Spotlight on ACC and Our Members! | |
EPA Obligates $27B in Greenhouse Gas Reduction Fund Grants; ACC Formally Announces
Green Bank for Rural America | |
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On August 16, the U.S. EPA announced that it had obligated $27 billion in grants under three competitions to Greenhouse Gas Reduction Fund recipients. Together, the grant recipients receiving funds under EPA’s National Clean Investment Fund (NCIF), the Clean Communities Investment Accelerator (CCIA), and the Solar for All program will create a national financing network for clean energy and climate solutions across the country. Since they were selected in April, recipients have worked with EPA to fulfill federal requirements and revise their workplans in order to receive their grants.
With funds now in hand, CCIA recipients can begin providing funding and technical assistance to community lenders working in low-income and disadvantaged communities. One of these recipients is ACC, which has now formally announced the Green Bank for Rural America, an ambitious initiative aimed at empowering rural communities to thrive in the new energy economy. With a $500 million award from EPA, the Green Bank will leverage private capital to finance an estimated $1.6 billion into 2,000 new energy projects, creating 13,000 good jobs and reducing up to 850,000 tons of harmful pollution annually.
“The Green Bank for Rural America is a place-based effort that will be a hub for investment and technical assistance to community lenders, local leaders, and workforce development partners across the United States,” said Donna Gambrell, ACC President and CEO. “We are grateful to the EPA for this recognition. We want to ensure that no communities are left behind and that low-income and disadvantaged communities in Appalachia and other parts of this country benefit from efforts that will result in healthy communities for generations to come.”
To learn more about the Green Bank for Rural America and sign up for news and updates, visit greenbankforruralamerica.org.
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Energy Communities IWG Hosts
Successful Stakeholder Retreat | |
Jacob Israel Hannah, CEO of Coalfield Development Corp., speaks
at the Energy Communities IWG stakeholder retreat.
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The Energy Communities Interagency Working Group (IWG) hosted the Empowering America’s Energy Communities stakeholder retreat in Washington, D.C., on July 23–24. More than 175 energy community leaders
and government officials convened to share insights and strategies for building resilient infrastructure and fostering economic diversification. With more than
$20 billion in federal investments and $688 billion in private sector investments already driving economic growth and job creation, the retreat emphasized the importance of involving communities in the transition to a clean energy economy. | Hail and Farewell, Best Wishes, and
Welcome to ACC Members | |
ACC welcomes Annie Forrester, who joins ACC and will be supporting Kathryn Coulter Rhodes on our Opportunity Appalachia initiative. Annie is a recent MBA graduate from Duke University's Fuqua School of Business. She's originally from Richlands, VA, and has moved back there after graduating from Duke. Kathryn will be taking childbirth leave in September, so having Annie fill in while Kathryn is away will ensure that Opportunity Appalachia’s work continues without missing a beat. Kathryn, congratulations on your newest blessing! | |
A fond farewell to Grace Fricks, President and CEO of Access to Capital for Entrepreneurs (ACE), who plans to retire on December 31, 2024. Almost 24 years ago, Grace founded ACE, a nonprofit CDFI in Georgia that last year alone lent more than $35 million to Georgia businesses and fueled nearly 2,400 jobs.
As Grace prepares for her next chapter, ACE’s future is firmly in the hands of the next generation of leadership led by Martina Edwards. Grace noted, “As ACE’s Chief of Strategic Partnerships for the past five years, Martina has played an important role in creating and implementing our strategic plan. In the role of
CEO, Martina’s experience will ensure ACE remains stable, solid and financially secure.”
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After nine years as President of Mountain Association, Peter Hille became CEO in June 2024 to support the organization's leadership transition prior to his retirement in April 2025. In June, Robin Gabbard became the new president of the organization. Previously, Robin served as Chief Operating Officer for LKLP Community Action, an agency of more than 300 employees that serves Kentucky’s Leslie, Knott, Letcher, and Perry counties. With more than 30 years of experience in nonprofit leadership, Robin has also been the Associate Executive Director of the Foundation for Appalachian Kentucky and the Director for Teach for America Appalachia. | |
Laurie Vignaud, President and CEO of LiftFund, departed the organization in June. Amy Hereford, who previously served as LiftFund’s general counsel and chief external affairs officer, has been named the new President and CEO. | |
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Amir Kirkwood, former President and CEO of Locus, has accepted the position of CEO of the Justice Climate Fund. Kirkwood will lead the nonprofit as it implements its Clean Communities Investment Accelerator program, part of the EPA Greenhouse Gas Reduction Fund (GGRF) program. JCF is the first-of-its-kind coalition, with 28 diverse members unified to ensure the most affected communities benefit from the GGRF.
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Our deepest gratitude and best wishes to all of
these amazing CDFI leaders!
We would also like to welcome the following new ACC members, which increase ACC’s membership from 35 to 37:
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The Community Reinvestment Fund (MN), led by President and CEO Matthew Roth, will be partnering with ACC to increase small business lending in the region.
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Opportunity Alabama is an economic development organization focused on transforming Alabama’s communities through public and private investment in physical spaces and places. Alex Flachsbart is the Founder & CEO.
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ACC’s Resilient Appalachia Data Initiative | |
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Paul Hoffman and Brandon England
(Pathway Lending) up on the roof
of Filmhouse, a solar loan client.
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Resilient Appalachia Data Initiative’s
Steering Committee Members | | |
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A big thank you to Dogwood Health Trust for seeding a pilot in NC, which identified ways that ACC members and other community lenders could use a data analytics hub being designed to identify potential new small business customers, increase their lending outcomes, and forge deeper relationships with small businesses in rural Appalachian counties and those businesses owned by persons of color.
The pilot has led to an expansion, which is now being funded by Mastercard Strive USA. The Resilient Appalachia Data Initiative, which spans 13 states within the Appalachian region, aims to leverage Appalachia's unique potential for renewable energy, sustainable agriculture, and innovative carbon initiatives to foster a more inclusive, resilient, and sustainable economic landscape. Over the next 18 months, the project plans to support new tools and processes for up to 10 CDFI partners to identify and acquire more than 500 sustainable business and/or project leads for underwriting, and to deploy over $15 million in finance to at least 150 of these businesses.
The first steering committee meeting for this initiative was held in Nashville, TN on August 13 and was hosted by ACC member Pathway Lending. The day was filled with collaborative discussions, a site visit to a Pathway Lending Solar Loan client, and plenty of great food shared with friends and colleagues at the end of a full day.
Our thanks to Clint Gwin, Brandon England, Paul Hoffmann and the entire Pathway Lending team for being hosts with the most!
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Funding & Technical
Assistance Opportunities
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USDA Small Business Innovation Research and Small Business Technology Transfer Programs Phase I
These programs focus on transforming scientific discovery into products and services with commercial potential and/or societal benefit. Unlike fundamental research, the USDA SBIR/STTR programs support small businesses in the creation of innovative, disruptive technologies and enable the application of research advancements from conception into the market. The STTR program aims to foster technology transfer through formal cooperative R&D between small businesses and nonprofit research institutions. Projects dealing with agriculturally-related manufacturing and alternative and renewable energy technologies are encouraged across all SBIR/STTR topic areas. Application deadline: September 17. APPLY HERE.
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This program will make approximately $2 billion in Inflation Reduction Act funding available to support community-driven projects that deploy clean energy, strengthen climate resilience, and build capacity for communities to tackle environmental and climate justice challenges. It will also dedicate $200 million to provide technical assistance to applicants and grant recipients. Grants will fund activities that support climate resilience and adaptation; community-led pollution monitoring, prevention, and remediation; investments in low- and zero-emission and resilient technologies and related infrastructure; workforce development that supports the reduction of greenhouse gas emissions; and more. Application deadline: The Notice of Funding Opportunity will be open until November 21, 2024, and EPA will review applications on a rolling basis. APPLY HERE.
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Rural LISC Seminar '24
December 3-4, 2024
Little Rock, AR
Register HERE
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The African American Equity Impact Scorecard, a program of the African American Alliance of CDFI CEOs, measures and scores the performance of a financial institution’s activities that support the achievement of community development and wealth creation of Black communities. READ more.
Energy Communities AmeriCorps is a new initiative supported by an $8 million investment from federal agencies and philanthropic sources to support economic growth and job creation in nine energy communities. This project will engage 150 full-time AmeriCorps VISTA members over the next three years providing on-the-ground assistance to enhance economic development, workforce readiness, and environmental remediation in energy communities. READ more.
OFN Announced Our Final $2.29 Billion Greenhouse Gas Reduction Fund Award. What’s Next? Opportunity Finance Network, August 23, 2024. READ more.
Boomers are selling businesses to millennials in a generational handover. The Guardian, August 18, 2024. READ more.
Wells Fargo Empowers CDFIs To Expand Their Small Business Impact. Forbes, August 14, 2024. READ more.
Small businesses are just as grumpy about the economy as consumers. Marketplace, August 13, 2024. READ more.
Senate Appropriations Committee Recommends Increased Budget for CDFI Fund. Opportunity Finance Network, August 9. READ more.
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APPALACHIAN COMMUNITY CAPITAL
110 PEPPERS FERRY RD NW
CHRISTIANSBURG, VA 24073
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