Covid-19 Update: ARC Announces $3.75 Million for Emergency Business Response Assistance Program to be Administered by Appalachian Community Capital

On May 11, 2020, the Appalachian Regional Commission (ARC) announced a $3.75 million grant to Appalachian Community Capital (ACC) for the ARC-ACC Emergency Business Response Assistance Program.  The purpose of this program is to strengthen and stabilize the Appalachian Region's Community Development Financial Institutions (CDFIs) and other mission-driven development finance lenders. These lenders serve small businesses, including many that have been impacted by COVID-19 related losses.

Through this partnership, the ARC-ACC Emergency Business Response Assistance Program will help designated community-based lenders cover operational costs and offset some of the income they are losing by suspending or reducing payments from their borrowers during the COVID-19 crisis. Lenders will be able to use the funds for operational support and for direct technical assistance to Appalachian small businesses and non-profit borrowers.

The ARC anticipates that 400 businesses will be served, $15 million in leveraged private investment will be attracted, and 200 jobs will be retained across the 13-state Appalachian Region. ACC will administer the program, supervise progress, and monitor implementation.

In order to participate, CDFIs or other mission-driven development finance lenders serving the Appalachian Region must either be a member of Appalachian Community Capital or previously funded by the Appalachian Regional Commission. ACC expects to deploy the initial funding later in May.

Other resources for communities and businesses in Appalachia (including West Virginia) are available at the ARC COVID-19 Resource Center.

Please do not hesitate to reach out if Lewis Glasser can assist you in accessing ARC resources in response to COVID-19 or to pursue other opportunities.


Mark A. Sadd  

Member  

Lewis Glasser PLLC   

(O) 304.345.2000 (Ext. 1011) / (D) 304-414-9011

lewisglasser.com / mbowles@lewisglasser.com                        

 

Matthew R. Bowles  

Member  

Lewis Glasser PLLC   

(O) 304.345.2000 (Ext. 1039) / (D) 304.414.9001                       

lewisglasser.com / mbowles@lewisglasser.com

 

James M. Becker  

Associate 

Lewis Glasser PLLC   

(O) 304.345.2000 (Ext. 1014) / (D) 304.414.9014                       

lewisglasser.com / mbowles@lewisglasser.com                        

 

Lewis Glasser PLLC

304-345-2000 / lewisglasser.com/covid-19-resources

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