Local Bank Support Critical to CDFI Success

As a CDFI focused on small business development, Lenders is a complement to local banks’ loan programs, not a competitor.

Hoy Ferguson, President of Davis Trust Company in Elkins explains that, “working with Woodlands Community Lenders allows banks like Davis Trust Company to support growing local businesses while mitigating some of the potential risks associated with a start up or large project.”

When Lenders is able to assume some of the risk it, “opens many avenues of financing options for local businesses,” according to Ferguson.

Our goal is to increase the bankability of existing businesses and help more small businesses get a foothold and survive in our service area. We fulfill our mission of fostering community revitalization by first providing access to capital and technical assistance. Our most successful clients then graduate to being able to secure their financing needs without our help.

Ferguson says that, “having a local Community Development Financial Institution has allowed Davis Trust Company to help finance many different businesses across our region that otherwise may not have been bankable. Lenders is allowing business owners to enter the market with more education and options which leads to a greater chance of success for both the owner and the financial institution they choose.”

Many of the businesses we work with have benefited from our ability to partner with and combine financing from local banks like Davis Trust Company, Grant County Bank, First Community Bank, Citizens Bank of WV, and other CDFIs like Partner Community Capital.