Arkansas Capital Corp. has been awarded $35 million in new markets tax credits through the U.S. Treasury's Community Development Financial Institutions Fund.
The program will allow Arkansas Capital to support economic development projects in low-income and rural communities. The Little Rock company has received $335 million under the program since it started in 2003.
With the funding, Arkansas Capital and has helped produce 2,318 direct jobs and 1,384 construction jobs in distressed communities.
"These jobs are part of 36 projects deployed to date," said Sam Walls, president of Arkansas Capital. "With our partners, these tax credits have helped Arkansas Capital to finance rural manufacturing operations, nonprofit and education facilities, and rehabilitated historic buildings in abandoned or distressed Main Street corridors."
Arkansas Capital, in business since 1957, supports entrepreneurs, small businesses and other commercial projects underserved by traditional lenders.
SHARING RESOURCES
Conway's The Conductor, an entrepreneurial support organization, is sharing its executive director with another startup-support organization in Central Arkansas.
Grace Rains, The Conductor's executive director, will take on the same role at the Central Arkansas Angel Network. At the angel network, Rains will lead new member recruitment, deal vetting and due diligence. She will maintain her duties at The Conductor, as well.
The angel network formed last year to educate individuals in Central Arkansas to make better investment decisions in early stage companies and to spur economic development of early stage companies.
"The CAAN is mission critical to our organization as not only a source of capital for growing Arkansas companies, but also as an initiative to encourage and develop investment in Arkansas," Rains said of her new role.
She replaces Jeff Stinson in the angel network role.
LEADERSHIP TRAINING
The Walton College of Business in Little Rock plans to hold a strategic leadership training class on Sept. 3 from 8:30 a.m.-noon at its office at Second and Main streets.
The $325 course will be led by Mike Hennelly, a former U.S. Army Ranger who taught strategic leadership at the University of Notre Dame and was in charge of all logistics programs for the Sam's Club division of Walmart.
The seminar uses examples from the military and corporate strategy to identify the essential tasks of strategic leaders and how they can benefit their organizations. The course helps distinguish team leadership from strategic leadership, and emphasizes the core competencies of strategic leaders.
Instruction materials, breakfast and refreshments are included in the price. More information is available at execed@walton.uark.edu.
ARVEST MILESTONE
Arvest Bank's mortgage division has originated loans of $2 billion for the third year in a row and achieved a 91% year-over-year increase.
Mortgage lending, spurred by falling interest rates, has been a bright spot in the virus economy.
"The $2 billion may be the headline number, but the real number that matters is 9,000-plus families that we have been able to help during this time," said mortgage division Steven Plaisance said. "While refinancing has been a great opportunity for families to lower payments or reset long-term financial goals, the purchase activity has been terrific and really helps families buy first homes or move-up homes with rates at record lows."
Through June 24, refinances -- 5,476 loans totaling more than $1.26 billion – led Arvest's activity. Purchase-money loans, used to buy a home as opposed to refinances and other types of loans, totaled 3,626 with a volume of more than $741 million.
Arvest is unique among most local lenders in that it services 99% of its mortgage loans, meaning customers make their payments to Arvest and work directly with Arvest for any needs after their loan closes. Arvest currently services more than 340,000 mortgage loans, totaling more than $66 billion.
OZK HELPS OUT
Bank OZK of Little Rick and the Federal Home Loan Bank of Dallas have provided more than $53,000 in grants to two Arkansas nonprofits that provide affordable housing to low-income families.
One organization, In Affordable Housing, received $30,000. It creates and preserves low-cost housing opportunities in targeted neighborhoods for families with limited incomes. The organization also provides training, financial education and advocacy for limited-income families.
The other, University District Development Corp., received $23,185. It administers a revitalization program for the residential and commercial neighborhoods adjacent to the University of Arkansas at Little Rock.
Roma Isom, In Affordable Housing's executive director, said the funds will help pay for single-family residential construction targeting very low- to moderate-income individuals.
"The biggest hurdles for first-time homebuyers are that they don't have the down payment and closing costs," Isom said in a news release. "A lot of times, they have credit issues, but these funds that we are receiving from Bank OZK and FHLB Dallas will allow us to put people in houses that probably wouldn't have had the opportunity if it weren't for this program."