The Green Bank for Rural America will grow the next generation energy economy, supporting thousands of businesses and creating thousands more quality jobs in economically distressed areas while reducing the carbon footprint in target communities. This effort is anticipated to be supported by funding from the EPA Greenhouse Gas Reduction Fund (GGRF – CCIA), the Appalachian Regional Commission, as well as private investment from corporate and philanthropic partners. Appalachia and Rural America have powered the economic growth of our nation – from coal, to oil, to natural gas – and the Green Bank will help ensure these communities are well positioned to leverage opportunities presented by the new energy economy.
This Green Bank and related programming are envisioned to be funded at $1 billion to provide financing for development transactions and growing businesses, and will partner with financial institutions – banks, CDFIs, credit unions, New Markets Tax Credit Funds, Opportunity Zone investors, Historic Tax Credit investors, public sector Revolving Loan Funds, Angel Investment funds, and other impact investors — to leverage substantial new investment in rural communities. Technical Assistance partners will deliver needed services to projects and businesses to ensure high impact projects are financed, with assistance to include financial structuring, business plan development, market studies, engineering and design, access to related energy tax incentives and grants, and needed workforce training.
This new financing and related development assistance will accelerate economic restructuring and diversification in underinvested communities across Appalachia, coal communities nationally and those with power plant closures, and other distressed rural areas.