April 6, 2017
On November 22, 2016, Advantage Capital announced that it was awarded an $80-million allocation in the federal New Markets Tax Credit (NMTC) program. Administered by the U.S. Department of the Treasury, this program helps economically distressed communities attract private investment capital. This brings Advantage Capital’s total awards to $739 million since 2001.
Advantage Capital, a leading small business finance firm, has invested more than $2 billion in more than 660 companies since 1992. These companies span a wide variety of industry sectors across the risk spectrum, and Advantage Capital’s investments have helped billions of dollars of investment capital flow into underserved communities across the country.
With this $80-million award, Advantage Capital is seeking to deploy this private investment capital in economically distressed communities nationwide, driving job growth, boosting local economies and strengthening communities.
Steven Stull, president of Advantage Capital, said the firm is “honored to have been selected again to be a part of this important program.” He added that Advantage Capital has “built an almost 25-year track record of public-private partnerships, focusing on fostering entrepreneurs and creating a significant positive impact in the communities where we invest.”
Treasury Secretary Jacob Lew, at the allocation awards ceremony, said, “By attracting private business and development to distressed communities, this tax credit spurs economic growth, creates jobs, and brings new services and opportunities where they are most needed.”
Further, Community Development Financial Institutions (CDFI) Fund Director Annie Donovan said, “For the past 15 years, we have seen how the NMTC improves the quality of life and economic prospects for low-income Americans.” Community Development Entities apply annually to the CDFI Fund to compete for NMTC allocations.
Advantage Capital will focus its newly awarded allocation in distressed communities in both urban and rural areas.
