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Article Archives: Arkansas
Funding for Small Businesses in Arkansas
Founded in 1957, the ACC has helped launch new economic development opportunities for businesses across the state. Since its inception, the family of companies has provided more than $385 million in capital to small businesses in Arkansas. As an SBA and USDA Preferred Lender, ACC partners with numerous sources to mitigate the risks associated with providing capital to businesses. In 2002, ACC established the Heartland Renaissance Fund, a designated Community Development Entity (CDE) that is active in the New Markets Tax Credit industry and has received three allocation awards (totaling $140 million) from the U.S. Department of the Treasury. Qualified investments into designated CDEs such as the Heartland Renaissance Fund provide investors with federal tax credit opportunities and provide capital to further spur economic development within federally designated low-income areas.
6BCC, established in 1989, is a statewide provider of Small Business Administration 504 loans. Through the use of long-term financing, 6BCC encourages economic development by giving small businesses the opportunity to acquire major fixed assets for expansion or modernization. The program’s low down-payment requirements contribute to more operating cash available for operations of the small business.
In 1998, ACCG Lending created the ACRC as another financing tool to promote economic development and strengthen communities. In 2010, the ACRC was designated as a Community Development Financial Institution, allowing it to pursue federal grants or other low-cost sources of capital, which are then deployed in underserved markets across the state.
For more information on investment and lending opportunities, and on how your bank can partner with ACCG Lending, contact C. Sam Walls, chief executive officer, at (800) 216-7237, or visit the ACCG Lending Web site.
Enterprise Corporation of the Delta/HOPE Community Credit Union Offers Opportunity to Help Rebuild
ECD/HOPE can bring proven affordable housing, small business lending, and community development expertise to the victims of the hurricanes, as well as, participating financial institutions. ECD/HOPE is headquartered in Jackson, Mississippi, with offices throughout Arkansas, Louisiana, and Mississippi. ECD/HOPE is a nonprofit certified community development financial institution working to strengthen communities, build assets, and improve lives in economically distressed areas of the mid-South. It does this by providing financial and technical assistance to firms, entrepreneurs, homeowners and community development projects, and by forging strategic partnerships across the public, private sectors, and banks. Since its founding in 1994, ECD/HOPE has generated more than $200 million in financing and assisted more than 13,000 people in economically-distressed communities in the region.
For more information on investment and lending opportunities and how your bank can partner with ECD/HOPE, contact Bill Bynum, chief executive officer, at (601) 944-1100.
Southern Bancorp Invests in the Community
For more information, contact Ben Steinberg at (870) 816-1148 or visit www.southernbancorpinc.com.