Finances the renovation of two buildings -a 32,000 sq. ft. warehouse and a 71,000 sq. ft. manufacturing facility and office -plus the purchase and installation of equipment for Green Current Technologies. GCT is a one-of-a-kind, start-up company created to help alleviate the impacts of plastic pollution by manufacturing plastic products, primarily pallets, out of 100% recycled polyethylene. start up manufacturing company working to alleviate the impacts of the global plastic pollution epidemic by developing and manufacturing plastics products, primarily pallets, out of 100% recycled plastic, each containing a portion of Ocean Waste Plastic sourced by river cleanup events within the Mississippi River watershed.
The effort will create 46 permanent jobs and 157 construction jobs by repurposing a former manufacturing facility that includes a 71,000 sq. ft. production factory, and a 32,000 sq. ft. warehouse. Central States was able to source $10 million of federal NMTC and $10 million of state NMTC to close the financing gap for the $16 million project within a highly distressed census tract. Once complete, employees will be eligible for downpayment and closing cost assistance to go towards a purchase of a East Moline home.