APPALACHIAN COMMUNITY CAPITAL CORPORATION

2023 WAS A BIG YEAR FOR APPALACHIAN COMMUNITY CAPITAL. FOUNDED IN 2013, THE CDFI CELEBRATED TEN YEARS OF BRINGING NEW SOURCES OF CAPITAL TO ITS MEMBERS TO FINANCE SMALL BUSINESSES IN APPALACHIA. MEMBERSHIP GREW TO 35 CDFIS AND OTHER MISSION-ALIGNED LENDERS. ALSO, THE ORGANIZATION LAUNCHED A PILOT PROJECT TO STRENGTHEN THE DATA ANALYTICS THAT ARE AVAILABLE TO CDFIS SEEKING TO SUPPORT BIPOC AND RURAL ENTREPRENEURS. IN ADDITION, ACC DEPLOYED $1 MILLION THROUGH A VETERAN LOAN FUND, AND IT JOINED FORCES WITH A NATIONAL NON PROFIT TO BEGIN RAISING FUNDS TO HELP BRIDGE THE DIGITAL DIVIDE THROUGHOUT APPALACHIA.ACC AND ITS MEMBERS CONTINUE TO SUPPORT THE CREDIT NEEDS OF SMALL BUSINESSES IN APPALACHIA. FROM 2015, WHEN ACC FIRST BEGAN LENDING, THROUGH DECEMBER 31, 2023, MEMBERS REPORTED THAT THEY HAD USED ACC CAPITAL TO MAKE 211 SMALL BUSINESS LOANS RANGING FROM $10,000 TO $3 MILLION, 124 (OR 59%) OF WHICH WERE TO MINORITY- OR WOMEN-OWNED BUSINESSES. MEMBERS REPORTED THAT THE SMALL BUSINESSES THEY FINANCED HAVE HELPED TO CREATE OR RETAIN 3,257 JOBS.SINCE 2019, AN ACC-LED INITIATIVE--OPPORTUNITY APPALACHIA-- HAS HELPED LOCAL PARTNERS ACROSS THE REGION OBTAIN ADVISORY SERVICES AND DEVELOP SOPHISTICATED INVESTMENT PROSPECTUS GEARED TOWARD PROSPECTIVE INVESTORS. UNDER PHASE 1 (2019-21) AND PHASE 2 (2021-23) 58 PROJECTS HAVE RECEIVED/ARE RECEIVING TECHNICAL ASSISTANCE IN THE STRUCTURING OF PROJECT FINANCING, MARKET RESEARCH, OPERATIONS PLANNING, INVESTOR OUTREACH AND OTHER SUPPORT. SEVERAL PROJECTS HAVE ALREADY RECEIVED FINANCING. IN SEPTEMBER 2023, ACC RECEIVED A $1.5 MILLION GRANT FROM THE APPALACHIAN REGIONAL COMMISSION TO LAUNCH THE THIRD PHASE OF THIS SUCCESSFUL PROGRAM; THE GRANT WAS MATCHED BY GOVERNMENT, BANK AND PRIVATE FOUNDATION PARTNERS. UNDER PHASE 3 (2023-2025), ADDITIONAL PROJECTS WILL BE CHOSEN THAT AIM TO INCREASE JOB GROWTH, BUSINESS SUPPORT, AND INVESTMENT IN CENTRAL APPALACHIA.TOWARD THE END OF 2023, ACC COLLABORATED WITH REGIONAL AND NATIONAL ORGANIZATIONS TO APPLY FOR THE CLEAN COMMUNITIES INVESTMENT ACCELERATOR, PART OF THE U.S. ENVIRONMENTAL PROTECTION AGENCY'S HISTORIC $27 BILLION GREENHOUSE GAS REDUCTION FUND. THIS ACTION MARKED THE EXPANSION OF ACC'S MISSION TO INCREASE ACCESS TO CAPITAL FOR THE RAPID DEPLOYMENT OF LOW- AND ZERO- EMISSION PRODUCTS, TECHNOLOGIES, AND SERVICES AND TO CREATE MEANINGFUL ECONOMIC OPPORTUNITY IN ENERGY COMMUNITIES.