HUNTINGTON -- The Huntington Area Development Council announced today that 10 local area banks have agreed to expand HADCO's Loan Pool from $10 million to $20 million.
The HADCO Loan Pool is used to finance the capital needs of companies that are considering new facilities in the Huntington area.
"It allows us to do projects that might not get done because they might be a little to risky for one bank to undertake," said HADCO President Jerry McDonald. "But by having all the banks participate in it and take a smaller share, it's easier to underwrite it."
Amazon.com and the construction financing of KineticPark are two projects funded by the HADCO Loan Pool.
There is no other loan pool of its type in West Virginia where local banks work cooperatively to encourage new jobs and growth, McDonald said.
The 10 banks involved in the HADCO Loan Pool include BB&T, Fifth Third Bank, First Sentry Bank, First State Bank, Guaranty Bank and Trust Company, Huntington Banks, Huntington Federal Savings Bank, JPMorgan Chase Bank, Peoples Bancorp and United Bank.
"We've been working on this for a while, and we're going to have a local meeting today about a possible project," he said Tuesday afternoon." It's a project in excess of $1 million, and we'll try to get all the banks to participate. It could not be done by one bank but by having them all, it can."
