Credit Loan, Contact Jessica Firmstone.

Jessica Firmstone
DFCP, AVP Community Development Officer

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.

As evidence of the success and innovativeness of this program, WesBanco Bank was a recipient of the American Bankers Association Foundation’s Community Commitment Award in the Community and Economic Development Category for its WBCDC’s New Markets Loan Program.

Community loan funds support more than local businesses.

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 New Markets Tax Credit and community development loans like the New Markets Loan from WesBanco help recovering neighborhoods jumpstart their future.

  • NMTC Loan Program Features:

    • Our local business loan supports development in highly distressed communities in Indiana, Kentucky, Maryland, Ohio, Pennsylvania, and West Virginia.
    • 50% Market Rate reduction for up to seven (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.

  • Community Loan Fund Goals:

    • 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.
  • Statistics & Success Stories:

    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 provided community development loans to assist projects totaling more than $34,100,000. Through this, our local business loans helped create over 800 jobs.

    WesBanco projects have ranged from a center for individuals with disabilities in Ohio, to a major manufacturing facility in Kentucky, to a medical facility in West Virginia. In each case, our allocation has helped facilitate the completion of a vital local project.

    WesBanco is proud to announce that our New Markets Loan Program has been selected as the 2021 winner of the ABA Foundation Community Commitment Award in the Community and Economic Development category.

    2021 Winners

  • For More Information, Or to Apply

    Jessica Firmstone
    DFCP, AVP Community Development Officer

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