ImpactAlpha, May 6 — The MacArthur Foundation has led a new batch of limited partners to help the Invest Appalachia fund reach a final close. “We have closely followed and admired the design and development of Invest Appalachia, and see it as true leadership in the field of place-based investing,” said MacArthur’s Allison Clark. Other new LPs include Truist Bank, Chordata Capital and the Greater Clarke Foundation.

The community-based impact fund, launched in 2022, has deployed over $6 million in flexible, patient and risk-tolerant loans for local projects and businesses that have potential to build Central Appalachia’s sustainable and economic development (see, “Appalachia emerges as a climate refuge – and its community infrastructure feels the strain”).

“Central Appalachian communities are not just dreaming of a just and resilient future — we’re actively building it,” said Invest Appalachia’s Andrew Crosson (see, “Agent of Impact”). 

Catalytic portfolio

Although its main fund is closed, Invest Appalachia is still raising capital for a Catalytic Capital Pool to build its pipeline of projects, de-risk high-impact deals and increase investment readiness for entrepreneurs and communities in Central Appalachia.

With over $2.7 million committed to the Catalytic Capital Pool, Invest Appalachia allocated a recoverable grant to New Roots Community Farm, a land trust that provides fresh food access to low-income residents in West Virginia. The fund provided a technical assistance grant to the Latina-led Western Women’s Business Center to support entrepreneurs in western North Carolina.