In March 2015, HUD awarded $550,000 in AEDI funding.
The Kentucky Department for Local Government is awarded $200,000. The Department will penetrate more deeply into the Eastern Region of Kentucky Highlands Investment Corporation's service areas with its business development services and capital pools. This project continues the successful partnership with the Kentucky Highlands Corporation and the Commonwealth's Community Development Financial Institution. The project activities include: making loans to businesses owned by or servicing low-income residents in distressed Appalachia; securing additional capital resources for lending; and establishing assistance to small business owners along with lending or investing activities. The Department proposes to create 35 jobs, provide technical assistance to 90 micro-businesses and 435 existing businesses, and provide 86 loans. Proposed leverage for this project is $200,000.
The Maryland Department of Housing and Community Development (DHCD) is awarded $350,000 to support the expansion of lending and technical assistance services in Appalachian Maryland. The AEDI will forge a partnership between Tri-County Council for Western Maryland (TCCWMD) and the Natural Capital Investment Fund (NCIF) to enhance work with small businesses and agricultural enterprises in underserved communities. Outcomes include: increasing public and private investments in Appalachian Maryland's small business community so community lenders are adequately capitalized; more skilled entrepreneurs; providing for deeper market penetration by existing lenders; and increased quality of employment and tax revenue from more numerous and more profitable small businesses. TCCWMD will deploy $1 million in capital to at least two businesses within the target market and create or retain 73 jobs. Proposed leverage for this project is $2 million.