Heartland Renaissance Fund, an affiliate of ACC Capital, announced it has received an $85 million New Markets Tax Credits (NMTC) allocation from the U.S. Department of the Treasury’s Community Development Financial Institutions (CDFI) Fund, positioning the organization to attract private capital for manufacturing and small-business projects across a seven-state footprint in the central U.S.
The allocation, announced January 8, is expected to support job creation and economic development in communities throughout Arkansas, Louisiana, Missouri, Mississippi, Oklahoma, Tennessee, and Texas, according to the organization. Heartland Renaissance Fund said it plans to deploy the new award primarily into manufacturing projects in those states.
With the latest award, Heartland Renaissance Fund said its cumulative NMTC allocations total $510 million since the program’s founding in 2003. The organization said it has funded more than 50 businesses to date, creating and retaining more than 8,000 jobs.
The organization also pointed to the broader role of NMTC financing in driving investment into underserved areas. The CDFI Fund has said NMTCs can generate $8 of private investment for every $1 awarded, supporting business expansion, job creation, and community services.
ACC Capital, a private nonprofit lending corporation founded in 1957, said it provides flexible financing to entrepreneurs, small businesses, and community development projects, with a focus on low-income, minority, and rural communities. Heartland Renaissance Fund, established in 2003 as an ACC Capital affiliate and certified community development entity, said it has deployed more than $425 million in NMTC and other community development financing, helping catalyze more than $1 billion in total community investment.
KEY QUOTE:
“An $85 million allocation is a game-changer for the communities we serve. We’re talking about funding that will help expand or build manufacturing facilities that bring jobs back to Main Street America. In small towns across the heartland, we see incredible potential that just needs the right capital partner. These NMTC funds allow us to be that partner. This award puts us on track to create jobs over the next seven years while increasing economic activity. It represents families with stable paychecks, communities with renewed hope, and local economies with sustainable growth.”
Sam Walls, Chief Executive Officer, Heartland Renaissance Fund
