September 27, 2022
Community commitment is essential in overlooked, underserved areas. Conscious companies, policymakers and investors must work together to ensure employment opportunities exist to help create more economic equity across the country.
Power Gen Components understands the importance of community commitment.
The long-time Las Vegas manufacturer participated in the New Market Tax Credit program and partnered with Advantage Capital to pursue the growth required to keep 100 accessible jobs in the area and add 79 new employment opportunities in a highly distressed census tract with an unemployment rate nearly twice the national average.
Learn how New Market Tax Credits “put the fuel in the tank” that Power Gen needed to drive growth internally and in the Las Vegas area.
Power Gen is a niche manufacturer of precision-machined fasteners for power generation and oil and gas applications. Vegas Fastener Manufacturing produces nuts, bolts, socket head cap screws, and studs for various industries and machines. The two businesses were part of the same company until 2013 when Vegas Fastener was sold to a different group. New management struggled to integrate Vegas Fastener Manufacturing into its wider range of production companies and sales slipped. In 2018, the Vegas Fastener’s parent company sought to sell it off.
Fortunately, Power Gen Components had the capital to acquire its former affiliate, reuniting the two joint business lines. However, Power Gen lacked the additional capital required to drive growth and lasting impact. Enter: New Market Tax Credit program and Advantage Capital flexible financing.
Want to learn more about Advantage Capital’s approach to impact investing and how our investment model can help grow businesses? Download our annual impact report.
