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New Markets Loan Program

WesBanco Bank Inc. (Winner) - Wheeling, West Virginia

2021 Community Commitment Awards Submission

  • Entry Category: Community and Economic Development
  • Asset Size: Medium

The New Markets Loan Program (NMLP) is made possible by awards of New Markets Tax Credits (NMTCs) allocated to the WesBanco Bank Community Development Corporation (WBCDC) through a competitive application process. The WBCDC, an affiliate of WesBanco Bank, Inc., has been certified as a Community Development Entity (CDE) by the U.S. Department of Treasury’s Community Development Financial Institutions (CDFI) Fund. Among other criteria, a CDE must have a mission of serving or providing investment capital for low-income communities or low-income persons. The NMTC program spurs investment of private sector capital in distressed communities by providing a tax credit for taxpayers who make Qualified Equity Investments (QEIs) in designated CDEs. WesBanco Bank (WBB) is the sole investor in the WBCDC.

WBCDC has received four allocations of NMTCs. The WBCDC uses NMTCs to support the expansion of economic development in distressed communities throughout the CDE’s footprint, which is located largely in Appalachia. The goal is to promote investments through the multi-state service area and fund a wide variety of businesses providing critical social and commercial services to low-income residents and to benefit low-income areas using a revolving small business loan fund, a unique model for deployment of NMTC funds. 

While WesBanco Bank has served disadvantaged businesses and communities since its inception in 1870, WBCDC’s New Markets program supports flexible lending and has extended WBB’s financing capacity beyond traditional bank lending.

WBCDC focuses its lending in highly distressed low-income communities and has prioritized lending in rural areas, especially within West Virginia and Indiana, two states that have been designated underserved due to the low amount of NMTC investment.