Investment PlatformsThe Innovate Fund Provides $15 Million in New Markets Tax Credits to Arris Manufacturing in Clio, SC

The Innovate Fund, CDE managed by Greenville Local Development Corporation in Greenville, S.C. and taxadvantagegroup, has allocated $15 million in New Markets Tax Credits
Ashish Y. Ashish Y.January 31, 20204 min

A CDE (Community Development Entity), The Innovate Fund,  managed by Greenville Local Development Corporation in Greenville, S.C., and taxadvantagegroup, has assigned $15 M in NMTC (New Markets Tax Credits) for the $20.5 M acquisition and redesign of the former 162,000 square foot Baldor Electric facility in Clio, SC into a manufacturing plant for utilizing in the multi-family housing industry. Situated in a Persistent Poverty County, the project is expected to create 140 direct jobs in a census tract that demonstrates a poverty rate of 30.90% and a rate of unemployment of 24.3%, which is 2.93 times the national average.

With county-wide poverty of more than 20% for each of the past 30 years, Marlboro County has struggled with a shrinking population and high unemployment rates, ranking 4th worst out of South Carolina’s 46 counties for employment opportunities. The absence of employment was aggravated in the year 2016 when Baldor Electric, one of the largest areas of employers, shuttered its manufacturing facility and laid off the remaining employees at the website. Arris Manufacturing, LLC acquired the former Baldor Electric facility and is renovating and equipping it into a state-of-the-art manufacturing facility to produce modular housing units that will be used to construct multi-family housing projects across the southeast. fintech news

82% of the direct jobs created by Arris Manufacturing is expected to be accessible to residents with a high school diploma or less. All jobs give above-average salaries for the area, full-time working hours, and a full suite of advantages. Arris Manufacturing also offers a Skill Pay Program where employees can increase their wages by learning additional skills through on-the-job training.

Whitney Ferguson, Program Manager for The Innovate Fund, said,  “Marlboro County Government is committed to assisting Arris Manufacturing in every way possible so that the company and our workforce will prosper,” said Ron Munnerlyn, County Administrator and Economic Developer for Marlboro County, “We’re excited to see this innovative company get its start here with the help of the New Market Tax Credit program. As our second investment in a Persistent Poverty County, Arris Manufacturing is the exact type of project the NMTC program was created to help – a new operating business locating in a rural area with high unemployment and bringing with it good quality, accessible jobs. We are always grateful to our legislative delegation, including the U.S. Senators Lindsey Graham and Tim Scott, for their continued support of our organization and the NMTC program.”

Ashish Y.

Ashish Y.

Leave a Reply

Your email address will not be published. Required fields are marked *

We are one of the world’s leading Fintech-based media publication with our content strategized and synthesized to fit right into the expanding ecosystem of Finance professionals. Be it fintech live news, finance press releases, tech articles from Fintech evangelists or interviews from top leaders from global fintech firms, we give the best slice of knowledge topped up with the aptest trends. Our sole mission is to help tech and finance professionals step up with the rapidly emerging Fintech civilization and gain better insights to emerge victorious in every possible way. We adopt a 360-degree approach in order to cater to present a holistic picture of the fintech arena.

Our Publications

FintecBuzz, 2020 © All Rights Reserved