Bringing Transformation to Communities Through Economic Opportunity
Cherry Bekaert’s lending affiliate, The Innovate Fund, has a vision that the lives of disadvantaged and underserved populations across Georgia, North Carolina, South Carolina, Tennessee, Virginia, and West Virginia are improved through economic opportunities. As a certified Community Development Entity (CDE), The Innovate Fund has been awarded $288 million in total New Markets Tax Credits (NMTCs) allocations in 2024, which they work to deploy in low-income community projects that improve incomes for workers and low-income community residents through the creation of quality jobs. They deployed all $288 million in low-income community projects to improve incomes for workers and low-income community residents through the creation of quality jobs. All with the mission to transform communities by supporting the creation of quality jobs and improving health and wellness for our region’s low-income residents.
The Innovate Fund was created in 2006 to utilize federal NMTCs for revitalization efforts in downtown Greenville, SC. Originally named Greenville New Markets Opportunity (GNMO), the company was able to deploy $89 million of NMTCs into Greenville. Building upon its success, GNMO continued to expand its service area and changed its name to The Innovate Fund to reflect a broader mission. The Innovate Fund and Greenville New Markets Opportunity have collectively received $377 million of NMTC Allocations.
To date, The Innovate Fund’s borrowers have created more than 7,200 jobs and delivered goods and services to over 407,000 low-income community residents. The estimated total economic impact The Innovate Fund’s NMTC dollars have activated is over $1.9 billion.
Learn more about our additional strategic financing capabilities: New Markets Tax Credits.
