DVCI’s New Markets Tax Credit allocation assisted in the acquisition of machinery and equipment to be used in the nearly 1,000,0000 sq. ft. tire manufacturing facility, which is located in rural West Point, MS. The project will restore the employment base of this community, devastated by the loss of 1,050 jobs due to a plant closing in 2007.

With an unemployment rate of 19.5%, 2.47 times the national average, the tire manufacturing plant created 429 permanent, full-time, quality jobs, as well as approximately 1500 construction jobs. Over 80% of the permanent positions are filled by residents of the low-income community. Yokohama Tire Corporation works closely with the East Mississippi Community College and the Workforce Investment Network to develop employment recruitment and job training programs.

Valley National Bank acquired the New Markets Tax Credits. Additional NMTC allocation was provided by Midwest Renewable Capital, LLC ($8,000,000) and Community Impact Fund, LLC ($6,500,000) through a separate investor.