A Preservation Alliance of West Virginia microloan program designed to help nonprofits and individuals restore and repurpose historic buildings with two-year loans at 2 percent fixed interest is ready to receive applicants.
In addition to providing capital in the form of loans ranging from $2,500 to $10,000 to help cover construction costs for work on historic West Virginia structures, the alliance offers borrowers technical assistance and development expertise.
“The microloan focuses principally on construction costs, though borrowers may also use it to apply for acquisition and pre-development costs,” as well to cover matching requirements for grant funding awards, said Danielle Parker, the Alliance’s executive director.
“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 repurposing historic buildings,” Parker said.
Individuals and organizations needing to respond to emergency needs for historic properties may also benefit from the program, she said.
The microloan program is made available through a grant from the Rhode Island-based 1772 Foundation, which last year awarded more than $1.5 million to support similar loan programs for historic properties in 16 states.
Those preserving, restoring and reusing historic buildings in West Virginia may also qualify for the state’s 45 percent historic rehabilitation tax credit or state historic properties development grants covering up to 50 percent of development costs.
For more information or to apply for the new microloans, contact Danielle Parker at email@example.com or 304-345-6005.