Isaac Jackson Hotel in Elkins Gets $5 Million 7A Small Business - WBOY - Clarksburg, Morgantown: News, Sports, Weather

Isaac Jackson Hotel in Elkins Gets $5 Million 7A Small Business Administration Loan

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ELKINS -

Davis Trust Company and the U-S Small Business Administration presented a $5 million check, the largest of its kind, to the Isaac Jackson Hotel in Elkins on Thursday.

The 7-A loan program is the SBA's primary program for helping small businesses.

SBA does not make loans itself, but rather guarantees loans made by participating lenders.

"We guarantee the loan, the U.S Government does making sure we're getting more capital out there and the banks love our 7-a loan because they can go ahead work more closely with the federal government. Be able to not sell this loan on the second market," said Natalia Olson Urtecho, SBA regional administrator.

"This loan would be out of our normal lending ability. But to partner with a government agency like the SBA and with them we're able to make the full loan and the partners who want to build this and get it up and running its going to benefit Elkins, the state, and definitely tourism," said Michael Price, president of Davis Trust Company.

A tour was held after the check presentation.

The hotel is set to open next month.

 


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