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Arkansas Capital Corporation, originally named First Arkansas Development Finance Corporation, was formed in 1957 to provide a mechanism for financing the state's transformation from an agricultural economy to an industrial economy. Since its founding, the company has diversified and grown to include commercial financing needed for the information age. Along the way, ACCG has made hundreds of loans, representing projects of well over $500 million, with 753 entrepreneurs trained and 2,236 jobs created. One of ACCG's divisions, The Arkansas Economic Acceleration Foundation (AEAF), actively engages, either directly or indirectly, in any and all activities that will educate, promote and foster the development of innovation, entrepreneurship, and venture capital formation within the State of Arkansas. The Corporation also manages an equity fund, Diamond State Ventures (see profile). Heartland Renaissance Fund, established in 2002, is an affiliate of Arkansas Capital Corporation. The Department of Treasury designated Heartland Renaissance Fund as a Community Development Entity (CDE) in 2002. Heartland Renaissance Fund is active in the New Market Tax Credit industry and has received three allocation awards from the Department of Treasury totaling $140 million for use within Arkansas.
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