MACED Receives $2 Million from the American Reinvestment and Recovery Act to Lend to Small Businesses and Nonprofits
BEREA, KY. — The Mountain Association for Community Economic Development (MACED) received $2 million from the U.S. Treasury Department’s Community Development Financial Institution (CDFI) Program. The funds are part of the American Reinvestment and Recovery Act.
“Given the current and historic economic distress in Central Appalachia, we will use these stimulus funds to support businesses that create jobs and economic opportunities, particularly in industries related to green jobs,” said Justin Maxson, MACED president.
MACED is a multi-strategy sustainable economic development organization that offers affordable loans, training, and technical assistance services to new and expanding businesses and nonprofits in 59 counties of Appalachian Kentucky, Virginia and West Virginia.
“We’ve seen over and over again that businesses and nonprofits struggle to obtain financing during troubling economic times. These same enterprises often represent significant employment opportunities in their local communities. By supporting these businesses and nonprofits, we are supporting local community development, which is what drives our work. When businesses and nonprofits can obtain financing and assistance as needed, communities have an opportunity to continue to grow and develop,” said Bill Schutters, MACED enterprise development director.
Nationwide, 59 organizations that serve economically distressed communities were awarded $90 million in CDFI funds. For more information on the CDFI Program, visit www.cdfifund.gov.