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Appalachian Community Capital Fund

ARC Announces Successful First-Round Investment Closing of Appalachian Community Capital

June 2015

   
 
More than $15 million in new investment capital committed to meet the demands of 165 growing businesses, creating 800 jobs in rural Appalachia.
When fully funded, ACC expects to leverage $233 million in private bank capital and help create 2,200 jobs.

Photo of ARC Federal Co-Chair Earl Gohl (at right) at June 10, 2015, announcement of the successful first-round investment closing of Appalachian Community Capital (ACC), a central bank for development lenders. Shown with Gohl are Clinton Global Initiative founding chair President Bill Clinton (middle) and (from left) Bank of America Senior Vice President Susan Harper; Calvert Foundation President and CEO Jennifer Pryce; Access to Capital for Entrepreneurs President/CEO and ACC board member Grace Fricks; Ford Foundation Senior Program Investment Officer Christine Looney; and ACC CEO Lori Glass.
At the Clinton Global Initiative's 2015 CGI America meeting in Denver on June 10, ARC Federal Co-Chair Earl Gohl (at far right) announced the successful first-round investment closing of Appalachian Community Capital (ACC), a new central bank for development lenders. He was joined by Clinton Global Initiative f

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INSIGHT-In Kentucky, talk of a 'war on coal' gives way to hope for new economy

By Valerie Volcovici

HARLAN COUNTY, KY, June 4 (Reuters) - When Dan Mosley became head of Kentucky's Harlan County government this year, he promised - like those elected before him - to defend the state's beleaguered coal industry. But Mosley also vowed to do something else for his county: help build a new economy based on something other than coal.

"The best business I've seen in town lately has been the U-Haul business because people are moving out," said Mosley, a boyish-looking father of two, speaking after a community meeting in the century-old coal town of Benham. "The time has come to wipe away our tears," he says. "We have no choice but to diversify."

Talk of an economic transition remains difficult in eastern Kentucky, where you can still spot bumper stickers that read "Mine Every Lump" and statues honor coal miners. These are the people Kentucky Republican Senator Mitch McConnell says are victims of an Obama administration "war on coal" - hammered by onerous

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Appalshop brings ing $75,000

Kentucky Arts Council receives $708,500 from
National Endowment for the Arts

FRANKFORT, Ky. — The Kentucky Arts Council has been awarded $708,500 from the National Endowment for the Arts (NEA) in the federal agency’s latest round of state partnership agreement grants.State partnership agreement funding is awarded annually to state-level arts agencies nationwide. The arts council is the only agency in Kentucky designated to receive state partnership funding from the NEA. This year, the NEA will make 1,023 awards in state partnership grants totaling $74.3 million.Funding awarded in fiscal year 2015 will be applied to the arts council’s 2016 fiscal year budget. For the 2015 fiscal year, the NEA awarded the arts council $710,500, which represents a decrease in funding of less than one percentage point from 2015 to 2016.“NEA funding is integral to our mission of encouraging Kentuckians to participate in the arts in their communities,” said Lori Meadows, arts council executive director. “These grant dollars will help us pledge support to nonprofit arts organizations throughout the state, which provide arts education opportunities for local children and stimulate the economy through their local arts marketing efforts.”In addition to the arts council’s grant funding, the NEA has awarded seven ArtWorks grants for projects in Kentucky.

  • $15,000 to      Pioneer School of Drama at Pioneer Playhouse, Danville
  • $15,000 to      Lexington Children’s Theatre
  • $15,000 to      Clifton Cultural Center, Louisville
  • $15,000 to      Kentucky Center for the Arts, Louisville
  • $15,000 to      the University of Louisville
  • $40,000 to      Appalshop, Whitesburg
  • $35,000 to      Appalshop’s Roadside Theater, Whitesburg

“The NEA is committed to advancing learning, fueling creativity and celebrating the arts in cities and towns across the United States, including in Kentucky,” said NEA Chairman Jane Chu. “Funding these new projects represents a significant investment in local communities and the creative vitality of Kentucky.”The Kentucky Arts Council, the state arts agency, fosters environments for Kentuckians to value, participate in and benefit from the arts. Kentucky Arts Council funding is provided by the Kentucky General Assembly and the National Endowment for the Arts. The arts council, along with the NEA, is celebrating 50 years of service in 2015, which the arts council is recognizing as the Year of the Arts in Kentucky.

Work Ready Counts

Economic development: Why the ‘Work Ready’ tag matters

It has become a nationally recognized measure of local workforce skills for site selectors

By Robin Roenker

When business and industry site selection consultants come to Kentucky seeking potential locations to launch or expand operations, invariably they ask one question first: Is a skilled workforce available?

But the answer previously would be subjective at best – precisely quantifying a labor force’s skill level was difficult, if not impossible, for Kentucky’s economic development agencies, chambers of commerce and industrial foundations.

Local officials open the Joseph U. Meyer Center for Workforce Development on Madison Avenue in Covington on Nov. 7, 2014, one week before Boone, Campbell and Kenton counties were jointly certified as a Kentucky Work Ready Community. Operating previously at a different location as the Kentucky Career Center, in 2013-14 it made 5,300 outreach contacts to businesses, posted 5,766 jobs for employers, provided career training to more than 500 people, and helped 21,133 job-seekers obtain 12,452 jobs with an average wage increase of $16,929.

Local officials open the Joseph U. Meyer Center for Workforce Development on Madison Avenue in Covington on Nov. 7, 2014, one week before Boone, Campbell and Kenton counties were jointly certified as a Kentucky Work Ready Community. Operating previously at a different location as the Kentucky Career Center, in 2013-14 it made 5,300 outreach contacts to businesses, posted 5,766 jobs for employers, provided career training to more than 500 people, and helped 21,133 job-seekers obtain 12,452 jobs with an average wage increase of $16,929.

Not anymore, though.

A program first developed nearly a decade ago by a college entrance exam company to assess fundamental work skills has gained acceptance among site selectors, and the commonwealth was one of the first to incorporate it into its economic development communications strategy.

Kentucky’s Work Ready Communitiesinitiative, launched in 2012, gives city and county officials a tool to inform potential employers about talent levels and preparedness of local workforces in a nationally recognized and quantifiable way.

Work Ready certification “gives us a lot more validity when we’re talking to site selectors and potential employers,” said Roxann Fry, an economic development consultant with theTennessee Valley Authorityand chair of the state Work Ready Communities panel charged with reviewing community proposals for certification.

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