HELENWOOD, Tennessee., March 9, 2022 /PRNewswire/ — The Innovate Fund, a New Markets Tax Credits (NMTC) joint development company, provided necessary funding to Container Technologies Industries Helenwood, Tennessee.to complete a major expansion project. The project is located in an Appalachian Regional Commission (ARC) troubled area with a poverty rate of 35.9% and an unemployment rate of 16.8%. It includes new construction and equipment purchases for the expanded 76,000 square foot industrial facility to manufacture specialty nuclear waste containers used to store hazardous waste, materials and equipment removed through the deactivation and demolition of contaminated facilities.
Steve Fielden, President and COO of Container Technologies Industries, plans to add at least 20 new permanent full-time positions to the existing 39 employees at the project site. Employees have access to opportunities including internal training, salary development, bonuses and merit-based promotions. “Without the NMTC financing structure, the investment size required for the capital improvements and new equipment purchase would not have been feasible,” said Fielden.
The Innovate Fund Operating Officer Laurel Tinsley called: “Strong partnerships with investors and corporations like US Bank and Pathway Lending enable companies like Container Technologies to invest in industrial assets that create and sustain high-quality jobs for people in low-income and extra-metropolitan communities who often struggle to secure traditional ones Financing. Continued support of the New Markets Tax Credit program in Tennessee by the US Senator Marsha Blackburn enables this flexible and powerful funding vehicle to make a significant impact in our region and across the country.”
About the Innovation Fund The Innovate Fund and its subsidiaries are designated as Community Development Entities under the CDFI Fund’s regulations and have been recognized since inception $327 million in the allocation of tax credits for new markets. The Innovation Fund‘s mission is to provide investment capital to operate businesses and real estate development projects in low-income communities around the world Tennessee, Georgia, North Carolinaand South Carolina. The Innovation Fund‘s partners are the Greenville Local Development Corporation and the Tax Advantage Group by Cherry Bekaert.
About Greenville Local Development Corporation
Founded in 1979, Greenville Local Development Corporation (GLDC), a 501(c)(3) not-for-profit organization, was founded in Greenville, SC by a group of dedicated community and business leaders to address obstacles faced by businesses and community-based businesses are organizations involved in raising conventional financing. Since its inception, GLDC has worked to provide financial support, real estate development coordination and strategic guidance for economic development projects and business expansion.
About Cherry Bekaert’s Tax Advantage Group
Headquartered in Richmond, Virginia, Chery Bekaert’s (TAG) Tax Advantage Group is one of the nation’s most successful consulting firms specializing in emerging market tax credits, helping nonprofit and for-profit organizations gain access to capital and communities transform. Since 2004, TAG has been instrumental in raising more than $1.4 billion for community projects across the United States.
For more informations:
Emma Wyttprogram manager
SOURCE The Innovate Fund