Ohio Governor’s Office

August 9, 2010

Governor, Freeport Press announce 40 new jobs in Harrison County

Columbus Business First

August 9, 2010

Freeport Press adding 40 jobs through state-aided expansion

WTRF Channel 7 News

August 9, 2010

Harrison County’s largest employer announces additional job opportunities

Times Reporter

August 9, 2010

Pressing Forward

Herald Star

August 10, 2010

Freeport Press getting boost from the state

Times Leader

August 10, 2010

Governor tours Freeport Press

WTOV Channel 9 News

August 9, 2010

Freeport Press to add 40 new jobs in Harrison County

99.9 FM WTUZ

August 9, 2010

Area Company announces plan for expansion

“We are working every day to help businesses create new opportunities and new jobs in Ohio. In recent months we’ve seen job growth in Ohio again because in recent years we’ve been investing in growing Ohio industries and jobs that can’t be outsourced,” Strickland said. “The Freeport Press is already the largest private employer in Harrison County, and the addition of another state-of-the-art printing press is expected to create 40 new jobs. We’re proud to have provided a loan to help make this new equipment purchase possible.”

Congressman Zack Space adds “Being creative, innovative, and industrious is critical to bringing jobs to our region — and Freeport Press has shown those qualities impressively. They’ve been aggressive in making new investments and they’ve had the ingenuity and smarts to capitalize on emerging trends in the publishing industry. Working with Freeport Press has been a joy – and our joint effort to bring new jobs to Harrison County represents a perfect partnership between business and government.”

Financing for the project was made possible by Finance Fund, which provided $6 million in New Markets Tax Credits by partnering with the Ohio Department of Development and PNC bank.

“The Freeport Press plays an important role in the region’s economic vitality,” said James R. Klein, CEO of Finance Fund. “By connecting Freeport Press to necessary funding, we are helping to sustain its growth and provide additional opportunities for employment to the residents of Harrison County.”

According to Freeport Press CEO and Owner, David Pilcher, the printing press will enable the company to expand the clients its serves beyond the region.

“This new state-of-the-art printing press enables the Freeport Press to better serve its existing clients while creating a wonderful opportunity to grow the business,” Pilcher said. “It also ensures job stability for our valued employees and their families.”

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 of local and state dignitaries, Ohio Basic Minerals employees and business partners. Mr. Schrader cut the ribbon to symbolize the grand opening of the newly revitalized and renovated facility, funded by more than $2.45 million from our Finance Fund Capital Corporation (FCAP) and New Markets Tax Credits (NMTC). The event made a splash in the media—read more about Ohio Basic Minerals’ success and exciting new developments

Columbus Dispatch
May 24, 2010
Minerals plant expansion to lead to 30 new jobs

Jackson County Times-Journal
May 25, 2010
Ohio Basic Minerals celebrates expansion

Columbus Business First
May 28, 2010
Finance Fund helps sand, gravel maker expand in southeast Ohio

Jackson County Times-Journal
May 28, 2010
OBM celebrates plant expansion

Finance Fund was able to provide more than $2.45 million from our Finance Fund Capital Corporation (FCAP) and the New Markets Tax Credits (NMTC) resources for expansion and new equipment for the sand and gravel facility. This will not only help OBM compete in new markets and increase revenue, but will enable the company to hire new employees and stimulate Jackson’s economy.

This Thursday we’ll proudly join OBM in celebrating the new facility with a ribbon-cutting ceremony, tours of the facility and special before and after displays. Several local and state dignitaries will be in attendance, in addition to company CEO, president, employees and business partners.

Here’s to Ohio Basic Minerals—another Ohio economic development success story!

According to the New Markets Tax Credit Coalition,  last week, the House and Senate were working on a tax extender agreement that may also include certain small business tax and infrastructure provisions.

Both Chambers have passed H.R. 4213, the Tax Extenders Act of 2009, which both include $5 billion in Credit authority for New Markets in 2010, and other individual and business tax provisions. In addition, the House recently passed the Small Business and Infrastructure Jobs Tax Act of 2010 (H.R. 4849) which included Alternative Minimum Tax (AMT) relief for NMTC investors on Qualified Equity Investments (QEIs) made from March 15, 2010 through January 1, 2012. This bill also included an extension of Recovery Act terms for Build America Bonds through 2013 (estimated to cost $7.5 Billion) and exemptions from AMT for interest earned on tax-exempt and other private activity bonds.

According to the NMTC Coalition, last week the House began working on an extender package for HR 4213, which contains NMTC extension and potential provisions included in the HR 4849, including Build America Bond provisions and AMT relief for New Markets. “One of the reasons for this piecemeal approach is that some of these provisions (although not NMTC) are controversial and unlikely to win approval in the Senate Finance Committee.”

We look forward to the outcomes of these votes in hopes that NMTC extensions are granted to sustain and strengthen this vital program that has provided important development resources to numerous Ohio businesses and neighborhoods. For more information, visit www.NewMarketsTaxCreditCoalition.org.

On Wed., April 21, we proudly hosted several state legislators, community leaders and Finance Fund project partners at the Capital Club in downtown Columbus. It was an excellent opportunity to share how Finance Fund has positively impacted some of the state’s most distressed communities.

We highlighted four partnership “success stories,” including Ohio Basic Minerals in Jackson; Save-a-Lot grocery store in Columbus; Noble Learning Center in Caldwell; and Miami Valley Child Development Centers (MVCDC) in Dayton. Each project touted key Finance Fund goals – job creation, safe childcare access and neighborhood revitalization.

We shared important information about the New Markets Tax Credits (NMTC) program. Last October, we were awarded $50 million in NMTC funding, with $30 million designated specifically for non-metropolitan, rural areas in Ohio. Funding is still available for qualifying projects – we strongly urge those interested to contact us for more information on a possible partnership with us.

We thank our distinguished guests for their presence, and look forward to new partnerships that will lead to more jobs, revitalized communities and safer access to care.

The NMTC program is an important community revitalization tool that has generated significant support from the Obama Administration, which recently proposed authorizing NMTC at $5 billion in 2010 and 2011 (see my recent post for more). Through this program, emerging markets receive the benefit of access to more capital investment, lowered interest rates, lowered risk to lenders, and investment in the community. It’s a win-win for everyone.

Are you part of a distressed community that is in need of development funding? We are now accepting proposals from developers, community lenders and businesses interested in applying for part of $30 million in NMTC loans for rural and non-metropolitan areas. We’d love to hear from you and how we might partner together. Learn more about a few of our NMTC success stories – Save-a-Lot grocery store in Columbus, and Ohio Basic Minerals in Jackson, Ohio. Both utilized NMTC funding to create jobs, expand offerings and revitalize distressed parts of their respective communities. We look forward to seeing how we can assist you in these ways with New Markets Tax Credit funding.

We are characteristically small business lenders and have been for more than 23 years.

Our mission is to move resources into low-income communities. We have experienced growth in assets (from $50,000 in 1989 to $160 million in 2009) and have funded more than 2,400 projects that have resulted in significant impact and dramatic increase in demand.

Due to this demand, Finance Fund has begun the careful exploration to purchase a national bank charter. The bank would be an affiliate of Finance Fund and will maintain the mission of Finance Fund, which is to invest in distressed communities. Its purpose will not be to compete with other local, regional and statewide banks. Simply, the purchase of a bank will enable us to maintain our altruistic mission and collaboration with a bank’s profit mission.

On Feb. 18, 2010, the inaugural meeting of the BISC (Bank Initiative Steering Committee) was held.  This group of experienced, mission-focused individuals debated at length, the pros and cons of types of banks, timing and potential obstacles to this endeavor.  It was unanimously decided that a professional consultant would be sought-out to guide the BISC through the process of potential bank identification, and acquisition.  To that end, an official RFP has been issued.  The RFP, which can be found here, details the scope of work and minimum requirements desired of prospective candidates.

This begins yet another exciting chapter for Finance Fund.  As this exploration unfolds, look for further details of our progress.

Jennifer Deuber (Director of Communication) and Valerie Heiby (Director of Development) were with me on the trip and in spite (or because) of their best efforts I was re-elected to the Coalition’s board of directors. In addition the board, through some slip-up in procedure, ended up electing me as Treasurer of the board. Though I ran a covertly non-existent campaign that backfired, I am honored to accept this role.

It is an exciting time for CDFIs. They are being identified and recognized as a part of the nation’s financial services industry that has long been a stable and credible provider of community lending. That recognition is resulting in additional resources and confidence as a player in economic recovery of the country. We heard at the Institute that the Obama administration believes that CDFIs have a key role in recovery and ongoing community stability. It is our hope that Congress will come to the same conclusion.