A lending program for small businesses in Appalachia is making millions in loans available throughout the region.
The Appalachian Regional Commission announced Wednesday that the Appalachian Community Capital lending program has put together its first $15 million from Wall Street banks and charitable foundations.
The program will make the loans through community lenders in Kentucky, South Carolina, North Carolina, Tennessee, Virginia, Mississippi, Georgia, New York andWest Virginia.
Commission co-chairman Earl Gohl said the program aims to bolster community lenders by helping them tap into capital from Wall Street banks. The program hopes to more than double how much it can lend to small businesses in the next two years.
It can be difficult for small businesses in the Appalachian region to get loans, particularly in small towns.