ARC awards $3.75 million to Appalachian Community Capital
The Appalachian Regional Commission announced last week that it had awarded a $3.75 million grant to Appalachian Community Capital (ACC) for the “ARC-ACC Emergency Business Response Assistance Program.” This is an initiative designed 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.
ACC’s Board Chair is Clint Gwin, President of Pathway Lending headquartered in Nashville.