News & Press Releases
Appalachian Community Capital Receives Equity Investment from Robert Wood Johnson Foundation
January 2023
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
December 2022
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.
Appalachian Community Capital Announces the Creation of a Regional Data Analytics Hub at the 2022 Clinton Global Initiative
September 2022
Christiansburg, VA. (September 19, 2022) – Appalachian Community Capital (ACC) is pleased to announce its participation in the Clinton Global Initiative (CGI) 2022 Meeting, a platform for CGI members to convene, connect, and coordinate actions that address global challenges. During today’s meeting, ACC committed to launch a regional inclusive Data Analytics Hub, a key component of the organization’s new strategic focus on Technological Transformation and Knowledge Sharing. The hub will provide insights into underserved small businesses across the region, which will help ACC and its members better understand the dynamics affecting these businesses and tailor their outreach, products, and services to be more effective and aligned to the businesses’ needs and circumstances. ACC members are community development financial institutions (CDFIs) and other mission-focused lenders located in and serving small businesses in Appalachian by providing capital, business advisory services, and other types of support.
Appalachian Community Capital Welcomes Four New Members – Institute Capital, PGH Invest, North Alabama Revolving Loan Fund, Renaissance Community Loan Fund
August 2022
We’re Hiring!
Appalachian Community Capital (ACC) is seeking an energetic, entrepreneurial, goal-oriented self-starter to serve as Chief Lending and Impact Officer to support the organization at a time of unprecedented growth. As a member of the executive team, this person should also be able to prioritize multiple demands, lead a high performing team of contractors, and have overall responsibility for ACC’s lending program and impact across Appalachia
Request for Proposals:
ACC – Opportunity Appalachia seeks responses from Technical Assistance providers.
Open Date: June 10, 2022
Proposal Due Date: as noted in RFP
Selection Date: July 15, 2022 or later
Contract Period: July 15, 2022 – February 28, 2023 (or later)
Appalachian Community Capital seeks contractual Technical Assistance (TA) support for 34 Opportunity Appalachia projects that have been selected by the Opportunity Appalachia program. TA to be provided includes architectural and engineering, market research, development of investment prospectus, preparation of pro forma financial projections, structuring of project financing, 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 listing requesting TA for 34 Opportunity Appalachia projects.
Appalachian Community Capital Announces Over $1.9 M in Technical Assistance for 34 Development Projects in Central Appalachia
June 2, 2022
Christiansburg, Va. (June 2, 2022) – Opportunity Appalachia, a program of Appalachian Community Capital (ACC), has awarded 34 projects with the support to prepare for $177 million in financing for downtown and rural redevelopment projects in Central Appalachia. Proposed projects will develop a range of properties poised to create over 1,700 local permanent jobs, supporting over 230 individual businesses. Planned uses include manufacturing facilities; downtown development; community centers; health, wellness, and childcare centers; food and agricultural facilities; hotels; and retail enterprises. The projects are located in Appalachian communities in North Carolina, Ohio, Tennessee, Virginia, and West Virginia. This brings the total number of projects assisted by Opportunity Appalachia to 51 projects seeking over $420 million in financing.
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.
Appalachian Community Capital Selected for First Round of Virginia Small Business Resiliency Fund Grants
January 14. 2022
Appalachian Community Capital Welcomes Four New Members – Foodshed Capital, Total Action For Progress/Business Seed Capital, Neighborhood Community Development Fund and Park Community Credit Union
January 2022
October 2021
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.
September 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.
Program Manager for Opportunity Appalachia
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.
July 2021
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.
June 2021
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.
March 2021
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.
