Appalachia Economic Development Initiative (AEDI)
Program Description: AEDI’s goal is to increase access to capital for business lending and development in the chronically underserved and undercapitalized Appalachian region. Applicants that are eligible to participate in this initiative are State community and/or economic development agencies. Specifically the AEDI will provide direct investment and technical assistance to community development lending and investing institutions in areas of the Appalachian Region that suffer from a lack of capacity to support business development. The AEDI will coordinate with ARC’s economic development programs such as the ACC intermediary to identify areas within the Appalachian Region that are most in need of lending and investment capacity. The AEDI will provide funding and assistance through State community and/or economic development agencies to support local rural non-profit organizations that will increase the capital and support available to businesses in underserved communities and enhance the effectiveness of economic development programs for these areas. AEDI will focus on improving Appalachian communities and creating asset building opportunities for Appalachian residents by helping local financial institutions improve their capacity to raise capital from public and private sources, and to lend and invest it in local communities. Strengthening local community development lenders and investors will also widen the channels through which larger private institutions and federal agencies can reach small business owners and service providers who need their support.
Jackie.Williams@hud.gov
