The Innovate Fund
The Innovate Fund is a certified Community Development Entity that deploys New Markets Tax Credits to finance job-creating businesses, healthcare facilities, and community infrastructure in distressed low-income areas across six southeastern states (SC, NC, TN, GA, VA, WV).
- Company typePrivate
- Founded2004
- HeadquartersGreenville, United States
- Headcount1–10
- GTM typeB2B
- OfferingServices
What The Innovate Fund does
The Innovate Fund (TIF) is a certified Community Development Entity (CDE) headquartered in Greenville, South Carolina, that deploys New Markets Tax Credits (NMTC) as below-market financing for qualifying projects in severely distressed, low-income communities. Established in 2004, TIF operates as a private LLC that is 51% owned by the Greenville Local Development Corporation (GLDC) — a quasi-governmental entity — and is managed on an outsourced basis by Tax Advantage Group, a unit of accounting firm Cherry Bekaert. Per its website, the firm's mission is to transform communities by supporting quality job creation and improving health and wellness outcomes for low-income residents.
TIF's core product is NMTC allocation deployment, structured across three investment portfolios: (i) Operating Businesses, which finances manufacturing, processing, and industrial facilities (e.g., GF Casting Solutions, Cooper Steel, Container Technologies, Swiss Krono, Arris Manufacturing); (ii) Community Facilities, which finances healthcare, education, childcare, and social-service infrastructure (e.g., Grady Ponce De Leon Center, Claflin University, Safe Harbor, Meals on Wheels); and (iii) Real Estate Development, which supports mixed-use and commercial redevelopment (e.g., Judson Mill, Poe West, Edenton Sears Building). Since 2013, TIF has directly deployed $327 million across 28 transactions — leveraging an additional $480.1 million in indirect capital — and generated 6,460+ direct jobs while serving 230,000+ residents annually through health and wellness investments.
The business model is transaction-fee-based: TIF receives NMTC allocation authority from the U.S. Treasury's CDFI Fund, structures transactions with project sponsors, and brings in tax credit investors who purchase the NMTCs, generating spread between market-rate financing and subsidized rates. Pricing is negotiated and not publicly disclosed. The go-to-market motion is enterprise field sales — direct engagement with project sponsors, developers, and community organizations sourced through a 12-member advisory board, economic development partnerships, and legislative relationships. Service area spans six southeastern states (South Carolina, North Carolina, Tennessee, Georgia, Virginia, West Virginia), reflecting a multi-year geographic expansion from a 2019 South Carolina-only footprint. The organization has secured seven federal NMTC allocations, the most recent being a $40 million award in September 2024.
The Innovate Fund firmographics
Firmographics- Name
- The Innovate Fund
- Legal name
- The Innovate Fund, LLC
- Website
- https://theinnovatefund.com
- Company type
- Private
- Founded year
- 2004
- Operating status
- Operating
- Headcount range
- 1–10 employees
- Short description
- The Innovate Fund is a certified Community Development Entity that deploys New Markets Tax Credits to finance job-creating businesses, healthcare facilities, and community infrastructure in distressed low-income areas across six southeastern states (SC, NC, TN, GA, VA, WV).
- Ownership category
- akta.pro rank
The Innovate Fund industry classification
Industry- Product category
- Community Development Financing
- NAICS
- Other Financial Vehicles (52599)
- SIC
- Finance Services (6199)
- akta.pro primary industry
- Impact Investing & Social Finance (Funds, CDFIs, Microfinance) (BPAGALAA)
- akta.pro secondary industry
- SDG / Thematic Sustainable Investment Funds (FSANAJAN)
Keywords
Where The Innovate Fund is headquartered
LocationHeadquarters
- HQ city
- Greenville
- HQ country
- United States
- HQ region
- North America
Offices1 record
Markets served
The Innovate Fund business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Personnel, Operations, Marketing or Sales, Others
Revenue model
- New Markets Tax Credit Allocation Deployment: The Innovate Fund receives NMTC allocation authority from the CDFI Fund (U.S. Treasury) and deploys that allocation as below-market financing to qualifying projects in low-income communities. Revenue is generated through the spread between market-rate financing and the subsidized rates offered to borrowers, facilitated by tax credit investors who purchase the NMTCs.
Go-to-market motion1 record
Distribution channels1 record
Marketing channels4 records
The Innovate Fund product offering
Product offeringCore offering
The Innovate Fund is a certified Community Development Entity (CDE) that deploys New Markets Tax Credit (NMTC) allocations as below-market financing to qualifying projects in low-income communities across the southeastern United States. The organization directly invests its federal NMTC allocation authority alongside tax credit investors, lending partners, and other CDEs to finance operating businesses, community facilities, and real estate development projects that create quality jobs and expand access to healthcare, education, and food services. Since 2013, TIF has deployed $327 million in direct NMTC investments across 28 transactions, leveraging an additional $480.1 million in indirect capital.
Product overview
The Innovate Fund is a certified Community Development Entity (CDE) that operates as a single, unified investment platform utilizing New Markets Tax Credits (NMTCs) to transform low-income communities. The organization deploys NMTC investments across three distinct but complementary investment portfolios: Operating Businesses Investments (manufacturing, industrial, and commercial operations), Community Facilities Investments (healthcare, childcare, education, and social services), and Real Estate Development Investments (mixed-use, hospitality, and commercial redevelopment). Since 2013, TIF has invested $288MM of NMTCs, generating over 6,400 direct jobs and providing services to more than 250,000 low-income residents annually.
Differentiator
Problem solved
Functional benefit
Products and services
- New Markets Tax Credit (NMTC) Investment Services Certified CDE allocation of New Markets Tax Credits to qualifying projects in low-income communities, focusing on creating quality jobs and improving health and wellness outcomes for low-income residents in the southeastern United States.
- Operating Businesses Investments Direct NMTC investments in operating businesses including manufacturing, processing, food and beverage, and industrial facilities that create quality jobs in distressed communities.
- Community Facilities Investments NMTC financing for community facilities including healthcare centers, childcare facilities, educational institutions, food banks, and social services that expand access to essential services for low-income residents.
- Real Estate Development Investments NMTC financing for real estate redevelopment projects including mixed-use developments, hotels, commercial properties, and historic renovations that revitalize distressed neighborhoods.
Quantifiable outcome
- 6,460 direct jobs created through 28 NMTC transactions
- +2 more outcomes
Companies that use The Innovate Fund
Customer profileNamed customers15 records
Segments4 records
Ideal customer profiles3 records
The Innovate Fund technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
The Innovate Fund partnerships and signals
Strategic signalPartnerships
One partnership is on record.
- Safe HarborsupportingGreenville-based domestic violence shelter operator. The Innovate Fund provided $6.5 million NMTC allocation for new 45,722 SF shelter facility alongside TD Bank and SCCLF.
Scale indicators8 records
Recent moves7 records
Expansion highlights5 records
The Innovate Fund competitors and assessment
Company assessmentDirect peers
- Hampton Roads Ventures: NMTC CDE that participated as a consortium partner with TIF in the Premium Peanut transaction. Deploys tax credit allocation for industrial and community facility financing in distressed areas, providing a directly comparable operating model.
- Urban Research Park CDE: CDE that partnered with TIF on The Industrial Commons textile/manufacturing redevelopment in Morganton, NC. Comparable mid-sized CDE deploying NMTCs for workforce development and manufacturing projects in distressed census tracts.
- Truist Community Development Enterprises: Truist's CDE subsidiary is the most direct peer — also a federally certified CDE deploying NMTC allocations, frequently co-investing with TIF (e.g., Cooper Steel, The Industrial Commons) and holding $768M in lifetime NMTC allocation authority. They compete for the same distressed-area deals across an overlapping Southeast footprint.
- Pathway Lending: Nashville-based CDFI with $115M in NMTC allocation authority and recurring TIF co-investor (Cooper Steel, Container Technologies). Both deploy NMTCs for industrial/manufacturing expansions in distressed Tennessee and Southeast census tracts.
- Mascoma Community Development: New Hampshire-based CDE and NMTC allocatee that joined TIF in the Premium Peanut consortium. Operates a comparable federally-subsidized community development financing model with multi-state deal participation.
- The Reinvestment Fund: National CDFI and NMTC allocatee that has co-invested with TIF on the Judson Mill and Industrial Commons transactions. Operates a similar community development lending and NMTC deployment platform across a broader multi-state footprint.
- South Carolina Community Loan Fund: SC-based nonprofit CDFI providing NMTC financing and community development loans across South Carolina. Repeated co-investor with TIF (Claflin University, TK Gregg, Safe Harbor) and operates an overlapping state-level mandate with similar borrower profiles.
- CEI Capital Management: Member of the Coastal Enterprises Inc. family of CDFIs and an active NMTC allocatee. Participated as a consortium partner with TIF in the Premium Peanut multi-CDE financing, reflecting direct overlap in peanut/agricultural-processing deals in distressed census tracts.
- Heartland Renaissance Fund (Arkansas Capital Corporation): Nine-time NMTC allocatee with $435M in total allocations, providing the same federally-subsidized gap financing model. Co-invested alongside TIF on the Cooper Steel transaction and competes for large multi-CDE manufacturing deals.
- CommunityWorks: South Carolina community development financial institution and TIF advisory board member that co-invested in the Judson Mill redevelopment. Operates a directly overlapping South Carolina community development and lending mandate.
Market position
Strengths5 records
Weaknesses4 records
Competitive moat4 records
Key risks6 records
Key highlights7 records
Customer concentration
The Innovate Fund social profiles
Digital presenceThe Innovate Fund financial estimates
Financial estimateRevenue estimate
Valuation estimate
The Innovate Fund leadership team
Management profileNumber of profiles
Profiles6 records
The Innovate Fund funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
The Innovate Fund M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about The Innovate Fund
What does The Innovate Fund do?
The Innovate Fund is a certified Community Development Entity (CDE) that deploys New Markets Tax Credit (NMTC) allocations as below-market financing to qualifying projects in low-income communities across the southeastern United States. The organization directly invests its federal NMTC allocation authority alongside tax credit investors, lending partners, and other CDEs to finance operating businesses, community facilities, and real estate development projects that create quality jobs and expand access to healthcare, education, and food services. Since 2013, TIF has deployed $327 million in direct NMTC investments across 28 transactions, leveraging an additional $480.1 million in indirect capital.
Is The Innovate Fund a public or private company?
The Innovate Fund is a private company. It is classified as corporate owned and is currently operating.
When was The Innovate Fund founded?
The Innovate Fund was founded in 2004. It employs 1 to 10 people.
Where is The Innovate Fund based?
The Innovate Fund is headquartered in Greenville, United States, in the North America region.
How does The Innovate Fund make money?
One revenue line is on record: new Markets Tax Credit Allocation Deployment.
Who are The Innovate Fund's main competitors?
Direct peers on record are Hampton Roads Ventures, Urban Research Park CDE, Truist Community Development Enterprises, Pathway Lending, Mascoma Community Development, The Reinvestment Fund, South Carolina Community Loan Fund, CEI Capital Management, Heartland Renaissance Fund (Arkansas Capital Corporation) and CommunityWorks.
Does The Innovate Fund have an API?
No public API is recorded for The Innovate Fund.
What industry is The Innovate Fund in?
The Innovate Fund's product category is Community Development Financing. Its primary akta.pro industry code is BPAGALAA, Impact Investing & Social Finance (Funds, CDFIs, Microfinance), with a secondary code of FSANAJAN, SDG / Thematic Sustainable Investment Funds. Its NAICS code is 52599 and its SIC code is 6199.