Invest Appalachia

What Invest Appalachia does

Invest Appalachia, Inc. is a 501(c)(3) nonprofit blended capital platform founded in 2019 to address chronic underinvestment in Central Appalachia (Kentucky, West Virginia, Virginia, Ohio, North Carolina, and Tennessee). The organization operates three core capital products: the Invest Appalachia Fund, an impact investment fund closed at $35.5 million in 2023 providing patient, flexible, subordinated loans from $100,000 to $3,000,000 with terms up to 7 years; the Catalytic Capital Fund, which deploys philanthropic tools (recoverable grants, credit enhancements, loan loss reserves, technical assistance) to make projects investment-ready; and the Capital Stewardship Fund, which manages mission-aligned capital for outside funders, including the Rural News Fund launched in 2025 under Press Forward's Central Appalachia Chapter.

The platform does not develop proprietary technology; operations are supported by a project intake form on its website, a live impact data dashboard, and LOCUS Impact Investing's investment management platform for deal pipeline, underwriting, and portfolio administration. Day-to-day work is carried out by ~11 staff and contractors distributed across Appalachian communities in KY, WV, TN, and NC, with investment committee oversight and a Community Advisory Council grounding decisions in regional priorities. The Invest Appalachia Fund is an affiliated LLC wholly owned by the nonprofit parent.

IA's business model is mission-driven rather than profit-maximizing: it earns interest income and principal repayments from IA Fund loans (customized per project, with proceeds recycled into new investments), receives grants and philanthropic contributions to replenish catalytic capital and operating budgets, and collects management fees for stewardship of external capital. In 2025, IA deployed a record $18.3 million across 63 deals, exceeding cumulative deployment in all prior years combined. Co-investments with regional CDFIs and federal-aligned partners (Appalachian Regional Commission, Federal Reserve Bank of Richmond) form the primary deal-sourcing and co-lending architecture, with >90% of capital sourced from outside the Appalachian region.

Name

Invest Appalachia

Legal name

Invest Appalachia, Inc.

Website

https://investappalachia.org

Company type

Private

Founded year

2019

Operating status

Operating

Headcount range

1–10 employees

Short description

Invest Appalachia is a 501(c)(3) nonprofit blended capital platform deploying flexible loans, catalytic grants, and fund management services to community-based projects across Central Appalachia (KY, WV, VA, OH, NC, TN), serving nonprofits, small businesses, and CDFIs in underserved communities.

Ownership category

akta.pro rank

Product category

Community Development Finance

NAICS

Portfolio Management and Investment Advice (523940), All Other Financial Investment Activities (52399), Miscellaneous Intermediation (52391)

SIC

Investment Advice (6282), Investors, Nec (6799)

akta.pro primary industry

Sustainable Private Markets (Impact PE/VC, Private Credit, Infrastructure) (FSAAALAG)

akta.pro secondary industries

Impact Investing & Social Finance (Funds, CDFIs, Microfinance) (BPAGALAA), Impact Investment & Social Finance Programs (BPADAOAJ), Social Infrastructure Funds (Schools, Hospitals, Civic) (FSANAEAN)

Keywords

• Community development finance
• Impact investing fund
• Blended capital platform
• Rural economic development
• Community lending

Headquarters

HQ city

Delaware

HQ country

United States

HQ region

North America

Offices7 records

Markets served

GTM type

B2B

Offering type

Services

Revenue model

1. Loan Interest and Principal Repayment: Invest Appalachia generates revenue primarily through interest income and principal repayment from loans made through the Invest Appalachia Fund. Loans range from $100,000 to $3,000,000 with terms up to 7 years and variable interest/repayment structures. All IA Fund investments are repayable, though customized in structure to match project needs. As a mission-oriented fund, returns are reinvested into the fund to support additional community investments.
2. Catalytic Capital Grants: The Catalytic Capital Fund provides grant-funded investments including recoverable grants, conditional repayment loans, credit enhancements, and technical assistance. These tools do not generate direct financial returns but are designed to accelerate investment-readiness and unlock additional repayable investment. The fund is replenished by recycling capital into new projects.
3. Capital Stewardship Fund Management: Invest Appalachia serves as fund manager for mission-aligned capital working across the Appalachian footprint, providing regional knowledge, relationships, and accountability structures. IA currently manages the Rural News Fund (RNF), part of the Press Forward Initiative. Management fees for fund stewardship represent a revenue stream.

Pricing tiers

Go-to-market motion3 records

Distribution channels3 records

Marketing channels6 records

Core offering

Invest Appalachia is a nonprofit blended capital platform that deploys patient, flexible, and risk-tolerant investment capital into underserved Central Appalachian communities. It operates the $35.5 million Invest Appalachia Fund (loans of $100,000 to $3,000,000 with terms up to 7 years), the Catalytic Capital Fund (recoverable grants, credit enhancements, loan guarantees, conditional repayment loans, and technical assistance), and the Capital Stewardship Fund (third-party fund management). Capital is paired with capacity-building programs such as the Community Investment Framers Training, the Appalachian Downtown Developers Initiative, the Rural News Fund, the Appalachian Solar Finance Fund, and the Worthy Ground disaster recovery initiative.

Product overview

Invest Appalachia is a collaborative blended capital investment platform serving Central Appalachia, operating across Kentucky, West Virginia, Virginia, Ohio, North Carolina, and Tennessee. The platform offers three core capital products: the Invest Appalachia Fund ($35M impact investment fund providing flexible loans from $100K to $3M), the Catalytic Capital Fund (philanthropic risk-absorbing tools including credit enhancements and technical assistance), and the Capital Stewardship Fund (fund management services). Supporting programs include Community Investment Framers Training, Appalachian Downtown Developers Initiative, Rural News Fund, Appalachian Solar Finance Fund, and Worthy Ground disaster recovery initiative. The platform also provides a live impact data dashboard for transparent reporting. As a 501(c)(3) nonprofit financial intermediary, Invest Appalachia does not offer a technology product with API access or integrations.

Differentiator

Problem solved

Functional benefit

Brands

• Invest Appalachia Fund: $35 Million impact investment fund providing patient, flexible, and often subordinated loan capital to underserved communities in Central Appalachia.
• Catalytic Capital Fund
• Capital Stewardship Fund
• Community Investment Framers Training
• Worthy Ground
• ADDI (Appalachian Downtown Developers Initiative)
• Rural News Fund

Products and services

• Invest Appalachia Fund A $35.5 million impact investment fund providing patient, flexible, and often subordinated loan capital from $100,000 to $3,000,000 with terms up to 7 years to private businesses, nonprofits, developers, and financial intermediaries in Central Appalachia. Supports fixed assets, equipment, real estate, facilities, construction, working capital, project finance, and re-lending.
• Catalytic Capital Fund

Quantifiable outcome

• $18.3 million deployed across 63 deals in 2025, surpassing all prior years combined
• +5 more outcomes

Named customers10 records

Segments6 records

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature1 record

Partnerships

18 partnerships are on record, tiered core, secondary and minor.

• LOCUS Impact InvestingcoreTechnology or Integration · 1 January 2020LOCUS Impact Investing serves as the Investment Manager for the Invest Appalachia Fund LLC, coordinating deal pipeline, underwriting, portfolio management, and administration. This is a foundational operational partnership. IA selects LOCUS Impact Investing in 2020 to manage the future Invest Appalachia Fund. Investment policies and Investment Committee members are approved by the IA Board of Directors.
• Appalachian Solar Finance FundcoreStrategic or Co-development PartnerThe Appalachian Solar Finance Fund (SFF) catalyzes solar development in coal-impacted communities across Central Appalachia, providing pre-development support, technical assistance, and credit enhancements for community-oriented solar installations. A partnership between Invest Appalachia, Appalachian Voices, and Central Appalachian Network, the SFF anchors an extended network of nonprofits, industry innovators, and community leaders. Invest Appalachia serves as co-founder and management team member. IA serves as the financing partner for SFF, providing flexible repayable capital for solar projects.
• FahecoreStrategic or Co-development PartnerFahe is a collaborative partner and major stakeholder in Invest Appalachia's formation. Sara Morgan, President of Fahe, serves on IA's Board (Board Treasurer) and has been instrumental in IA's design and launch. Fahe represents a network of community lenders and economic development organizations across Kentucky. Executive Vice President and CIO Sara Morgan has described IA as building on what works and helping existing community finance actors go further.
• Appalachian Funders NetworkcoreStrategic or Co-development PartnerThe Appalachian Funders Network is a key ecosystem partner. Ryan Eller of the Appalachian Funders Network serves on IA's Board. The Rural News Fund is led by the Appalachian Funders Network with Invest Appalachia as fund manager, launched through Press Forward's Central Appalachia Chapter. AFN coordinates regional philanthropy and investment alignment across the Appalachian footprint.
• Appalachian Regional CommissioncoreStrategic or Co-development PartnerThe Appalachian Regional Commission (ARC) is a key federal partner. Federal Co-Chair Gayle Manchin has publicly endorsed Invest Appalachia's work across county and state borders to build capacity and bring new investment into Central Appalachia. ARC provides the designated county framework that defines IA's geographic footprint (ARC-designated counties in 6 states). ARC's database of community lenders is referenced by IA.
• Center for Community InvestmentcoreStrategic or Co-development PartnerCCI worked with IA and the Lincoln Institute of Land Policy to develop the Appalachian Investment Ecosystem Journey. CCI and IA partnered on developing the organization's capacity-building approach. Andrew Crosson serves on CCI's Advisory Board. CCI's Center for Community Investment is a core ecosystem partner in IA's development and field-building work.
• Rural News FundcoreStrategic or Co-development PartnerThe Rural News Fund (RNF) is launched in 2025 through Press Forward's Central Appalachia Chapter, led by the Appalachian Funders Network, with Invest Appalachia serving as fund manager. RNF invests $50,000 grants in 8 local Appalachian news organizations over two years, plus business advisory support. Year two includes flexible repayable capital for revenue diversification. This initiative strengthens local journalism as essential civic infrastructure.
• Mountain BizWorkssecondaryStrategic or Co-development PartnerMountain BizWorks of Western North Carolina partnered with IA on the Community Investment Framers Training cohort. A 2024 cohort of graduates completed the Framers Training through partnership with the Federal Reserve Bank of Richmond's Rural Investment Collaborative. Mountain BizWorks represents a regional technical assistance and small business support partner.
• Federal Reserve Bank of RichmondsecondaryStrategic or Co-development PartnerThe Federal Reserve Bank of Richmond's Rural Investment Collaborative uses IA's Community Investment Framers Training curriculum. A 2024 cohort of graduates completed the training through this partnership. The FRB partnership represents a capacity-building collaboration that extends IA's training model to a broader audience.
• WV Community Development HubsecondaryStrategic or Co-development PartnerThe WV Community Development Hub is a key partner in the Appalachian Downtown Developers Initiative (ADDI) and the Community Investment Framers Training. The partnership accelerates downtown development by building the capacity of community-oriented real estate developers across the region while addressing barriers to capital, training, and technical assistance.
• Appalachian Downtown Developers InitiativesecondaryStrategic or Co-development PartnerThe Appalachian Downtown Developers Initiative (ADDI) is a collaboration between Invest Appalachia, the WV Community Development Hub, and dozens of regional partners. ADDI is designed as a coordinated, ecosystem-based approach supporting community-centered downtown revitalization and long-term economic growth. ADDI produced an implementation plan available at downtownappalachia.org.
• Appalachian Community CapitalsecondaryStrategic or Co-development PartnerDonna Gambrell, President and CEO of Appalachian Community Capital, serves on IA's Investment Committee. Appalachian Community Capital is a CDFI and regional capital partner working alongside IA to expand community investment across Central Appalachia.
• Mountain AssociationsecondaryStrategic or Co-development PartnerMountain Association (MACED) is a key ecosystem partner and lending partner. PAul Wright previously served as VP for Enterprise Development at Mountain Association. Mountain Association is a partner on specific deals (Martin's IGA solar project) and part of the broader community investment ecosystem IA coordinates with.
• Woodlands Community LenderssecondaryStrategic or Co-development PartnerKaren Jacobson, Loan Fund Manager at Woodlands Community Lenders, serves as Board President on IA's Board of Directors. Woodlands Community Lenders is a community lender in West Virginia with board-level involvement in IA's governance.
• Tiger SolarminorImplementation/ SI/ Consulting PartnerTiger Solar is the construction contractor building the community-resilience solar microgrids in Duffield and Dungannon, Virginia. The projects are funded by a Google grant awarded to Appalachian Voices with additional support from Invest Appalachia and the Appalachian Solar Finance Fund. Construction expected to begin and complete commissioning in 2026.
• Central Appalachian NetworksecondaryStrategic or Co-development PartnerCentral Appalachian Network is a key ecosystem partner logo displayed on IA's website. CAN is part of the Appalachian Solar Finance Fund partnership alongside IA and Appalachian Voices. CAN represents a network focused on community economic development across Central Appalachia.
• Partner Community CapitalminorStrategic or Co-development PartnerPartner Community Capital is listed as an ecosystem partner on IA's website, representing a community lender and part of the regional investment ecosystem IA coordinates with.
• Appalachian VoicescoreStrategic or Co-development PartnerGoogle awarded grant funding to Appalachian Voices to build solar-powered microgrids in Virginia. IA provides additional financing support alongside the Appalachian Solar Finance Fund. Appalachian Voices is also a partner in the Appalachian Solar Finance Fund (SFF), with SFF housed at Appalachian Voices. Adam Wells of Appalachian Voices serves on IA's Community Advisory Council as Regional Director of Community and Economic Development.

Scale indicators9 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• LOCUS Impact Investing: Impact investing fund manager that serves as Investment Manager for the IA Fund. Operates the same deal pipeline, underwriting, and portfolio management model for place-based impact funds across the U.S., making it the closest operational comparable.
• Mountain Association (MACED): Eastern Kentucky CDFI providing business lending, clean energy finance, and community development services. IA's Director of Investment (Paul Wright) was formerly VP at MACED, and the two organizations co-invest on deals like Martin's IGA.
• Fahe: Appalachian CDFI network covering Kentucky and surrounding states with similar loan products, capacity-building services, and rural community development mission. Sara Morgan (Fahe President) sits on IA's Board, evidencing deep operational and mission alignment.
• RSF Social Finance: Impact-focused financial intermediary providing loans, grants, and integrated capital to social enterprises. Shares IA's emphasis on flexible, patient capital and aligning investors with mission-driven borrowers across underserved markets.
• Appalachian Community Capital: CDFI serving the Appalachian region with comparable mission, products (patient capital, equity investments), and customer base. Donna Gambrell (ACC CEO) sits on IA's Investment Committee, and both organizations overlap directly in target geographies and borrowers.

Emerging players

• Kiva: Crowdfunded lending platform providing 0% interest loans to underserved borrowers globally. While Kiva's retail crowdfunding model differs from IA's institutional capital, both target capital gaps for borrowers excluded from traditional financing.

Broad incumbents

• Reinvestment Fund: National CDFI with comparable flexible capital, catalytic tools, and place-based impact strategy. Larger and more established (~$1B AUM), but pursues the same model of combining loans, grants, and policy data to deploy capital in underserved communities.
• Hope Enterprise Corporation / Hope Credit Union: Deep South CDFI providing consumer lending, business loans, and policy advocacy in distressed markets. Comparable model of integrated capital (deposits, loans, philanthropy) for chronically underinvested communities, though operating at much greater scale.
• Calvert Impact Capital: One of the largest U.S. impact investing intermediaries, deploying capital through CDFIs and mission-aligned funds across geographies. While national rather than regional, the model of aggregating capital and channeling it through local partners is structurally similar to IA's blended-capital platform.

Others

• Opportunity Finance Network: National CDFI membership and capacity-building organization. Acts as an ecosystem coordinator and capital intermediary for the U.S. CDFI industry, paralleling IA's regional ecosystem-coordination role for community lenders across Central Appalachia.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/InvestAppalach
• LinkedInlinkedin.com/company/invest-appalachia

Revenue estimate

Valuation estimate

Number of profiles

Subsidiaries2 records

Funding overview

Funding rounds1 record

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments1 record

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Invest Appalachia