Spotlight on ACC and Our Members! |
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OFN Invests $8.5 Million in
Climate Financing to Six CDFIs
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Largest Philanthropic Donation Ever From
Cooperative Assistance Fund
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Pictured (L-R): Martina Edwards (ACE Chief of Strategic Partnerships), Robb Bunnen (CAF Former Board Chair),
Grace Fricks (ACE President & CEO), Bill Zawrotny (ACE Board Chair)
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At its Annual Awards Reception on September 28, 2023, in Atlanta, Access to Capital for Entrepreneurs (ACE) acknowledged the largest donation the organization has ever received – an unprecedented $6.3 million – from the Cooperative Assistance Fund (CAF). The sizable grant marks a significant milestone in ACE's history, as the funds represent the transfer of CAF's assets to ACE as CAF is winding down and seeking an organization to carry forward its mission of supporting small business. This generous contribution of unrestricted funding will allow ACE to embark on a bold journey of expansion through an ambitious strategic plan focused on deploying $300 million in affordable, equitable, and inclusive capital to entrepreneurs in need over the next 5 years.
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ACC Participates in Native CDFI Network Policy
and Capacity-Building Summit
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Donna Gambrell and Harold Pettigrew, Opportunity Finance Network President
& CEO, engage in a lively fireside chat with Pete Upton, Native CDFI Network CEO.
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The Native CDFI Network (NCN) held its 4th Annual Policy and Capacity-Building Summit on December 3-5, 2023, in Washington, DC. The three-day event brought together Native CDFI practitioners, funders, policymakers, and other industry partners to bridge ideas and resources that will advance Native CDFI efforts to build economic resilience and sustainability in the areas of housing development, home ownership, and green energy solutions. ACC President and CEO Donna Gambrell participated in a panel focused on collaborating to support Native CDFIs and Native communities, along with Harold Pettigrew, President and CEO of OFN; and Pete Upton, a member of the Ponca Tribe of Nebraska, CEO/Board Chair of NCN, and Executive Director of the Native360 Loan Fund. |
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Mark Your Calendars: Opportunity Appalachia 2024 Program Launch Webinar on January 18!
ACC is announcing its expanded 2024 Opportunity Appalachia program, which has received ARC POWER funding since 2019 to help attract over $530 million to high-impact projects in the Central Appalachian states of North Carolina, Ohio, Tennessee, Virginia, West Virginia, and now Kentucky. The expanded program provides technical assistance to real estate projects that support downtown development, healthcare, education, recreation and tourism, food systems, clean energy, manufacturing, and affordable housing. Please join the Opportunity Appalachia 2024 Program Launch webinar on January 18 at 1:00 pm Eastern to learn more. ARC's Federal Co-Chair Gayle Manchin will serve as a keynote speaker, alongside Tom Barkin, President of the Richmond Federal Reserve Bank; Donna Gambrell, President and CEO of Appalachian Community Capital; and other experts. REGISTER HERE.
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In Memoriam—Nancy Cogswell,
Director of Operations, Sabre Finance
We were saddened to learn of the passing of Nancy Cogswell on December 6, 2023. For 32 years, Nancy gained administrative and project management experience in a variety of industries in and around Birmingham, Alabama. Nancy’s experience brought real insight into operation management and processes across a wide range of businesses at Sabre Finance. It was a true pleasure working with Nancy. She was organized, committed to the mission, and an unfailing supporter of small businesses in the Appalachian counties of Alabama. We extend our deep condolences to Nancy’s family and friends and to her Sabre Finance family.
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A Message from Donna Gambrell: EPA Greenhouse
Gas Reduction Fund Application Submitted, and
the Close of Another Busy Year!
On October 12, 2023, ACC submitted a proposal to EPA for its Greenhouse Gas Reduction Fund (GGRF), a $27 billion effort funded by the Inflation Reduction Act to reduce carbon emissions and create economic opportunity in low-wealth communities. Our proposal is one of less than a dozen submissions for the $6 billion EPA GGRF Clean Communities Accelerator program, and it targets underserved rural communities, focusing our investments in Appalachia, coal and energy communities nationally, and other underserved rural areas. An announcement is expected in the spring.
It indeed took a village to complete the EPA application. ACC could not have crossed the finish line without the many contributions of its exemplary partners, including four contractors who have been working on ACC special projects for a few years: Ray Daffner, Pam Porter, Andrew Porter, and Jesse Fripp. ACC even enlisted the support of a very young up-and-coming contractor!
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As we close out the year, I’d like to extend a huge thank you to ACC members and our other local, regional, and national partners; our funders and investors; Locus, which provides ACC’s back-office support; and ACC staff and contractors who keep the trains running on time daily. I’d like to give a special shout out to Megan McConville, who’s been the ACC Newsletter editor for the past (almost) two years. It’s been a busy and exciting 2023. We look forward to resting and relaxing over the holidays so we can return on January 2, 2024, rejuvenated and ready for another busy year!
HAPPY HOLIDAYS!
Donna Gambrell, President and CEO
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Funding & Technical
Assistance Opportunities
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CDFI Fund Releases Final Revised CDFI Certification Application
The U.S. Department of the Treasury’s CDFI Fund has released a revised CDFI Certification Application. This application, as well as the Annual Certification and Data Collection Report and Transaction Level Report, were approved by the Office of Management and Budget and encompass modifications made in response to public comments received last year. As a result, the application has been considerably revised. An overview of the principal changes to each section is available in the Related Materials section of this webpage.
The CDFI Fund is instituting a phased approach for organizations seeking to become newly Certified or renew their CDFI Certification. Only non-certified organizations will be able to immediately apply for CDFI Certification when the CDFI Certification Application AMIS submission portal reopens on December 20, 2023. All currently Certified CDFIs will be required to reapply for Certification using the revised version of the Certification Application by December 20, 2024. For full details, CLICK HERE.
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The purpose of this program is to promote economic development and job creation projects. Applications will compete in two separate categories, business enterprise grants and business opportunity grants. Business enterprise grants must be used to finance or develop businesses in rural areas, for projects such as business training and technical assistance, land acquisition and development, the capitalization of revolving loan funds, feasibility studies and business plans, leadership and entrepreneur training, and rural business incubators. Business opportunity grants, which are limited to up to 10 percent of the total RBDG annual funding, can be used for community economic development, leadership and entrepreneur training, rural business incubators, long-term business strategic planning, and more. Application deadline: February 28, 2024. 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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APPALACHIAN COMMUNITY CAPITAL
110 PEPPERS FERRY RD NW
CHRISTIANSBURG, VA 24073
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