Natural Capital Investment Fund Receives Funding from United Bank to Support Small Businesses in 26 Underserved West Virginia Counties
SHEPHERDSTOWN, W.V.— The Natural Capital Investment Fund (NCIFund), a small business lender that supports locally-owned enterprises throughout central Appalachia and the Southeast, recently announced that it has received more than $500,000 in investment and grant support from United Bank, to increase its lending and support services to small businesses in underserved West Virginia counties.
The $500,000 equity equivalent, flexible investment is the second investment NCIFund has received from United Bank and will be used to finance business and entrepreneurs in 26 counties, with an emphasis on the following: Boone, Cabell, Wood, Fayette, Kanawha, Lincoln, Logan, Monongalia, Preston, Putnam, Raleigh and Wayne. In addition, United Bank awarded its first grant to NCIFund ˗ $10,000 that will support NCIFund’s business coaching services in Monongalia and Preston counties.
“At United Bank, we proudly invest in West Virginia. Our partnership with NCIFund is an example of our ongoing commitment to and support of the individuals, businesses and organizations that contribute to the prosperity and vitality of the state,” said Henry Kayes, chief operating officer of United Bank.
The funding from United Bank will be deployed through NCIFund’s on-going efforts to accelerate environmentally and socially responsible business development in West Virginia, and through new initiatives that focus on building a sustainable tourism economy along the Hatfield-McCoy trails, downtown redevelopment and supporting businesses that contribute to robust local food systems. NCIFund and its community partners have funded more than 200 companies that have created or retained nearly 4,000 jobs since 2001.
“Entrepreneurship is a critical strategy for West Virginia communities to build a versatile economy that creates jobs and builds wealth in the region,” said Marten Jenkins, president of NCIFund. “Equally important is helping entrepreneurs create an economy the promotes a healthy environment. We’re grateful to United Bank for their continued support of our initiatives that work to achieve both these ends for West Virginia communities.”
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 Conservation Fund. For more information, visit ncifund.org.
About United Bank
United Bank is a subsidiary of United Bankshares, Inc., the largest publicly traded company headquartered in West Virginia. It has assets of approximately $19.1 billion and 142 full-service banking locations throughout West Virginia, Virginia, Maryland, Ohio, Pennsylvania and Washington, D.C. For more information, visit BankWithUnited.com.
Contacts:
Dagny Leonard | The Conservation Fund | 703-908-5823 | dleonard@conservationfund.org
Amy Fanta Caruthers | United Bank | 304.424.8812 | amy.caruthers@BankWithUnited.com
