Welcome to the Finance Fund Blog!
The New Markets Tax Credit (NMTC) program is one of Finance Fund’s strongest resources. Today, we received the long awaited news that the U.S. Department of Treasury awarded us $40 million in NMTC. This is the eighth round of NMTC funding we have received, totaling $240 million since 2004. The NMTC funding fuels our New [...]
Small business owners and entrepreneurs often contact Finance Fund after they’ve been turned down for a traditional bank loan. We work hard to find ways to partner with traditional lenders and leverage grants and other forms of funding to make financing for these folks possible. It’s often difficult, complex work, but extremely rewarding. Finance Fund [...]
Finance Fund is pleased to award $12.8 million in federal and $2.56 million in state New Market Tax Credit (NMTC) financing to Ironville to expand operations at the Toledo Port’s Midwest Terminal. PNC New Markets Investment Partners, LLC, the investor, provided an additional $2.5 million federal allocation. The new construction project is located in a [...]
The tax credit community can breath a sigh of relief and look forward to a better New Year with the news that President Obama signed legislation on a number of tax extender provisions including the New Markets Tax Credit. H.R. 8, the American Taxpayer Relief Act of 2012 extends NMTC for two years, allocating $3.5 [...]
James Klein, Finance Fund CEO, has been elected to a seat on the Executive Committee of the New Markets Tax Credit Coalition (NMTCC). The 48-seat board is comprised of members from leading organizations that utilize NMTC, lending institutions, investors, and business professionals. Klein’s duties include advising on policy and regulatory issues that affect the use [...]
Ohio Department of Development Director Lisa Patt-McDaniel today announced that $10 million in Ohio New Markets Tax Credits are being made available to four Ohio entities, including Finance Fund, to spur economic investments of at least $25.6 million across Ohio. The program helps finance business investments by providing state tax credits to investors for below-market-rate [...]
On October 7-8, 2010, key staff joined the Finance Fund board of directors for a retreat held at the Clarence D. Lumpkin Point of Pride Building in Columbus. A Finance Fund New Markets Tax Credit project in 2007, the location perfectly punctuated one of the overall retreat goals, which was to allow the board of [...]
On May 27, in Jackson, Ohio, my staff and I ventured to picturesque Jackson, Ohio, located in the Appalachian foothills, to celebrate the economic development success of another fruitful partnership—Ohio Basic Minerals. Patrick McDonald, Ohio Basic Minerals CEO, and Jeff Schrader, founder of the original Schrader and Sons Sand and Gravel, spoke to the crowd [...]
This week we’re seeing our mission and values come to life as we celebrate another success story. Ohio Basic Minerals (OBM), a sand and gravel company in Appalachia’s Jackson, Ohio, is holding their grand re-opening Thurs., May 27. OBM is celebrating its newly expanded and revitalized facility. The project created 35 construction jobs, retained seven [...]
Finance Fund utilizes the New Markets Tax Credits (NMTC) program to fund many worthy projects in some of the most distressed areas of Ohio. In fact, as shared in previous posts, we have more than $50 million in NMTC for development projects throughout the state. We’ve had several NMTC success stories in the past few [...]
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