Small Business Stories

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Most NMTC projects are fairly large. The average NMTC project is $16.5 million, utilizing about $8.5 million in NMTC allocation. But while the average project is large, the program does support a surprising number of small businesses. Some CDEs use NMTC allocation to capitalize revolving loan funds finance quite a few small businesses. In fact, 1,175 of the 5,236 projects (22.4%) in the NMTC Coalition's project dataset used less than $1 million in NMTC allocation.

Below are a few case studies of Community Development Entities financing small businesses using the New Markets Tax Credit.

Portland Small Business Loan Fund

CDEs and Partners: A joint collaboration among the Portland Development Commission, U.S. Bancorp Community Development Corporation and Portland New Markets Fund I (an affiliate of United Fund Advisers).

Borrower Spotlight:

  • Dragonfly Chai microbrews inspired teas using organic and fair-trade ingredients. Its dedicated crew of brewers, delivery drivers and support staff has earned the loyalty of a growing list of cafes and restaurants.
  • Ruby Jewel Hand-Crafted Ice Cream uses local ingredients in its small-batch ice cream and cookies, wowing devotees at its two Portland scoop shops. Their ice cream sandwiches can also be found at local grocers (pictured above).
  • JD’s Shoe Repair is a woman-owned cobbler and shoemaker operating out of a former gas station that now houses several local businesses.
  • Discovery Gardens Family Childcare provides social, emotional, intellectual and physical care to children of working families in neighborhoods that are often underserved.
  • Night Flight aerial studio offers private and group classes. The Night Flight dance troupe regularly performs in theater productions and at parties and other events.

Grow Indianapolis Fund


The Grow Indianapolis Fund is an $8.25 million revolving loan fund that provides financing to local Indianapolis businesses in distressed neighborhoods. A collaborative effort between the City of Indianapolis, U.S. Bank, Cambridge Capital, First Internet Bank, and LISC’s New Markets Support Company (NMSC), the Fund provides loans from $250,000 to $2 million to help small businesses expand, create jobs, and strengthen the local community. The Grow Indianapolis Fund is enhanced with federal New Markets Tax Credits to offer small businesses more favorable rates and terms than a traditional bank loan.

Borrower Spotlight: Dugdale Foods

Dugdale Beef Company is a family owned and operated wholesaler of fine meats, seafood and poultry products to grocers, restaurants and institutions. When Dugdale needed affordable financing to continue to grow its operations, it received a $2 million loan through the Grow Indianapolis Fund.

MEDC Revolving Loan Fund

The Milwaukee Economic Development Corporation provides low cost, long-term, subordinate capital to operating businesses in the City of Milwaukee through the its NMTC Revolving Loan Fund product.

Borrower Spotlight: JCP Construction

Wisconsin – MEDC Revolving Loan Fund

Rural AL and FL Panhandle Revolving Loan Pool

The Valued Advisor Fund (VAF) partnered with PNC Bank and a CDFI Bank, United Bank of Alabama, to finance a revolving loan pool serving small businesses in rural Alabama and the Florida panhandle.

Borrower Spotlight: Bon Secour Valley, Inc.

Alabama – Revolving Loan

Greenline's Small Business Capital Fund


The Small Business Capital Fund (SBCF) is a $20 million business loan fund managed by Greenline Ventures (Greenline) that provides loans at favorable terms to under-served small businesses throughout the US. The SBCF leverages new markets tax credits (NMTC) with mission-driven capital to provide financing that is flexible and patient. The objective of the SBCF is to provide attractive financing for impactful small businesses whose capital needs are often greater than a typical financial institution is able to underwrite.

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