The Innovate Fund was created in 2006 to utilize federal New Markets Tax Credits aimed at attracting private capital to fund revitalization efforts in downtown Greenville. Originally named Greenville New Markets Opportunity (GNMO), the company was able to deploy $89 million of NMTCs into Greenville and helped to fund such catalytic projects as the NEXT Innovation Center, The Children’s Museum of the Upstate, Main @ Broad, RiverWalk, and Project ONE.
Building upon its success in Greenville, in 2011 GNMO broadened its service area to include the ten counties of the Upstate – Abbeville, Anderson, Cherokee, Greenville, Greenwood, Laurens, Oconee, Pickens, Spartanburg, and Union – and began a new fund called GNMO II. Over the next four years, the newly formed company GNMO II deployed $73 million to fund such projects as The Claussen Bakery, Greenco Beverages, Limehouse Produce, AC Hotels, Sweet Streets, TD Cutting Tools, Legacy Charter School, and Upward Sports.
In 2015 GNMO II’s Board of Managers sought to not only expand the service area throughout the entire state, but to rename the company to The Innovate Fund to fully reflect our broader mission. The new company has the benefit of experienced staff who have built strong relationships throughout South Carolina, and a proven track record of securing financing to be deployed in the most impactful way for our communities.