Ampro

NMTC financing supported the Ampro project.

Investment

  • NMTC Amount: $8,000,000
  • Total Project Cost: $10,700,000

IMPACT

  • 84 FTE jobs

Investor

Project Description

The Ampro project utilized $8 million in New Markets Tax Credit (“NMTC”) allocation to help finance the expansion and reequipping of a hair product manufacturing facility located in a severely distressed census tract in Memphis, Tennessee to meet increased need for the company’s multicultural hair care product. The transaction is expected to create at least twenty-five (25) new full-time jobs, almost all of which are anticipated to be filled by residents of the surrounding low-income community, which has an unemployment rate of 30%. Ampro will pay salaries that are 110% to 200% above the average living wage for the community in which the project is located, as well as provide comprehensive benefits for its employees.

MAP

Address: 6465 North Quail Hollow Rd, Memphis, TN 38120

Census Tract: 47157021311

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NMTC financing supported the Ampro project.
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