ImpactAlpha, Dec. 8 – Ford Foundation has invested $10 million in Appalachian Community Capital to expand business lending in the region.
The infusion of capital from Ford is expected to support the financing of 400 small businesses and 1,000 new jobs in the 13-state Appalachian region, while attracting additional private capital.
It’s the foundation’s second program-related investment in Appalachian Community Capital, a “central bank” for community development lenders.
Since 2015, the nonprofit has deployed $26 million in debt and $5.5 million in grants to finance 110 small businesses and support 2,000 jobs.
Unequal access to financial resources “is a plague in our country whether it affects rural Appalachia or urban areas,” said Ford’s Roy Swan. ACC “is upending this trajectory in rural America.”
