Arkansas Capital Corporation and Philander Smith University partnership stimulates job development and economic growth
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Posted By: Reginald Culpepper on June 10, 2024 The Arkansas Capital Corporation (ACC) is teaming up with Philander Smith University to finance upgrades to the university’s Mabee Kresge Science Building and the construction of a new patient simulation lab for its new nursing program. This project is funded by ACC’s subsidiary, Heartland Renaissance Fund, (HRF) and will fuel Arkansas’s job development and economic growth strategy by providing an $8 million allocation of New Markets Tax Credits (NMTCs) to finance the project. Cadence Bank provided the tax credit equity for the project. Philander Smith University Interim President Dr. Cynthia Bond Hopson states, “We are thrilled to partner with Heartland and Cadence Bank to create essential health solutions for Arkansas and the world. When we join hands, hearts and pockets, we can do more, and we all win.” Founded in 1877, Philander Smith University is a private historically Black, four-year liberal arts institution related to the United Methodist Church. Philander’s mission is to “graduate academically accomplished students, grounded as advocates for social justice, determined to change the world for the better." “Philander Smith University offers multiple programs that prepare students to pursue careers in the medical field,” Chief Executive Officer of ACC Sam Walls, said. “Through our collaborative partnership with the institution, ACC is helping to address our state and nation’s dire need for more highly skilled, trained healthcare staff.” Since 2002, nine-time allocatee Heartland Renaissance Fund has been awarded over $425 million in NMTCs from the U.S. Department of the Treasury’s Community Development Financial Institutions Fund. The tax credits are used to encourage private investments to revitalize or stimulate economic growth in underserved communities. HRF has supported over 45 economically driven projects throughout Arkansas, Oklahoma, Missouri and Mississippi. “We are honored to partner with ACC and HRF to supply the essential resources for advancing this significant project at Philander Smith University. The new science building will provide state-of-the-art facilities and foster an environment of innovation and learning, greatly enhancing the educational experience for future students,” states Cadence Bank President & Chief Credit Officer Chris Bagley. “At Cadence Bank, community investment is fundamental to our vision, and we are thrilled to contribute to the progress and success of this initiative.” About Arkansas Capital Corporation Arkansas Capital Corporation (ACC) is a private, nonprofit lending corporation dedicated to empowering entrepreneurs in Arkansas and surrounding states. ACC offers flexible capital solutions to meet the unique needs of entrepreneurs, small businesses, and economic and community development projects, emphasizing serving low-income, minority, and rural communities. Since 1957, ACC has partnered with commercial banks, government agencies, and others at local, state, regional, and national levels to deploy over $2.34 billion in capital financing. Learn more about us on our website at https://arcapital.com and follow us on Facebook and Instagram at @arcapitalcorp. You can also connect with us on LinkedIn. About Cadence Bank Cadence Bank (NYSE: CADE) is a leading regional banking franchise with approximately $50 billion in assets and over 350 branch locations across the South and Texas. Cadence provides consumers, businesses and corporations with a full range of innovative banking and financial solutions. Services and products include consumer banking, consumer loans, mortgages, home equity lines and loans, credit cards, commercial and business banking, treasury management, specialized lending, asset-based lending, commercial real estate, equipment financing, correspondent banking, SBA lending, foreign exchange, wealth management, investment and trust services, financial planning, and retirement plan management. Cadence is committed to a culture of respect, diversity, equity, inclusion and belonging in both its workplace and communities. Cadence Bank, Member FDIC. Equal Housing Lender. ### If you enjoyed this article, Join HBCU CONNECT today for similar content and opportunities via email! |
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Reginald Culpepper
President, Fulfillment and Web Services, HBCUCONNECT Clark Atlanta University class of 1998 Member Since September 2000 |
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