Bank of America, Veteran Loan Fund, and ACC and Its Members Provide Support for Veteran-led Small Businesses in Appalachia
Bank of America is seeding a second round of financing for Veteran Loan Fund, doubling a two-year-old commitment that has already funded more than 500 small businesses that have created or retained more than 3,000 jobs across 37 states. Appalachian Community Capital (ACC) has already distributed $1MM in loan funds through this partnership for use in Appalachia.
ACC Power Grant From Appalachian Regional Commission Enables Expansion Of Opportunity Appalachia Program
Christiansburg, VA – Appalachian Community Capital (ACC) is pleased to announce that it has received a $1.5M grant from the Appalachian Regional Commission through ARC’s POWER (Partnerships for Opportunity and Workforce and Economic Revitalization Initiative.) ACC’s grant is part of nearly $54 million awarded for 64 projects in 217 counties through ARC POWER which directs federal resources to economic diversification projects in Appalachian communities affected by job losses in coal mining, coal power plant operations, and coal-related supply chain industries. In addition to its newest state partner Kentucky, ACC’s POWER grant will enable current participating Appalachian states— Virginia, North Carolina, Ohio, Tennessee, West Virginia—to provide direct development technical assistance to 30 communities, engage 600 participants, create 1,200 jobs and 11 businesses, and leverage $150 million in private investment during the grant period and up to three years after.
Appalachian Community Capital Launches Technology Transformation Project for
Community Development Members in Western North Carolina
Christiansburg, VA – Dogwood Health Trust has selected Appalachian Community Capital as a recipient of its prestigious Accelerating Capital to Under-Fueled Entrepreneurs grant designed to create a dramatically healthier region in Western North Carolina. The Accelerating Capital program is focused on supporting the growth and development of non-traditional small business
lender ecosystems with the focus on enhancing their ability to meet the capital and development needs of entrepreneurs of color and rural entrepreneurs who have traditionally been underserved.
Connect Humanity Partners with Appalachian Community Capital to Raise Capital to Bridge the Digital Divide
Connect Humanity and Appalachian Community Capital (ACC) have joined forces in a bold campaign to raise $25 million through IDEA (Investing in Digital Equity in Appalachia), aiming to bridge the digital divide throughout Appalachia, one of the least connected regions in the United States.
Opportunity Appalachia Investor Convening to Showcase High Impact Projects Anticipated to Create Thousands of Jobs
Opportunity Appalachia, a project of Appalachian Community Capital, is hosting a virtual investor convening on May 31 – June 1, 2023.The convening will feature 33 Opportunity Appalachia projects looking to develop relationships with investment partners. The 2023 Project Portfolio is seeking $252 million in financing and is anticipated to create 3,000 jobs – including jobs for individuals in addiction recovery, the long-term unemployed (such as former coal industry workers), minorities, and women.
Appalachian Community Capital has received a grant of over $600,000 as part of the CDFI Fund’s CDFI Equitable Recovery Program.
Under this program, over $1.73 billion in grants were awarded to 603 CDFIs across the country through CDFI ER, which represent the largest CDFI grant program in history. These grants are intended to spur economic recovery for areas most severely impacted by the COVID-19 pandemic.
Virginia CDFI Coalition Celebrates Win For Virginia
On March 28, 2023,Virginia Governor Glenn Youngkin signed into law Senate Bill 1320 (SB 1320) and House Bill 1411 (HB 1411), codifying and recapitalizing the Virginia Community Development Financial Institution Fund (VA CDFI Fund). Both bills overwhelmingly passed the Virginia General Assembly in February 2023.
Appalachian Community Capital Receives $510,000 Award from Treasury’s CDFI Fund to Support Small Business Lending across Appalachia
Christiansburg, VA – Appalachian Community Capital (ACC) has received a
$510,000 grant from the U.S. Treasury Department’s Community Development Financial Institutions Fund’s (CDFI) Program to increase lending for small businesses in historically underserved areas in the 13-state Appalachian region.
ACC is pleased to announce that Julia J. Parker has joined Appalachian Community Capital as its Chief Lending and Impact Officer (CLIO).
The CLIO is a member of the executive team and has overall responsibility for ACC’s lending program and continued innovation. Primary responsibilities include: meeting annual lending goals; developing strategies to meet identified investment gaps in ACC’s service area; designing and implementing new and updated financial products and services that are responsive to the needs of clients; and maintaining loan and grant policies and systems.
This is a remote position serving the Appalachian Region, which includes the entire state of West Virginia and portions of Alabama, Georgia, Kentucky, Maryland, Mississippi, New York, North Carolina, Ohio, Pennsylvania, South Carolina, Tennessee, and Virginia.
Ms. Parker has extensive knowledge of and experience in economic development, small business lending, impact investing, and supporting underserved and diverse communities and populations.
Opportunity Appalachia Bringing jobs, business support, and investment to Central Appalachian communities
Opportunity Appalachia today announced selection of 8 projectsto participate in a program to bringjobs, business support, and investment to Central Appalachia.The selected projects propose tocreate over310jobs and attract $27 million in financing to develop and expandchildcare centers,outdoor recreation,foodbusinessincubator andsupport facilities,regional airport facilities,and hotels in downtown and rural areas across East Tennessee and Southwest Virginia.
Appalachian Community Capital Receives Equity Investment from Robert Wood Johnson Foundation
The Robert Wood Johnson Foundation has awarded Appalachian Community Capital $400,000 in equity capital to allow the organization to strengthen its capital structure, leverage additional debt capital, and as a result, increase lending and investing in Appalachian communities that have been marginalized.
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.