The Appalachian Regional Commission (ARC) has spearheaded the creation of the Appalachian Community Capital (ACC), a new central bank for community development lenders that will increase the availability of capital to small businesses in the 13-state Appalachian Region. ARC and community loan funds, including The Progress Fund, have committed to establishing a new source of funding for development lenders and helping capitalize it with $42 million over the next 24 months. This new central bank is expected to leverage $233 million of private bank capital and help create 2,200 jobs. Read the full press release.
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