The Innovate Fund Announces $7MM New Markets Tax Credits Investment in Edenton, NC
Edenton, NC- 16 December 2025- The Innovate Fund, a certified Community Development Entity committed to transforming underserved communities, today announced the closing of a $7,000,000 New Markets Tax Credit (NMTC) investment to support a catalytic commercial redevelopment project in Edenton, North Carolina. This vital funding will drive economic growth and create 155 quality jobs in a community historically lacking access to capital.
The investment is targeted at the renovation of the former Sears Building in downtown Edenton and improvements to the adjacent parking area. The renovated facility will house various tenants, including Provalus, an IT service provider dedicated to elevating high-potential rural communities.
The NMTC investment was made possible through a partnership with Capital One National Association, who served as the tax credit investor for the transaction. This successful partnership underscores the ability of the NMTC Program to attract private capital to areas of greatest need, reflecting the Treasury Department’s strategic commitment to promoting economic opportunity. The project census tract demonstrated a poverty rate of 39.9%.
“This investment in Edenton is a prime example of the NMTC Program’s ability to leverage private capital to generate sustainable economic opportunity in rural America,” said Emma Wyatt, Chief Operating Officer of The Innovate Fund. “We are proud to partner with Provalus, Main Street Edenton, The Town of Edenton, and the community to reactivate key downtown real estate and bring 155 new, quality technology jobs to residents. This is how the Treasury’s community development mission is delivered on the ground.”
“This NMTC investment marks a defining moment for our community. Redeveloping the remaining 16,000 square feet of the old Sears Building, allows us to bring a long-vacant space back to life while creating a workplace for 155 employees,” said James Chesson, Director of Main Street Edenton. “Through our partnership with The Innovate Fund and Provalus, we are ensuring downtown remains the heart of the community while cultivating meaningful jobs that will provide residents an opportunity to grow and make our local economy more robust for years to come.”
The NMTC Program, administered by the U.S. Department of the Treasury’s Community Development Financial Institutions Fund, is a critical tool that historically generates over $8 of private investment for every $1 of federal funding, multiplying the impact of federal support in places that need it most.
