JUNE 2023 NEWSLETTER
Spotlight on ACC and Our Members!
Another Successful Opportunity Appalachia
Investor Convening in the Books!
 
Over 180 participants joined ACC’s Opportunity Appalachia Investor Convening, held virtually on May 31 and June 1. Over 40 investors heard presentations from 25 of our portfolio projects seeking financing for high-impact transactions in underserved Appalachian communities.
 
We are also pleased to have shared wonderful presentations from keynote speakers including President Tom Barkin, Federal Reserve Bank of Richmond; U.S. Senator Joe Manchin (D-WV); Ellen Fitzsimmons, Chief Legal Officer, Truist Financial Corporation; Gayle Manchin, Federal Co-Chair, Appalachian Regional Commission; and Karama Neal, Administrator, USDA Rural Development, along with investor and public funder panels, and sessions focused on ensuring community impact.
 
Conference presentation slides and session videos are available on the Opportunity Appalachia website. Detailed information on each project is available on the Opportunity Appalachia Bludot sortable database, including short project videos.
 
We look forward to continuing to work with our portfolio of 33 projects seeking $252 million to create new opportunities in their communities. Let ACC know if we can assist with introductions to any of these projects or answer questions regarding projects that may be of interest!
ACC Holds Annual Board Meeting

Asheville, NC was the site of ACC’s annual board meeting on May 25-26. Not only did we accomplish a lot of business, but board members also had the opportunity to hear Mountain BizWorks’ Matt Raker (Executive Director) and Jeremiah Robinson (Entrepreneur in Residence) discuss their organization’s Multicultural Catalyst Program. Launched in 2020, the program redesigns equitable access to capital in an effort to disrupt traditional lending practices that often prevent entrepreneurs of color from starting businesses. Board members also visited several businesses that have been financed by ACC and members Partner Community Capital and Mountain Bizworks, including Soundspace and Annie’s Bakery. 
Marten Jenkins and Erika McGilley (Partner Community Capital) and Matt Raker (Mountain Bizworks) flank Claude Coleman, co-owner of Soundspace, a music rehearsal and art studio facility inside of a 1947 Black-owned
tourist court and soul food café.
Annie's Bakery
Joe Ritota (left), co-owner
of Annie’s Bakery, and a
manager explain how they
craft artisan bread the
old-world way.
Funding & Technical
Assistance Opportunities
The U.S. Economic Development Administration and the International Economic Development Council (IEDC), in partnership with six other leading national organizations, recently launched the inaugural Economic Recovery Corps program. The program is a multi-year, $30 million collaborative initiative designed to accelerate recovery from the COVID-19 pandemic in distressed communities and regions throughout the U.S. by connecting organizations with the talent and capacity needed to advance new ways of doing economic development that promote economic resilience and transformative change. IEDC and its partners will place up to 65 Economic Recovery Corps Fellows in economic development and related organizations in under resourced communities throughout the nation. Submit an expression of interest to
This program will identify a cohort of 8-10 organizations across the country that are building readiness to apply for federal funds within approximately one year. This opportunity is designed for organizations with little to no experience applying for federal funds. Each will receive 1) one-year grants of $150,000 and 2) customized technical assistance that will together help build readiness to apply for federal funding within approximately one year. Deadline for interest inquiries: June 30. APPLY HERE
This $50 million program builds regional economies by supporting scalable startup ecosystems through entrepreneurial support organizations, and helps communities and regions grow technology-driven businesses; create high-skill, high-wage jobs; and build the industries of the future. The program is comprised of two competitions—the Venture Challenge and the Capital Challenge. The Venture Challenge supports programs that enable high-growth technology entrepreneurship and foster inclusive access to proven entrepreneurship support models. The Capital Challenge increases access to capital in communities where risk capital is in short supply by providing operational support for early-stage investment funds, networks, and training programs that focus on both traditional and hybrid equity-based financing. Application deadline: July 28. APPLY HERE
News Articles & Reports
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