Ford Foundation Announces Additional $10M Investment in Appalachian Community Capital
NEW YORK, Dec. 7, 2022- The Ford Foundation announced today an additional $10 million investment in Appalachian Community Capital, a central bank for community development lenders that increases the availability of capital to small businesses to spur job creation and economic growth in the 13-state Appalachian region.
Following an initial investment in 2015, the Ford Foundation is increasing its support to further the economic enrichment of local communities in the rural Midwest and South, including coal-dependent areas. In these under-invested regions, the capital needed to foster a thriving economy and higher-quality jobs is often difficult to access, contributing to limited economic mobility. According to the Appalachian Regional Commission (ARC), a key ACC funder, the region’s median household income is 82% of the national average.