The Arvest Opportunity Fund, a wholly owned non-bank subsidiary of Arvest Bank, was awarded an allocation of $70 million of New Market Tax Credits (NMTCs). The U.S. Department of the Treasury recently announced the award as part of a record $10 billion distribution.
The Arvest Opportunity Fund was a first-time applicant and one of 142 Community Development Entities (CDEs) selected nationwide in the combined 2024-2025 allocation round. According to the Treasury Department, these awards support affordable housing, small business growth, domestic manufacturing, and essential community infrastructure, such as rural hospitals.
The Arvest Opportunity Fund will use its $70 million to support the retention and creation of quality jobs through manufacturing projects, as well as to increase healthcare accessibility across its four-state service area, with a focus on Kansas and other underserved regions. Priority will be given to projects that expand medical services and create jobs with competitive wages.
“These projects meet critical community needs but often struggle to secure traditional financing due to a deficit in the financing structure,” said Hillis Schild, executive director of the Arvest Opportunity Fund. “This allocation will help support our goal of providing economic stability for families and businesses, helping to create healthier communities.”
Created in 2022, the Arvest Opportunity Fund provides loans and financial education to small businesses and individuals who fall just below traditional bank credit requirements. In late 2024, the organization became certified as a Community Development Entity by the Treasury’s Community Development Financial Institutions Fund.
For more information, visit arvest.com/opportunity.
