ARC Announces $3.75 Million for Emergency Business Response Assistance Program to be Administered by Appalachian Community Capital
May 2022
WASHINGTON, D.C., May 11, 2022—Today, the Appalachian Regional Commission (ARC) announced a $3.75 million grant to Appalachian Community Capital (ACC) for the ARC-ACC Emergency Business Response Assistance Program to strengthen and stabilize the Region’s Community Development Financial Institutions (CDFIs) and other mission-driven development finance lenders serving small businesses impacted by COVID-19 related losses. Through this partnership, the ARC-ACC Emergency Business Response Assistance Program will help designated community-based lenders cover operational costs and offset some of the income they are losing by suspending or reducing payments from their borrowers during the COVID-19 crisis. Lenders will be able to use the funds for operational support and for direct technical assistance to Appalachian small business and non-profit borrowers.
