Natural Capital Investment Fund and Hatfield-McCoy Regional Recreation Authority to Support Diverse Economies and Job Creation
SHEPHERDSTOWN, W.V. —The Natural Capital Investment Fund (NCIFund)—a green business lender and an affiliate of the national nonprofit Conservation Fund—and the Hatfield-McCoy Regional Recreation Authority (Hatfield-McCoy) announced their partnership focused on creating jobs and improving quality of life in coal-impacted communities in southern West Virginia. Using a total of $2.6 million in grants from the Appalachian Regional Commission (ARC) the two organizations will expand access to capital and business advisory services for tourism-related businesses and help diversify the region’s economy.
NCIFund will use its $1.25 million award as seed capital for a revolving loan fund to support tourism-related small businesses in Hatfield-McCoy Trail communities. The project is expected to create 200 new jobs and 20 new businesses, as well as leverage $5 million additional in private investments in the region.
“NCIFund is grateful for ARC’s support for the transition of coal-impacted communities to a post-coal economy,” said Marten Jenkins, President of NCIFund. “This funding will allow NCIFund to help accelerate the formation of new businesses and support entrepreneurs who are capitalizing on all of the natural assets and opportunities the region has to offer for a more diverse economy.”
Hatfield-McCoy will also use its $1.3 million to support tourism-related jobs and businesses, through a comprehensive program that includes business coaching and marketing services, as well as supporting marketing efforts for all-terrain vehicle trails in West Virginia, Kentucky and Virginia. The project will create 225 jobs and 50 new businesses along the trails.
“We are excited about the opportunity the ARC funding has provided and are grateful to ARC for making this substantial investment into Southern West Virginia,” said Jeffrey Lusk, Executive Director, Hatfield-McCoy Trail Regional Recreation Authority. “The grant provides us the ability to partner with NCIFund and other partners such as Southern West Virginia Community College to expand the Hatfield-McCoy Trails and to grow entrepreneurship in Southern West Virginia.”
The funding is part of President Obama’s Partnerships for Opportunity and Workforce and Economic Revitalization (POWER) Initiative, which distributed awards totaling $38.8 million to 29 economic and workforce development projects across multiple states, creating an estimated 3,418 jobs.
Both projects will be supported by additional matching funds from the Claude Worthington Benedum Foundation.
About Natural Capital Investment Fund
Natural Capital Investment Fund supports entrepreneurs who are creating jobs and triple-bottom-line businesses in underserved communities in Central Appalachia and the Southeast. NCIFund is a business loan fund with expertise in eco-tourism, agriculture, alternative energy and forest products. Founded in 2001, NCIFund is a U.S. Treasury-certified Community Development Financial Institution (CDFI) affiliated with The ConservationFund.
About Hatfield McCoy Regional Recreation Authority
Hatfield McCoy Regional Recreation Authority is a public corporation established by the West Virginia Legislature to build, maintain and market All-Terrain Vehicle Trails in nine Southern West Virginia Counties. The Authority currently manages 600 miles of trails in five counties. www.trailsheaven.com
About The Conservation Fund
At The Conservation Fund, we make conservation work for America. By creating solutions that make environmental and economic sense, we are redefining conservation to demonstrate its essential role in our future prosperity. Top-ranked for efficiency and effectiveness, we have worked in all 50 states since 1985 to protect more than 7.5 million acres of land.
Marten Jenkins | Natural Capital Investment Fund | (304) 870-2207 | firstname.lastname@example.org
Jeffrey Lusk | Hatfield-McCoy Trail Regional Recreation Authority | (304) 752-3255 | email@example.comAnn Simonelli | The Conservation Fund | (703) 908-5809 | firstname.lastname@example.org