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The New Market Tax Credit: An Effective Source Of Equity For Black Business Part One: The How, What and Where of the New Market Tax Credit Program Equity capital can transform a business or provide the financial support needed to develop a real estate project. Low-cost equity capital is hard to come by, which is why the New Markets Tax Credit (NMTC) program was created. Since its creation in 2000, the NMTC program has deployed some $61 billion in tax credits to generate equity investments in urban and rural low-income communities. The investments are targeted to manufacturing businesses, new ...

Low-Income Communities. The Kentucky CDE-CDFI Partnership is a statewide collaborative economic development initiative which aims to benefit and revitalize low-income communities across the state. John Shaw-Woo, Founder and CEO of the Noir Black Chamber of Commerce, and Dan Heffernan, President of New Markets Tax Credits at Community Ventures, both expect this initiative to significantly improve Kentucky’s national economy ranking by 2025. “We hope this interaction can shine the light on the needs throughout our Commonwealth,” says Dan Heffernan. “We also hope and believe that through...

State selects Black LA firm to disburse $500 million in COVID relief funds December 30, 2020 by Tanu Henry, California Black Media  The state of California announced that it has selected a Black-led-and-operated financial firm in Los Angeles to act as the intermediary charged with disbursing $500 million in COVID-19 grants to California small businesses and non-profits.  The California Office of The Small Business Advocate (CalOSBA), which operates under the Governor’s Office of Business and Economic Development (GO-Biz), says small businesses and non-profit organizations across Californi...