The Innovate Fund Secures $50 Million in New Market Tax Credits Allocation

GREENVILLE, S.C. — The Innovate Fund has secured a $50 million allocation from the federal Community Development Financial Institutions (CDFI) Fund, the Greenville, S.C.-based community development entity announced today. This is The Innovate Fund’s seventh allocation from the CDFI Fund, a program administered by the Treasury Department.

The Innovate Fund (TIF) anticipates funding at least five projects with this most recent award. The organization prioritizes projects that create quality living-wage jobs and those that provide critical health and education services to the most vulnerable low-income populations across its service area of Georgia, North Carolina, South Carolina and Tennessee.

“The CDFI Fund provides critical resources that enable The Innovate Fund to support transformative community development projects,” said Emma Wyatt, TIF Program Manager. “Our team is looking forward to partnering with people and organizations to use these funds to leverage significant additional investments in their communities.”

TIF was established in 2004 to bring vital gap funding to projects in disadvantaged, low-income communities that suffer from low wages, high poverty and poor health outcomes. TIF has directly deployed $327 million of New Market Tax Credits investments in 28 transactions that have leveraged an additional $480.1 million of indirect capital.

TIF has created 6,460 direct jobs and expanded health and wellness services to nearly 230,000 people. By targeting geographic areas of higher distress, like Appalachian communities and Opportunity Zones, TIF improves the lives of the region’s most disadvantaged populations. TIF’s investments address critical health disparities and create accessible living-wage jobs that move families out of poverty.

Since its inception, TIF has secured $377 million in New Markets Tax Credit allocations.

About The Innovate Fund
The Innovate Fund is a designated Community Development Entity under the provisions of the Community Development Financial Institutions Fund, which since its inception, has been awarded $377 million in allocation of New Markets Tax Credits. The Innovate Fund’s mission is to service and provide investment capital for operating businesses and real estate development projects in low-income communities across Tennessee, Georgia, North Carolina, and South Carolina. The Innovate Fund’s partners are the Greenville Local Development Corporation and Strategic Financing Services by Cherry Bekaert.

About Greenville Local Development Corporation (GLDC)
Founded in 1979, Greenville Local Development Corporation (GLDC), a 501(c)(3) non-profit, was established by a group of committed community and business leaders in Greenville, SC to address obstacles faced by businesses and community-based organizations in obtaining conventional financing. Since inception, GLDC has been working to provide financial assistance, real estate development coordination, and strategic guidance for economic development projects and business expansions.

About Strategic Financing Services by Cherry Bekaert
Formerly Tax Advantage Group, Strategic Financing Services by Cherry Bekaert is one of the country's most successful consulting firms specializing in New Markets Tax Credits, helping nonprofit and for-profit organizations access capital and transform communities. Since inception, SFS has played an instrumental role in securing more than $1.7 billion in funding for community projects across the United States. In addition, SFS provides compliance and asset management services on $835 million of NMTC assets.

SCBIZtv is part of the SC Biz News family, serving 100,000 high-level business execs throughout South Carolina. Click for more from SCBIZtv.