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Preservation Loan Guarantee Fund

Preservation Loan Guarantee Fund

Friends of Wheeling, Inc. has established a Preservation Loan Guarantee Fund that will be used as collateral on projects that involve renovation work on either residential or commercial properties in Wheeling. The overall intent is to encourage preservation/renovation projects by providing access to low interest-rate loans. At this time, the maximum amount guaranteed is $25,000, and the maximum loan duration is 5 years.

All funds are held in an interest-bearing, endowment account with WesBanco Trust & Investment Services. This account will not be tapped for the loans themselves; instead the funds will act as additional collateral for the selected borrowers. The bank will use regular credit standards to assess the repayment capacity of the borrower, and the borrowers will pledge all or part of their property as collateral. Their monthly payments will be applied to the principal and interest of the loan as billed by WesBanco. Friends of Wheeling will be listed on the loan so repayment obligations can be monitored.

Proposals will be considered in part on the basis of the appropriateness of the project, demonstrated ability to manage and complete the project, and qualification and experience of the developer/contractor. Each proposal should include responses to the following criteria. The Loan Fund Committee will evaluate proposals based on the responses and will make a recommendation to the Board of Directors of Friends of Wheeling for final approval.

Application Process

STEP 1: Complete the form below.

STEP 2: A Friends of Wheeling subcommittee will visit the site to see what work is proposed.

STEP 3: If the subcommittee approves the proposed work, FoW will contact Wesbanco to tell them of our approval.

STEP 4: Wesbanco personnel will contact the property owner and request standard loan information.

STEP 5: Assuming Wesbanco approval, funds are released.

If you have any questions, please contact Jeanne Finstein at or 304-242-0341.

Apply Below