Appalachian Community Capital was created in 2013 to increase small business lending by providing underserved communities with new sources of capital.ACC is a certified community development financial institution and a wholesale development finance intermediary. In 2013, with seed money from ARC and other partners, Appalachian Community Capital (ACC) was founded to increase business lending opportunities and new sources of capital via community loan funds and Regional Community Development Financial Institutions (CDFIs). Appalachian Community Capital (ACC) works to provide entrepreneurs in the Appalachia region of the U.S. with the capital and mentorship they need to launch successful start-ups. At that time, KHIC loaned IPS $151,000, which allowed the company to relocate its business to a larger leased facility located behind the Middlesborough Mall. The Ideal Print Shop first borrowed from KHIC in 2002. To ensure that every entrepreneur receives the personalized, local support they need, ACC provides smaller community loan funds with capital that they distribute to promising community start-ups.Since ACC began lending in 2015, it has provided $223 million in private bank leverage and helped to finance 69 small business loans in Appalachia. Appalachian Community Capital was created in 2013 to increase small business lending by providing underserved communities with new sources of capital. The enterprises receiving these loans have created or retained more than 1,800 jobs across the region.The Ideal Print Shop, Inc. (IPS) is a commercial printing company located in Bell County, Kentucky. In 2013, with seed money from ARC and other partners, Appalachian Community Capital (ACC) was founded to increase business lending opportunities and new sources of capital via community loan funds and Regional Community Development Financial Institutions (CDFIs).
By increasing the number of successful businesses in this historically disadvantaged area, ACC provides high quality jobs and wealth to areas that most need the economic boost. Recently, the Dollar General store in the heart of Elk City’s commercial district closed and the building went on the market, directly across the street from several Bullock-renovated properties. At ACC, we’re working hard to ensure that our members are providing loans and technical assistance to small business owners –including women and persons of color- who are seeking to start or grow their businesses.110 Peppers Ferry Road NW Christiansburg, VA, 24073 (202) 547-5155 . In 2012, KHIC provided a second loan of $300,000 to IPS to refinance its outstanding debt to KHIC.
By growing the net capital base and program capacity of participating loan funds, these CDFIS are making it possible for Appalachian businesses and entrepreneurs to create high quality jobs, retain local wealth, and improve the quality of life in the Region.In 2019, ACC received $1.5 million via ARC’s POWER Initiative to launch Opportunity Appalachia, a specific initiative assisting 16 local communities in developing investment proposals to attract additional capital into federally designated Opportunity Zones. The initial relocation added two new employees to the company.
Through this program, ACC anticipates improving 400 Appalachian businesses and organizations, and 200 companies, attracting $15 million in leveraged private investments, and retaining 200 jobs.“At a time when Appalachia—like the rest of the country– is addressing the challenges of both a health and economic crisis, I’m grateful to ARC for its continued leadership in supporting small businesses and community development finance lenders.” — Donna Gambrell, ACC President and CEO,Appalachian Community Capital: Investing in the Investors,County Economic Status and Distressed Areas in Appalachia,Freight Management and Intermodal Transportation,INSPIRE Initiative: Investing in Recovery-to-Work,Entrepreneurship and Business Development. In early 2017, IPS was interested in upgrading its equipment again and financed this purchase with a $233,333 loan from KHIC. IPS, dubbed, “The Friendliest Print Shop in Town”, offers a variety of printing services, from process color to screen printing to stamp imprinting to embroidery and engraving. For example, the build-out will require a crew of skilled carpenters and masons. In addition, jobs will be created at new retail outlets, including those associated with the opening of a second location of “Books & Brew”, a local restaurant and used bookshop. Since 2009, the Bullocks have renovated and restored more than 10 historic buildings to turn Elk City into a walkable, art-friendly and affordable community. This effort is anticipated to create over 1,800 jobs and bring $365 million in financing to develop manufacturing facilities, downtown development, tech business, agricultural facilities, hotels, broadband deployment, and retail enterprises into coal-impacted communities.In June, 2020, ACC used ARC support to stand up the Emergency Business Response Assistance Program in response to the COVID crisis. ©. KHIC’s enduring relationship with Ideal Print Shop is evidence of KHIC’s commitment to local businesses that offer jobs to residents and quality products to their communities.Tighe Bullock and his father, John, are at the forefront of the renovation of Elk City, a 1900s area of west Charleston, West Virginia. Bell County has a poverty rate of 38%, about twice that of Kentucky holistically, but IPS employs 9 people and plans to hire 2 additional workers. Instead, ACC raises capital and lends the money to its member organizations. Recycled bricks from the building will also be used to create walkways in a new butterfly garden at a small private school in the Elk City neighborhood, reinforcing Natural Capital Investment Fund’s conservation goals.© 2018 CALVERT IMPACT CAPITAL, INC. ALL RIGHTS RESERVED.Appalachian Community Capital Corporation,http://www.appalachiancommunitycapitalcdfi.org/.
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