There’s a new loan fund director in place at Neighborhood Concepts, Inc. (NCI), to help small businesses grow and retain jobs throughout the TARCOG Region.
The Appalachian Regional Commission (ARC) in December awarded more than $12.6 million to 80 projects designed to strengthen local economies across 12 Appalachian states. TARCOG is one of five grantees from Alabama.
More than $11.6 million was awarded through READY Grants to Grow, a funding opportunity that helps Appalachian organizations obtain the skills, knowledge, and resources necessary to strengthen their local economies — now and into the future.
TARCOG received a $252,180 grant to be used over three years to establish new loan fund director and outreach specialist positions to improve consistency and efficiency in the delivery of loans to small businesses through partner Neighborhood Concepts, Inc. (NCI). The nonprofit administers TARCOG’s Revolving Loan Fund through the North Alabama Revolving Loan Fund, LLC.
“I see this as a great opportunity for both of our organizations, as well as the region, to have someone full time and dedicated solely to this work,” said TARCOG Economic Development and Planning Director Lee Terry.
He said project activities are projected to serve or improve 158 businesses, 12 communities, and two organizations; create 120 new businesses; and retain 165 jobs.
Mary Ellen Judah, NCI’s executive director, said she expects the funding to be a game changer for the region, allowing more resources to be devoted to expanding services with the addition of a new loan fund director.
Mary Ellen said the new loan fund director, John-Michael Marlin, has worked as director of lending for the Renaissance Community Loan Fund, Inc., in Tupelo, Miss., since 2019. She’s excited about his extensive experience and success at growing loan funds.
John-Michael said he’s excited to lead the loan fund and work with TARCOG and its regional partners to expand capital access, support local entrepreneurs, and create real economic impact across the communities within the region.
“I believe in what’s possible when people have access to both affordable capital and the knowledge to use it well,” he added.
The ARC is an economic development entity of the federal government and 13 state governments, focusing on 423 counties across the Appalachian Region. ARC’s mission is to innovate, partner, and invest to build community capacity and strengthen economic growth in Appalachia, helping the region achieve socioeconomic parity with the nation.
The goal of the grant awards is to help Appalachian organizations, community foundations, and local governments obtain the skills, knowledge, and resources necessary to address their local economic development needs.
“At ARC, we know that many of our Appalachian communities face barriers to growing their economies,” said ARC Federal Co-Chair Gayle Manchin. “This funding will not only help advance the skills of our Appalachian neighbors but will also provide crucial assistance to help communities maximize their ability to build financial stability.”
Neighborhood Concepts, Inc., (NCI) Loan Fund Director John-Michael Marlin