Invest Appalachia Announces $19M in New Funding

Invest Appalachia (IA) has announced $19M of new investment in a fund to provide capital to community economic development projects. Focused on increasing investment in Appalachia overall, 90% of the loan funds are from sources outside the region and IA is hoping to secure up to $40M in funding by November 2023. IA hopes to leverage this new investment to build a sustainable, equitable, and resilient economic future for communities across Central Appalachia that have borne the brunt of economic disparities for many generations.

The fund came about through 6 years of consensus-building with over 50 local partners to help identify effective strategies, sectors, and investments to drive inclusive economic prosperity. With a growing base of CDFIs like Woodlands Community Lenders working to meet the needs of Appalachia’s underserved communities, this fund is intended to help close critical gaps in capital and capacity.

Woodland’s Loan Fund Manager Karen Jacobson has helped develop this fund through her service on the IA Board of Directors and is excited for the opportunities it will provide to local businesses and initiatives. The fund seeks to provide access to a flexible financing model that, “puts impact and community interests first, while also providing a large-scale opportunity for national impact investors,” according to Andrew Crosson, CEO of Invest Appalachia.

IA specifically targets the sectors of Creative Placemaking (including downtown revitalization), Community Health (including housing and recreation), Food & Agriculture, and Clean Energy.

Invest Appalachia is committed to a strategy that takes the best of impact investing and makes it work for Appalachia – putting community interest and impact first. IA works throughout West Virginia and in the Appalachian counties of Kentucky, Virginia, Ohio, North Carolina, and Tennessee.

Invest Appalachia is counting on local intermediaries like Woodlands to help local businesses access the funds and to bring additional local investors in to the project.

For more information, visit investappalachia.org or contact Karen Jacobson at Woodlands ([email protected], 304.404.3005) or Andrew Crosson at Invest Appalachia ([email protected])