How To Make a Big Impact with Small Lending

Carla and Jason Kaposy felt compelled to make an investment that could be pivotal in spurring economic development in their hometown of Petersburg, a Mon Forest Town in Grant County with just over 2000 residents.

Their vision involved the preservation and revitalization of The Hermitage Motor Inn, a historic hotel built in 1841 that had fallen into disrepair and no longer offered nightly lodging. The Hermitage has significant cultural and architectural importance to the community and is located on a main thoroughfare in town.

An investment of this size required the participation of multiple community banks and Lenders.

Woodlands was able to be a catalyst for the success of the project, offering technical assistance to apply Historic Tax Credits and flexible collateral requirements on equipment financing totaling $60,000, to make the $3 million project work. The Hermitage Inn and Taphouse has since created many jobs and provides an unparalleled dining and lodging experience.

Woodlands’ financing can be critical to projects like this because as a CDFI we are able, indeed we are required, to take on more risk than a bank may. Because of this we are a great complement to traditional financing because our products can absorb some of the riskier parts of an investment to allow our amazing local banks to finance the rest of the project.

Search The Hermitage Inn to book a stay at any online booking website.