Bank of America, Calvert Foundation, Deutsche Bank, and Ford Foundation provided $12 million specifically for small business lending in the region. ARC and other regional partners provided $3 million in seed funding for operations and capacity building.
ACC closed its first capital raise in June 2015. Between 2015 and 2017, it deployed $11 million of the $12 million in leveraged debt. The remaining $1 million in capital commitment was tapped in 2017 for making small business loans in rural Georgia. Since 2015, ACC has obtained an additional $18 million in debt capital. ACC members report that, to date, they have used ACC proceeds to finance close to 100 loans for small businesses and have helped to create or retain over 2,000 jobs (more than half of these jobs are occupied by low-income persons). In addition, ACC has served as a “pass-through” for over $5 million in grants to ACC members to use for building their organizational capacity, providing technical assistance to small business customers and/or providing grants to small business owners hard hit by the COVID-19 crisis.