June 21, 2021

Manchin, Capito Announce $6.2 Million In Economic Relief For West Virginians Impacted By COVID-19 Pandemic

Washington, DC – U.S. Senators Joe Manchin (D-WV) and Shelley Moore Capito (R-WV), members of the Senate Appropriations Committee, today announced $6,236,195 from the U.S. Department of the Treasury for five community development financial institutions (CDFIs) in West Virginia. This funding will support and provide capital for CDFIs in low-income communities across West Virginia that have been impacted by the COVID-19 pandemic.
“The COVID-19 pandemic created additional financial burdens for many West Virginians, impacted small businesses, restaurants and other businesses across our state. As West Virginia begins to rebuild and recover from the pandemic, this investment in five CDFIs will provide economic relief for West Virginians living in rural or low-income communities. As a member of the Financial Services Appropriations Subcommittee in the Senate, which oversees CDFI funding each year, I will continue to fight for funding that fosters economic development and helps West Virginians,” said Senator Manchin.
“Before the COVID-19 pandemic, our economy was improving at a record pace, and unemployment was historically low. Access to investments and financial capital is essential for fostering this kind of growth in our state,” Senator Capito said. “Treasury Department-sponsored Community Development Financial Institutions bring those resources into West Virginia and put them to work supporting communities and small businesses. I have championed the potential and benefits of CDFIs throughout my tenure in the Senate, and I am pleased they are recognizing opportunities in West Virginia.”
Individual awards listed below:
  •        $1,826,265 – Natural Capital Investment Fund Inc., Loan Fund, Charles Town
  •        $1,826,265 – Pioneer Community Bank, Iaeger
  •        $1,826,265 – The Center for Rural Health Development, Loan Fund, Hurricane
  •        $497,000 – Woodlands Community Lenders, Loan Fund, Elkins
  •        $260,400 – CommunityWorks in West Virginia, Inc., Loan Fund, Charleston