Covid-19
The COVID-19 global pandemic resulted in a health and economic crisis, but overall CDFIs, including ACC and its members, navigated through the disruption. In June 2020, ACC –supported by the Appalachian Regional Commission (ARC)- launched an Emergency Business Response Assistance Program in response to COVID-19. This program invested $3.5 million in redeployed ARC funds in 31 Regional CDFIs and other mission-driven community lenders, such as Revolving Loan Funds, to cover operational costs and offset lost income from suspending, or reducing, borrower payments during the pandemic. Through this program, lenders also provided operational support and direct technical assistance to Appalachian small business and non-profit borrowers. Since April 1, 2020, over 9,000 unique businesses or nonprofits have been served and are still in business, more than 40,000 jobs have been created or retained, and over $430 million has been leveraged in new or modified loans provided to borrowers.