ImpactAlpha, September 5 – ImpactAlpha yesterday outlined the small-business opportunity in opportunity zones, the low-income census tracts that qualify for hefty capital-gains tax breaks under last year’s tax bill.
Now comes word that Enterprise Community Partners is joining forces with Rivermont Capital and Beekman Advisors to launch an “opportunity fund” focused on local business development and entrepreneurship (ImpactAlpha reported on Beekman’s exploration in July).
The Rivermont Enterprise Emergent Communities Fund (or simply, the Emergent Fund), targeted at $250 million, will invest in “Main Streets” in small towns and rural areas in the Southeast, starting in North Carolina and Virginia. It is looking to begin making investments as early as this year.
Enterprise and its partners have targeted North Carolina and Virginia because of their demonstrated commitment to supporting entrepreneurship, small business and skill development. These efforts align with the Emergent Fund’s intended focus business development as a pathway to economic revitalization.
The fund’s mission is to help preserve communities’ long-term affordability and prevent resident displacement. The partners have have pledged transparency for the fund’s activities.