New ACC Story Series Launch!

CDFIs are innovating every day, finding new ways to support small businesses and entrepreneurs. ACC’s new series tells the stories of cutting-edge programs, partnerships, financial products, technical assistance services, and other initiatives that CDFIs are leading to strengthen the small business and entrepreneurial ecosystem. The first two stories profile how People Incorporated is supporting women entrepreneurs and SERCAP is using creative financing to serve start-up clients. Thanks to the Virginia Department of Housing and Community Development for their support of this series!

Message from Donna

• As ACC continues to grow so, too, does our membership, which now totals 41 mission-focused community lenders. 2024 and 2025 in particular were banner years for membership requests. The new members are a mix of regional and national CDFIs, each of them committed to supporting small businesses in Appalachia. We’re thrilled to be partnering with these organizations!

• Community Reinvestment Fund (MN)
• Community Works West Virginia (WV)
• Economic & Community Development Institute 
• IFF (IL)
• Opportunity Alabama (AL)
• The Center for Rural Health Development, Inc. (WV)
• The Progress Fund (PA)

Richmond Fed’s Investing in Rural America Conference Elevates What Works

On May 20-21, 300 community leaders gathered in Roanoke for the Federal Reserve Bank of Richmond’s annual Investing in Rural America Conference. From how AI is affecting the rural workforce to housing development to disaster recovery and renewal to sustaining impact in rural places over the long term, the conference tackled the big issues impacting small towns. Donna Gambrell provided the keynote address, focusing on the importance of investment in rural communities and calling the attendees to “be bold, be brave, and work outside the boundaries.” Read more in these summaries by the Richmond Fed and Green Bank for Rural America CEO Daniel Wallace. 

ACC Supports the Recovery of Helene-Impacted Businesses

Through the Western North Carolina Small Business Initiative, ACC has proudly led the distribution of over $55 million in grant funding to small businesses impacted by Hurricane Helene, supporting recovery, staff retention, and operational restoration across 30 counties and the Qualla Boundary. Powered by rapid support from Dogwood Health Trust, the State of North Carolina, The Duke Endowment, and our network of high-performing member CDFIs, this initiative shows what’s possible when partners come together for inclusive, community-driven recovery. Read about the first pool of funding that was deployed in WNC Business.

Institute Capital Open House – You’re Invited!

Institute Capital (ICAP) is delighted to invite you to the open house and ribbon cutting ceremony for its newest location in Asheville on June 5. This expansion has been a long time coming and ICAP looks forward to seeing you there and working with you in the future as the Asheville region rebuilds from Hurricane Helene. Register for the Open House here!

Western North Carolina Strong

On May 13, Mountain BizWorks convened over 100 WNC Strong supporters, partners, and small business owners to celebrate the progress made in Western North Carolina’s small business recovery following Hurricane Helene. Thanks to incredible collaboration and generosity, the WNC Strong partnership has provided over $48 million in recovery loans and grants, directly supporting 10,207 jobs and helping 1,048 local small businesses thrive. The evening highlighted inspiring stories of resilience and acknowledged the deep power of community coming together to rebuild and persevere.

“Economic First Responders”

This recent article in The Appalachian Voice highlights the work of ACC members Mountain Bizworks, Locus, Pathway Lending, Partner Community Capital, and other CDFIs, “the unsung heroes of Appalachian financial services.” The story describes the history of the CDFI movement, CDFIs’ roles in the Appalachian region, and some of the challenges they currently face.

USDA’s Intermediary Relending Program provides 1-percent-interest loans to local intermediaries who then relend to businesses to help improve economic conditions and create jobs in rural communities. Application deadline: June 30. APPLY here.

USDA’s Rural Microentrepreneur Assistance Program provides loans and grants to Microenterprise Development Organizations to help microenterprises start up and grow through Rural Microloan Revolving Funds. Application deadline: June 30. APPLY here.

If You Fund It, They Will Come, a new study from ReImagine Appalachia and the Keystone Research Center, finds that federal investments through the Inflation Reduction Act and Infrastructure Investment and Jobs Act have triggered a clean energy surge across Kentucky, Ohio, Pennsylvania, and West Virginia and generated over $23 billion in public and private investments between 2022 and 2024. These dollars are building battery factories, transforming steelmaking, and laying the groundwork for a new clean energy economy in historically hard-hit Appalachian communities. READ more.

The Housing Assistance Council has launched Rural Data Central, a new data platform that helps communities access the data they need to plan, fund, and advocate for local solutions. Rural Data Central brings together more than 275 million data points covering a wide array of demographic, social, economic, housing and mortgage issues and trends. READ more.

Verizon Small Business Digital Ready offers Spanish-language workshops on key topics like accounting, digital marketing, and networking. READ more.

The Rockefeller Foundation: How Community Development Financial Institutions Are Creating Jobs Across the Country (May 1) READ more.

Forbes: CDFIs are Building a Stronger Economy Through Small Businesses (May 16) READ more.