Detroit, MI (2016)
The PrivateBank, through its subsidiary, Midwest Industrial Redevelopment Fund, announced it provided $2.5 million in financing to Alco Products, LLC, in Detroit to increase production capacity and create new living-wage jobs.Alco Products received low-cost financing through The PrivateBank’s participation in the New Markets Tax Credit program. Alco Products produces waterproofing and roofing products for residential and commercial applications. Alco’s 100,000-square foot facility is in a distressed area of Detroit, where the poverty rate in the neighborhood exceeds 38 percent. Alco Products is committed to providing important job opportunities for area residents and expects to create nine new full-time jobs as a result of the expansion.