The U.S. Department of Treasury’s (USDOT) Community Development Financial Institutions (CDFI) Equitable Recovery Program (ERP) has awarded Arkansas Capital Corporation $3.7 million to expand its lending and investment activities, specifically targeting communities throughout the state suffering disproportionate economic losses resulting from the COVID-19 Pandemic.
Arkansas Capital was one of just over 600 CDFIs nationwide to receive ERP funding. According to CEO Sam Walls, the company will use the funds to target persistent poverty counties, defined by the federal government as counties where 20 percent or more residents have lived in poverty over the past 30 years.
The USDOT CDFI Fund officially designated Arkansas Capital as a CDFI in 2015. “We are proud of our track record and strong reputation for providing critical investments to the people and places that need it the most,” said Arkansas Capital CEO Sam Walls. “These funds will help us further stimulate economic growth and empower entrepreneurs to create equal opportunity for everyone in these communities to thrive.”
For more about the CDFI ERP Awards, visit: https://www.cdfifund.gov/news/517
About Arkansas Capital:
Arkansas Capital is a private, nonprofit lending corporation dedicated to empowering entrepreneurs in Arkansas and in surrounding states, has provided flexible capital solutions to meet the unique needs of entrepreneurs, small businesses, and economic and community development projects, with emphasis on serving low-income and rural communities. Working with commercial banks, government agencies, and others at the local, state, regional, and national levels since 1957, Arkansas Capital has deployed nearly $2.4 billion in capital financing.