Financing for a manufacturer and engineer of parts for the medical and aerospace industry.
With more than ten years industry experience and a handful of employees, Longleaf has achieved major goals as a successful machine shop producing top quality parts with on-time deliveries. Located in Brewton, Longleaf began their business by machining compound bow risers, cams, wheels, mods, limb pockets through provides full service, close-tolerance contract machining with the use of computer numerically controlled and manual machines. Their focus on quality has permitted them to meet their customers’ needs in market segments such as archery, firearms, mining, off-road, oil and aviation industries. Longleaf produces high quality original equipment manufacturer parts (OEM) designed to perform and fit factory specifications that increase the operational life of equipment. These products provide high quality, cost cutting solutions for local industries. Seeing opportunity in the industry, Longleaf diversified their business model in the development of specialized parts for their customers. With an increase volume of business and a need to improve energy and operational efficiency, Longleaf required financing assistance for equipment and facility upgrades. Through New Market Tax Credits, UB Community Development was able to provide this small business with the adequate funding needed to complete their desired upgrades. These upgrades improved ability to increase quotes on potential projects that were otherwise not available in the past. Additional benefits include facility updates conversion to all LED lighting. With less than 10% of the power used by regular lighting actually converted to visible light, this facility now uses 50% less electricity than traditional lighting, resulting in substantial savings in energy costs.
Memphis-based Monogram Food Solutions is receiving an investment of more than $7.6 million from U.S. Bank. The funding, which is in the form of tax credit equity, will go towards Monogram Food’s planned expansion of its Martinsville, Virginia, production facility. The entire project, which is budgeted at $55 million, will include a 54,000-square-foot addition to the existing manufacturing plant. Monogram Food Solutions produces its Wild Bill’s, Trail’s Best, Hannah’s, Bull’s, Bass Pro Shop’s Uncle Buck’s, Team Realtree, Enjoy and Hickory’s Best meat snack brands in Virginia. Monogram is investing more than $36 million in the project, which it began raising capital for in the fall. “Monogram Foods is excited to be expanding production and adding jobs in Martinsville,” said Ches Jackson, president of Monogram Supply Chain. “We have an excellent workforce with a dedication to consistently high quality products, safety and efficiency.” The $7.6 million is being raised from federal New Markets Tax Credits. Greenline Ventures LLC, through one of its community development entities, designated the tax credits for the plant expansion. When the project is completed, it will create 200 jobs in Martinsville, which has the highest unemployment rate in Virginia. “Overall, this investment is a strong fit with Greenline’s strategy to fill capital gaps hindering growth of economically sustainable operating businesses that will specifically benefit low-income communities,” said Randy Kahn, executive vice president of Greenline. Construction on the project is expected to be completed by December.
The intersection at Fremont Street and Martin Luther King Jr. Boulevard in Notheast Portland had long been the site of criminal activity and a long-vacant corner market. The location was identified by the City’s redevelopment agency as a potential gateway to the King neighborhood and the rapidly-changing Albina area. The Fremont Building, completed in 2007 by local minority developers, incorporates 9,500 SF of ground floor restaurant and retail, upper-floor office space, and parking.