In the News

Heartland Renaissance Fund, LLC, of Little Rock, a subsidiary of Arkansas Capital Corporation, has been awarded an allocation of $65 million in New Markets Tax Credits (NMTC), the second largest award amount for Heartland in its 15-year history.

Heartland Renaissance Fund was one of 120 organizations nationwide that were awarded tax credits totaling $7 billion for use in low-income communities under the 2015-2016 round of the NMTC program.

The tax credits are administered by the U.S. Treasury’s Community Development Financial Institution (CDFI) Fund.

Sam Walls III, president of Heartland Renaissance Fund, said, “We are pleased to have been successful in receiving New Market Tax Credits to finance projects that result in job creation, enhanced community services, and more access to health care and education. Achieving an award of these credits is not easy, as it is a highly competitive process, and our success is a testament to the quality of the work of all who are associated with our investments. We are eager to invest these credits in a manner which is most beneficial to underserved communities, and we look forward to working with our partners to create more positive community impacts and economic growth.”

U.S. Rep. French Hill praised the work of Heartland Renaissance Fund, noting that the award is Heartland’s fifth NMTC allocation in the history of the program, for a total of $265 million. “The Heartland Renaissance Fund provides an important service to our underserved communities in Arkansas, stimulating economic development, improving health care services and educational opportunities, and bringing jobs back for hardworking Americans. Today's New Market Tax Credit award will ensure that the HRF can continue its important work across Arkansas that will allow local communities to once again thrive."

The focus of Heartland Renaissance Fund is to provide low cost capital to both for-profit and nonprofit businesses, with an emphasis on economic development, health care, and education projects that are typically underserved by traditional financing sources. Heartland’s parent company, Arkansas Capital Corporation Inc., with offices in Little Rock, Jonesboro, and Fayetteville, is a nonprofit community development company providing loans, financing, and entrepreneurship education to build Arkansas’s economy.