PAWV Launches New Microloan

The Palace Furniture Building in Clarksburg is an example of an adaptive re-use project using creative financing tools to rehabilitate the building for senior apartments. The microloan can be used toward projects such as this.

The Preservation Alliance of West Virginia has unveiled a new loan program to provide capital, technical assistance, and development expertise to property owners who are renovating historic buildings in West Virginia. 
​
The Historic Preservation Microloan will help property owners save endangered historical properties and develop commercial properties to create or retain jobs, housing, or heritage-related commercial activity in downtown commercial districts.

“The microloan focuses principally on construction costs, though borrowers may also use it to apply for acquisition and predevelopment costs, as well as grant funding match,” said Danielle Parker, executive director for the alliance.

“We hope to assist small borrowers, including nonprofit organizations and local residents who lack access to the credit available to large borrowers but feel passionately about saving and re-purposing historic buildings. We also hope this loan program can be used to respond to emergency situations quickly,” Parker explained.

Made possible with a grant from the 1772 Foundation, the microloan is available to individuals, business owners, nonprofit organizations, municipalities, and religious organizations, Parker said.
Loan amounts are available at $2,500-$10,000 and are repayable over a two-year term with a two-percent fixed interest rate.

Applicants will also receive technical assistance from the alliance, and nonprofit organizations may also be eligible for volunteer support through the alliance's Preserve WV AmeriCorps program.

West Virginia developers benefit from some of the nation's best preservation-financing programs, including a 45-percent historic-rehabilitation tax credit established by the W.Va. Legislature through the efforts of the alliance and other economic development partners.

The state also provides matching development grants for the rehabilitation of historic properties to cover 50 percent of the cost of many such projects.

Anyone interested in applying for loans using the Historic Preservation Microloan Fund should contact Danielle Parker at [email protected] or by calling 304-345-6005.