The Innovate Fund
The Innovate Fund is a division of the GLDC that distributes financial assistance to real estate development projects dedicated to revitalizing low-income communities in the Upstate. The Innovate Fund provides investment capital for these projects under provisions of the Community Development Financial Institutions Fund (CDFI Fund). This allows The Innovate Fund to offer below-market subordinate loans with equity-like features and flexible terms. To date, The Innovate Fund has been awarded and successfully deployed $162 million dollars of New Markets Tax Credit allocation from the CDFI Fund to projects that are making substantial community impacts, including the creation of over 3,300 jobs and the development of over 1.6M square feet of community facility & commercial space.