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Heartland Renaissance Fund, LLC
Little Rock ARCDFI Awards for Heartland Renaissance Fund, LLC
NMTC (2009) - $70,000,000
Heartland Renaissance Fund, LLC serves the state of Arkansas by providing needed capital to business. Heartland Renaissance will utilize its NMTC allocation to enhance its current activities by providing significantly flexible and non-traditional capital to predominately non real estate businesses, with an emphasis on initiatives related to healthcare, education or economic development. Heartland Renaissance offers borrowers equity and equity equivalent terms and conditions, subordinated debt, below market interest rates, longer than standard amortization periods and more flexible credit standards when working with disadvantaged businesses in the Delta region.
NMTC (2008) - $55,000,000
Heartland Renaissance Fund, LLC (“Heartland”) will utilize its NMTC allocation to enhance its current activities by providing significantly flexible and non-traditional capital to predominately non real estate businesses, with an emphasis on businesses that are related to healthcare, education or economic development. Its products will make capital accessible to businesses that cannot attract the necessary capital through traditional sources. Heartland will offer equity products, and deeply subordinated debt products with interest rates that are at least 50% below conventional market interest rates. The Applicant will utilize 100% of its NMTC allocation to specifically target areas located in census tracts with high poverty or unemployment rates, and census tracts designated as particularly economically distressed.
NMTC (2003) - $15,000,000
Heartland plans to utilize a portion of its NMTC allocation to assist in the completion of the financing of several mixed-use real estate projects that have been in the development stage for years, but have yet to fill the remaining financial gap. Heartland"s investment fund will offer new products to low-income communities that are currently being overlooked or overpriced. A combination of federal and state tax credits will allow this allocatee to offer below-market interest rates, increased loan-to-value ratios up to 95 percent, and offer near-equity and equity investments to owners of qualified businesses.
Other Community Development Financial Institutions in Arkansas
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Pine Bluff
College Station Community Federal Credit Union
College Station
Community Resource Group, Inc.
Fayetteville
First National Bank of Phillips County
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South Arkansas Community Development
Arkadelphia
Southern Development Bancorporation
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Southern Financial Partners
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