Greenville New Markets Opportunity II, a Community Development Entity dedicated to transforming communities across the state launched the organization’s new brand, The Innovate Fund, to a crowded room at a special event for community representatives, stakeholders, and investors on March 23.
“It is a very exciting time to be a part of this new brand. It truly embodies our focus on connecting with and transforming communities to enable them to thrive,” said Doris Shellhorse, Program Manager of The Innovate Fund. “Our new brand reflects the reach and purpose of the company and supports our vision for years to come.”
The Innovate Fund leverages federal New Markets Tax Credit dollars by partnering at a local level with community organizations to identify projects that have the potential to be transformative to communities. The Innovate Fund works with potential borrowers and local community leaders who create jobs, improve health and wellness and catalyze further development to ensure that projects financed through New Markets Tax Credits align with community priorities and create meaningful community outcomes.
“We are confident that our rebranding will better encompass our mission as we remain committed to creating quality opportunities for communities across the state,” said David Barnett, board chair. “Our company believes that not just more jobs, but quality jobs transform communities, and we are ready more now than ever to gain momentum with our new brand.”
“The Innovate Fund invests in borrowers that provide inventive solutions for their companies and their communities, such as operating businesses that create a new product, first-mover real estate projects in distressed neighborhoods, and community organizations that find creative solutions to neighborhood issues,” said Tammy Propst, President of Tax Advantage Group and Operating Officer of The Innovate Fund. “We could not have achieved our results without our amazing borrowers, our community partners, in particular our legislative delegation including U.S. Senators Tim Scott and Lindsey Graham, and our investors.”
About The Innovate Fund
Established in 2004, The Innovate Fund and affiliates were created to provide federal New Markets Tax Credit (NMTC) financing for Disadvantaged Businesses and Communities located in South Carolina’s Low-Income Communities. Today, The Innovate Fund has deployed nearly $160 million of NMTC investments to transactions that support 3,370 jobs, provide community goods and services to over 66,000 Low-Income Community residents and Low-Income Persons, and created or rehabilitated over 1.6 million square feet of real estate in South Carolina. The community demographics of The Innovate Fund’s current investment portfolio consist of poverty rates as high as 66%, median family income as low as 14.24% of the statewide median family income, and unemployment as high as 23.7%. For complete information, visit our website at www.theinnovatefund.com.