THOMAS – Jennifer Poling now works with Woodlands Community Lenders, a business that believes successful local businesses are key to keeping communities strong, vital and connected. Poling served four years as the WVU Agriculture Extension Agent in Tucker County, and said she felt the move was a good one because she said she feels she can make a difference for those in Tucker County.
Jennifer Poling, who served as the Tucker County WVU Agriculture Extension Agent for four years, is now working with Woodlands Community Lenders.
“I would not have left Extension for just any job,” Poling said. “It had to be a job where I felt I could connect with people to make a difference, in the same way I felt I was making a positive difference in Extension.”
Poling said she took the Woodlands Community Lender position because it is community-centered.
“This position was a perfect mix,” she said. “All of my graduate work in college had to do with small business. When this position came open and I read the job description, I knew I could really contribute here and make a difference.”
Poling said she met many great people while working as an Extension Agent in Tucker County.
“I genuinely like the folks of Tucker County. That was not why I left at all. I thought they were great to work with and I loved the 4-H kids. I miss them and hope to come to camp during the summer and volunteer.”
She said her experiences and the folks she met through Extension will be a great asset to her.
“I made so many people and have so many connections that will help me in my job with Woodlands Community Lenders,” Poling said.
“Woodlands Community Lenders is a non-profit, registered community development financial institution,” Poling said. “It is a subsidiary of Woodlands Development Group.”
Poling said the Woodlands Community Lenders provides financing for small businesses. “We serve Barbour, Randolph and Tucker counties.”
“Our main focus is community health and community well-being,” Poling said. “We are concerned with economic development in the community. We are interested in helping revitalize the downtown areas of communities. We look for opportunities to help existing businesses expand, or help new businesses start up, or help folks purchase a business.”
Poling said the Woodlands Community Lenders is not a competitor with banks. “We work with banks. If a business owner wanted to purchase a building and redo the inside of the building, we may partner with the bank. The bank may loan money to purchase the building and then we will loan on things the bank is not willing to loan on such as kitchen equipment or inventory.”
Poling said Woodlands Community Lenders is a little more flexible than traditional lenders. “This extends to what we accept for collateral or what our minimum credit is for borrowers. Some banks may be hesitant to loan money to start-up businesses. We might come in with a loan to get them started so they become bankable.”
“My job is to help business owners be prepared their package to present to the board of directors for a loan,” Poling said. “The board votes yes or no on the loan. Owners could require assistance writing business plans or understanding financial information. They may need a QuickBooks class. We coordinate all of these things with the goal of making them into potential good borrowers.”
“If someone would like to start a business, or needs financing for a small business, we like for them to have a business plan, or at least the start of a business plan,” Poling said. “We like to see as much financial information as they can provide about themselves and the proposed or existing business. Keeping good records is essential.”
“Tax returns, profit and loss statements, financial projections are good items to have, as well as how they plan to price the goods they want to sell,” Poling said. “All of those things are needed. We will go into those in great detail before we would through all of that before we make a loan. There is a lot of technical assistance along the way, and generally speaking, it’s not a quick process.”
Poling said the normal start-up process takes about three months. “It can be as quick as a month or as long as six months. I would encourage potential borrowers to approach us with this in mind.”
“Ultimately, our goal is to make good loans,” Poling said. “We want to make loans to folks who are going to pay them back. In addition, we want to see the economy grow, so it is not a service to us to make loans to a business that is not prepared to make a profit and do well.”
Poling said she really enjoys working with Woodlands Community Leaders. “I can really contribute here. I can work with folks and make a difference. At the end of the day, I can go home knowing I did something worthwhile today. That is the most important thing for me.”
Poling works in the Randolph County office of Woodlands Community Lenders on Mondays, Tuesdays and Wednesdays. The Randolph County office is located at 1404 North Randolph Ave. in Elkins. On Thursdays and Fridays, Poling works from the Thomas office, located in the Cottrell’s Opera House. She can be reached by calling 304-636-6495 ext. 29 or 304-614-4758, or online at jpoling@wdgwv.org.
