Three Roots Capital Receives $50 Million Allocation of New Markets Tax Credits

Team photo: Featured (from left to right): Kevin McDonnell (Controller), Keith Hickey (Chief Lending Officer, SVP), Grady Vanderhoofven (President & Chief Executive Officer), Kim Krebs (Loan and Investment Administrator), Chris Miller (Chief Financial Officer), Dennis Corley (Director of Small Business Lending and Investing), and Anderson Olds (Portfolio and Reporting Analyst).

The innovative finance company awarded NMTCs second year in a row, one of three awardees in Tennessee

Media Contact: Peyton Mills | peyton@piper-communications.com

KNOXVILLE, Tenn. – The U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) recently awarded $5 billion in New Markets Tax Credits (NMTCs) to 104 Community Development Entities (CDEs) nationwide. This highly competitive program saw 196 applicants request $14.8 billion of credits. Three Roots Capital, an innovative finance company focused on economic and social impacts in low-income geographies, is pleased to announce it received $50 million from the NMTC Program, marking its second allocation in back-to-back award cycles. View the entire list of recipients here.

Three Roots Capital’s NMTC investment strategy is to provide flexible qualified low-income community investment (QLICI) loans to manufacturing and office projects that create quality, accessible jobs throughout highly distressed communities in the Appalachian and Delta regions.

“NMTCs are among the most efficient and effective economic development tools ever created. Winning these credits lets us support job-creating companies in some of the most distressed areas we serve,” said Chris Miller, Chief Financial Officer of Three Roots Capital. “Receiving back-to-back allocations of NMTCs is uncommon. Our team worked hard to deploy our prior year award and to write a compelling application for additional credits. Three Roots Capital is very encouraged and honored to be part of this exceptional group of awardees.”

Three Roots Capital is one of three awardees based in Tennessee. With its previous $45 million allocation, the company made two $22.5 million investments in rural manufacturers: Fitzgerald Trailers in Byrdstown, Tennessee and Hopkinsville, Kentucky; and Quality Metal Stamping in Henderson, Tennessee. Read more here.

About Three Roots Capital

Three Roots Capital is an innovative finance company that provides loans and equity investments to small businesses and real estate projects in Tennessee and Appalachia. 3Roots was established to address the chronic need for investment capital in central and southern Appalachia. 3Roots supports small businesses, entrepreneurs, real estate projects, and communities in economically challenged areas throughout the region. 3Roots is certified by the U.S. Department of the Treasury as a Community Development Financial Institution (CDFI) and as a Community Development Entity (CDE). For more information, visit www.3rootscapital.org.