NASHVILLE, Tenn. – Credit unions aren’t alone in reaching out to underserved communities. This state’s banker’s association has partnered with the Governor’s Office and Southeast Community Capital Corp., a community development financial institution, for a 10-year plan called the Tennessee Rural Opportunity Fund that will seek to originate $25 million of loans to more than 350 rural small businesses. The TROF is projecting the effort will create approximately 600 jobs over the next decade. The Tennessee Rural Opportunity Fund is expected to launch with capital of $12 million. In exchange for their investment, the banks will receive Community Reinvestment Act credit and a 3% return.
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