One of only three awardees in Tennessee
Media Contact: Rachel Anderson | randerson@piper-communications.com
KNOXVILLE, Tenn. – The U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) awarded Three Roots Capital $85 million as part of the calendar year 2024-2025 $10 billion round of the New Markets Tax Credit Program (NMTC Program). For the NMTC Program, this is the largest allocation in the program’s history, and the first award since the program was made a permanent part of the U.S. tax code through the One Big Beautiful Bill Act (OBBBA). This marks Three Roots Capital’s third consecutive allocation and largest allocation to date. View the entire list of recipients here.
Three Roots Capital’s community development investment strategy includes deploying the NMTCs to provide flexible financing for manufacturing and commercial office projects that create quality, accessible jobs in highly distressed communities across the Appalachian and Delta regions.
“NMTCs are among the most efficient and effective economic development tools created. Three Roots will deploy these credits in a manner that will accelerate job creation and drive private investment in distressed communities that lack access to capital,” said Chris Miller, Chief Financial Officer of Three Roots Capital. “Moreover, this is the largest award Three Roots has ever received, and we are honored to be part of this exclusive group of awardees.”
About Three Roots Capital
Three Roots Capital is an innovative finance company that provides loans and equity investments to small businesses and real estate projects in Tennessee and Appalachia. 3Roots was established to address the chronic need for investment capital in central and southern Appalachia. 3Roots supports small businesses, entrepreneurs, real estate projects, and communities in economically challenged areas throughout the region. 3Roots is certified by the U.S. Department of the Treasury as a Community Development Financial Institution (CDFI) and as a Community Development Entity (CDE). For more information, visit www.3rootscapital.org.
Matteo Fassio, Chief Operations Officer and Managing Director of Eurotranciatura USA, with Chris Miller, Chief Financial Officer of Three Roots Capital. Eurotranciatura, located in Paris, TN, previously received NMTC financing from Three Roots Capital.
Construction underway at QMS Custom Metal Stamping in Henderson, Tennessee, a NMTC recipient supported by Three Roots Capital.