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.

Stay connected with us on Twitter and LinkedIn. Article ideas and other suggestions should be sent to tballard@pyapc.com. Include the name and contact information (phone and email) for follow-up.