Appalachian Community Capital receives $3M investment from Truist Bank to support small business lending in Appalachia
April 19, 2022
Christiansburg, Va. (April 19, 2022 ) – Appalachian Community Capital (ACC) has received a $3 million investment from Truist Bank to increase its lending and advisory services to small businesses in underserved counties in the Appalachian Region. This investment is in addition to $1.25 million in grants from Truist Foundation and Truist Charitable Fund, a donor-advised fund at The Winston-Salem Foundation, to strengthen and stabilize ACC member community development financial institutions (CDFIs) serving small businesses impacted by COVID-19 and to support Opportunity Appalachia, an initiative targeting downtown and rural redevelopment projects in Central Appalachia.
Woodlands Development Group closes on financing of +$16 million to restore the historic Tygart Hotel in Elkins, WV.
March 15, 2022
Opportunity Appalachia participant (2021) and Appalachian Community Capital member announced closing on +$16 million for the financing of the historic Tygart Hotel. The 6-story, 42,000 sf development in the heart of Elkins’ Historic District is expected to provide an anchor for downtown businesses and have a significant catalytic effect supporting the city’s Downtown Development Strategy in this community of 6,900 persons. This complex transaction involved public, private, and non-profit financing partners and multiple types of tax credit equity, all of which were needed to overcome the capital access challenges faced by so many rural communities.
Nate Barber Named Chief Executive Officer at South Carolina Community Loan Fund
October 12, 2021—We are thrilled to share the news that Nate Barber has accepted the Chief Executive Officer position at South Carolina Community Loan Fund and his first day will be Tuesday, October 12th, 2021.
Bringing investment to Central Appalachian coal-impacted communities, creating new jobs and businesses that support sustainable growth.
September 17, 2021 – Appalachian Community Capital today announced receipt of a $1,500,000 technical assistance grant from the Appalachian Regional Commission (ARC) to help bring investment into Central Appalachian communities in five states: Tennessee, North Carolina, Ohio, Virginia, and West Virginia. ACC is the lead partner in Opportunity Appalachia, an initiative designed to provide targeted support for downtown and rural development to build entrepreneurial communities where local business can thrive, creating quality jobs for residents that revitalize local economies.
Open Date: September 1, 2021
Proposal Due Date: October 15, 2021, 5:00pm EST
Selection: November 1, 2021
Contract Period: November 1, 2021 – October 31, 2023
Appalachian Community Capital (ACC) seeks to contract with a qualified Program Manager to oversee the expanded operations of Opportunity Appalachia (OA). The OA program will provide targeted support for downtown and rural development, building entrepreneurial communities where local business can thrive, and creating quality jobs for residents helping to revitalize local economies and address the Covid downturn. The selected contractor will work closely with the program Steering Committee and [CDC]delete Senior Advisor to shape the effort over the course of 24 months beginning in November, 2021 and concluding October, 2023. Opportunity Appalachia is a +$3M program that is anticipated to:
Support ~40 development projects
Provide $2.25M in direct technical assistance
Raise over $400M of new investment for targeted communities
The Program Manager will report to the CEO, ACC. To view the request click here.
Appalachian Community Capital Awarded Wells Fargo “Open for Business“ Grant to Support Minority Small Businesses
Charlotte, N.C. — July 1, 2021—Wells Fargo today announced $3 million in grants to Community Development Financial Institutions (CDFIs) to help underserved small businesses in rural and Southern Appalachian communities manage the economic effects of COVID-19. Wells Fargo has selected Appalachian Community Capital Development (ACC), Carolina Small Business Development Fund (CSBDF) and Natural Capital Investment Fund (NCIFund) to join the Open for Business Fund, a nationwide small business recovery effort. The funding will help increase access to capital with low rate loans for minority-owned businesses in rural communities across Alabama, Georgia, Mississippi, North Carolina and West Virginia.
Request for Proposals:
ACC – Opportunity Appalachia seeks responses from Technical Assistance providers.
Open Date: June 22, 2021
Proposal Due Date: as noted in RFP
Selection Date: July 5, 2021 or later
Contract Period: July 5, 2021 – August 25, 2021
Appalachian Community Capital seeks contractual Technical Assistance (TA) support for one (1) Opportunity Zone project that have been selected by the Opportunity Appalachia program. TA to be provided and project details are described in the link, below. Note: To be an eligible TA provider for this program, respondents must reply to the RFQ noted on the Opportunity Appalachia program page.
Click here for RFP listing requesting TA for one (1) Opportunity Zone project
Appalachian Community Capital Awarded $1.8 Million in COVID-19 Relief Funds
Washington – The U.S. Department of the Treasury today awarded $1.25 billion in COVID-19 relief funds to 863 community development financial institutions (CDFIs). The awards were announced today by Vice President Kamala Harris at the White House with Treasury Secretary Janet L. Yellen. The grants will be made through Treasury’s CDFI Rapid Response Program (CDFI RRP) and will provide necessary capital for CDFIs to respond to economic challenges created by the COVID-19 pandemic, particularly in underserved communities.
Impact and Implementation Report: Appalachian Community Capital/Business Assistance Response Program
In partnership with the Appalachian Regional Commission (ARC), Appalachian Community Capital (ACC) developed the emergency Business Assistance Response (BAR) grant program to support the entrepreneurial ecosystem in Appalachia during the COVID-19 pandemic. Under the program, 31 lending organizations were awarded funds totaling $3.56 million. The funds were intended to support operations for lending organizations and/or direct technical assistance to small businesses and/or nonprofit organizations. This report distills the key findings about and recommendations for the BAR program.
National and Local Community Lenders Announce Multi-Million Dollar Fund to Support Small Business and Nonprofit Recovery Across the South
The Southern Opportunity and Resilience (SOAR) Fund aims to support the recovery of small businesses and nonprofits with access to flexible, affordable capital and free business support services across 15 southern states
BETHESDA, Md., March 3, 2021 (Newswire.com) – A diverse group of community finance organizations today announced the Southern Opportunity and Resilience (SOAR) Fund, which aims to raise $150 million to provide affordable capital and free business support to small businesses and nonprofits in 15 southern and southeastern states to help them navigate and rebuild from the Covid-19 health and economic crisis.
Request for Proposals: Video Production for OZ Investor Convening
Open Date: November 24, 2020 Proposal Due Date: December 4, 2020 Selection Date: December 9, 2020 Contract Period: December 9, 2020 – February 25, 2021
Appalachian Community Capital seeks contractual support for production of 16 videos, each 3 minutes long, of the 16 participating projects in the Opportunity Appalachia program. The videos will be shot on-site in Ohio, Virginia, and West Virginia. Each local project will develop their content, with the support and guidance of a General Framework to be developed by contractor. Contractor will complete editing and the videos will be presented on February 23 – 24, 2021 at the OZ Investor Convening conference.
The Contractor will report to the Program Director, Opportunity Appalachia. To view the request click here
UVA Wise and Entrepreneurship in Appalachian Virginia
How do new partnerships and financial strategies drive development for underserved communities?
A profile produced by the Beeck Center for Social Impact + Innovation at Georgetown University with support from Lumina Foundation shows how UVA Wise is using using multiple tools to build stronger financial positions, including new public financing programs such as Opportunity Zones and New Market Tax Credits, as well as regional programs.
Request for Proposals: ACC Business Assistance Response Program Evaluation
Open Date: October 5, 2020
Proposal Due Date: November 2, 2020 – 5pmEDT
Selection Date: December 1, 2020
Contract Period: December 7, 2020 – April 30, 2021
Appalachian Community Capital (ACC) seeks contractual program evaluation services to assess the level of success the Business Assistance Response Program had in stabilizing community development financial institutions and other mission-driven development finance lenders that received a grant in the wake of the COVID-19 pandemic.
The Contractor will report to the BAR Program’s grant manager, Rural Support Partners. To view the request click here.
Request for Proposals:
ACC – Opportunity Appalachia seeks provider of conference management services
Open Date: June 26, 2020
Proposal Due Date: July 10, 2020
Selection Date: August 1 or earlier
Contract Period: August 1, 2020 – March 31, 2021
Appalachian Community Capital seeks contractual conference management services for an Investor Convening event, to be held Q4 2020 or Q1 2021. The requested Scope of Services and draft conference outline are provided in RFP. The event, to be held either in-person or virtually, will support the capital raise for 16 Opportunity Zone projects that have been selected by the Opportunity Appalachia program.
Appalachian Community Capital Awards $3.56 Million in Grants to Regional Community Development Finance Lenders
Tuesday, June 9, 2020
Grants Will Extend Lending Capacity to Appalachia’s Small Businesses & Non-Profits Impacted by the COVID-19 Crisis
Christiansburg, Virginia – Appalachian Community Capital (ACC) today awarded $3.56 million in grants under an Emergency Business Response Assistance Program to strengthen and stabilize 31 Regional Community Development Financial Institutions (CDFIs) and other mission-driven community development finance lenders, such as Revolving Loan Funds (RLFs), serving small businesses impacted by COVID-19 related losses.
ARC Announces $3.75 Million for Emergency Business Response Assistance Program to be Administered by Appalachian Community Capital
WASHINGTON, D.C., May 11, 2020—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.
Request for Proposals:
ACC – Opportunity Appalachia seeks responses from Technical Assistance providers.
Open Date: April 8, 2020 Proposal Due Date: as noted in RFP Selection Date: May 15, 2020 or later Contract Period: May 15, 2020 – March 31, 2021
Appalachian Community Capital seeks contractual Technical Assistance (TA) support for 16 Opportunity Zone projects that have been selected by the Opportunity Appalachia program. TA to be provided includes development of investment prospectus, preparation of pro forma financial projections, structuring of projecting financing, market research, operations planning, investor outreach and other services. Details on individual project TA requests are provided on the link, below. Note: To be an eligible TA provider for this program, respondents must reply to the RFQ noted on the Opportunity Appalachia program page.
Click here for RFP listing requesting TA for 16 Opportunity Zone projects
We are hopeful this recognition will provide added visibility both to identify promising projects in Appalachian OZs, and increase national investor interest in the Region.
“We are thrilled to be able to bring more financial and technical resources to our region, to help Appalachia secure more investment in important industries, such as manufacturing, IT, downtown development, healthcare, education, food systems, heritage tourism and recreation, ” remarked Appalachian Community Capital President & CEO Donna Gambrell.
The Application Period is from November 27 – January 24,2020 Proposals are due by Friday, January 24, 2020, 4:59 pm (ET) ACC will select proposal(s) by January 31, 2020. The Training must be completed by June 15, 2020
Appalachian Community Capital (ACC) is a member-based organization and community development finance intermediary. Its 20 high-performing CDFI members are mission-driven lenders committed to meeting the credit needs of rural Appalachia.
ACC is seeking proposals to provide a day-long, in-person training on the CDFI Fund’s New Markets Tax Credit (NMTC) and Rural Communities, to be held in the first half of 2020 within the Appalachian region.
Applicants must include all the items detailed above in the proposal submission section to be eligible.
Applications must be submitted to firstname.lastname@example.org by Friday, January 24, 2020, 4:59 pm (ET)
Appalachian Community Capital Receives Financial Assistance Award from the CDFI Fund
Appalachian Community Capital (ACC) was one of 284 Community Development Financial Institutions (CDFIs) that received a Financial Assistance Award today from the U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund). The awards, through the fiscal year 2019 round of the CDFI Program and the Native American CDFI Assistance Program, will enable CDFIs to increase lending and investment activity in low-income and economically distressed communities across the nation.
ACC will use its $424,00,000 award to continue making small business loans in rural Appalachia, including in persistent poverty counties, which are classified as having poverty rates of 20 percent or more in 1990, 2000, and 2010.
“I congratulate all the awardees, particularly the CDFIs in Appalachia who are dedicated to supporting underserved communities and building a strong economy in the region, said Donna Gambrell, CEO of Appalachian Community Capital.
Request for Proposals:
Project Director for Opportunity Appalachia Initiative
Open Date: November 1, 2019
Proposal Due Date: November 15, 2019
Selection Date: November 22, 2019
Contract Period: November 25, 2019 – January 30, 2021
Appalachian Community Capital (ACC) seeks contractual support for a qualified project director to assist Opportunity Appalachia’s Steering Committee, a six-member consortium comprised of regional and national organizations, and local communities, to provide technical assistance to communities in developing sophisticated investment packets geared toward prospective Opportunity Zone (OZ) investors. The selected contractor will work closely with the Steering Committee to shape this effort over the course of 15 months beginning in November 2019 and concluding on January 30, 2021.
Appalachian Regional Commission Announces $44.4 Million to Diversify Region’s Coal-Impacted Economies
WASHINGTON, D.C., October 8, 2019, the Appalachian Regional Commission (ARC) announced a $44.4 million investment package to expand and diversify the economy in Appalachia’s coal-impacted communities through the POWER (Partnerships for Opportunity and Workforce and Economic Revitalization) Initiative. These 54 awards are projected to create or retain over 5,700 jobs, leverage more than $39 million in private investment, create and/or retain 2,940 businesses, and train thousands of workers and students within the broadband, entrepreneurship, substance abuse recovery, tourism and other industry sectors across coal-impacted communities in nine Appalachian states.
Appalachian Community Capital Awarded $150,000 USDA Grant for Technical Assistance
Grant to promote small business growth in rural communities
Appalachian Community Capital (ACC) is pleased to announce receipt of a $150,000 grant from the U.S. Department of Agriculture’s Rural Community Development Initiative (RCDI) program. ACC will disburse these monies to build the capacity of seven eligible small business lenders to support small business development and entrepreneurship, job and wealth creation, and economic growth in the low-income rural communities they serve throughout Appalachia.
Working under the policy direction of Appalachian Community Capital (ACC) and under the general supervision of the CEO, the SVP-Finance and Administration is responsible for ensuring ACC’s overall financial planning and budgeting programs are aligned with the corporate strategic plan and the expectations of all funders and stakeholders. This position can be performed remotely.
ACC is pleased to announce a $200,000 investment from the Religious Communities Impact Fund (RCIF) Inc. Led by Sister Corinne Florek, RCIF is a collaborative community investment fund with 27 Catholic women’s religious congregations as members. Its mission is to empower lowincome people through access to affordable capital, whether through housing, small business development, childcare, or helping nonprofits that provided services. Intermediaries like community development loan funds and credit unions are excellent partners in this ministry, and many of them began with investments from the sisters.
ACC is now 19member strong with the addition of two new members: Piedmont Business Capital (formerly Greensboro Community Development Fund) is a CDFI dedicated to supporting underserved communities in the Piedmont Triad area in North Carolina, including rural counties. Appalachian Growth Capital is a new loan fund that partners with local and regional banks to increase the loan amounts to qualified small businesses in Appalachian Ohio.
ACC welcomes its new partners as it continues to support Appalachian small businesses, including minority and womenowned businesses.
Appalachian Community Capital is honored to have received a $550,000 award from the Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund). In its announcement, the CDFI Fund noted that 302 CDFIs had received a total of $202.2 million in awards. These awards, through the fiscal year 2018 round of the Community Development Financial Institutions Program (CDFI Program) and the Native American CDFI Assistance Program (NACA Program), will allow CDFIs to increase lending and investment activity in low-income and economically distressed communities across the nation.
“This CDFI award will enable ACC to provide additional loans to its members. The members, in turn, will use the funds to increase lending to small businesses in Appalachia, including those businesses owned by persons of color and women,” said Donna Gambrell, President & CEO, Appalachian Community Capital. “We thank the CDFI Fund, and we congratulate the other CDFIs who have been recognized.”
Northern Trust Bank has approved a $1 million investment for ACC. The capital will be made available to ACC member institutions to help support small business owners and entrepreneurs in the Appalachian Region. Currently, 17 CDFIs and other mission-based lenders in the region are members.
Two Appalachian Community Capital Members Awarded US Treasury Capital Magnet Fund Grants
ACC members Kentucky Highlands Investment Corporation (KHIC) and Virginia Community Capital (VCC) received awards through the U.S. Treasury’s FY 2017 Capital Magnet Fund program. KHIC will use its award to capitalize affordable housing and a revolving loan fund. VCC will use its award to provide predevelopment, construction, and gap financing loans.
U.S. Treasury Awards $185 Million for Community Development in Low-Income Communities
The U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) awarded 196 Community Development Financial Institutions (CDFIs) $185.7 million in grants and loans today.
ARC Launches Appalachian Community Capital Initiative to Build Access to Credit in Region
Appalachian Regional Commission (ARC) Federal Co-Chair Earl F. Gohl announced today the creation of Appalachian Community Capital (ACC), a new central bank for development lenders that will increase the availability of capital to small businesses in the 13-state Appalachian Region.