Jackson — Enterprise Corporation of the Delta (ECD) has been awarded $20 million in New Markets Tax Credit (NMTC) authority from the U.S. Treasury Department’s Community Development Financial Institutions Fund.
ECD is one of 32 Community Development Entities nationwide to receive an award with resources made possible through the American Recovery and Reinvestment Act. The NMTC Program injects private-sector capital investment into communities to create jobs, stimulate economic growth and jumpstart the lending necessary for financial stability.
ECD previously received NMTC awards in 2003 and 2006. To date, the company has used this program to make 208 businesses loans in Arkansas, Louisiana, Mississippi and Tennessee. The new allocation will enable ECD to build on this track record and make additional financing available in economically distressed communities across the mid-South.
“It is vital that small businesses and entrepreneurs have access to the financing needed to sustain and stabilize their companies during this economic crisis,” said Bill Bynum, ECD’s chief executive officer. “This New Markets Tax Credit Program is an important tool in making sure that distressed people and communities are not left behind in the recovery.”