NMTC financing to enabled HALO, a distributor of promotional products across various categories including technology, auto, trade show items, and wellness and safety products, to construct a new 276,315-square-foot warehouse building in Sterling, IL. The Project will enable HALO to retain 582 existing jobs at its Sterling, IL facility, create an additional 350 jobs, and remain competitive in the marketplace. The jobs pay a weighted average salary of $17.35 per hour, and more than 91% of the positions are accessible to persons with educational attainment equivalent to a high school diploma. The NMTC subsidy provided by SCORE was required to enable the Project to move forward immediately due the Sponsor’s high working capital needs and limited amount of cash available due to a recent expansion.
The Project is in direct alignment with the Whiteside County, Illinois Comprehensive Plan 2014-2035 (the “Plan”). Of community residents polled for the Plan, economic development as well as job creation were the most important issues. Further, residents expressed concern over the limited job prospects available within the community and low workforce retention in the area. Additionally, when asked about how to improve the quality of life for Whiteside County, over 75% replied they saw a need for an increase in employment opportunities and more than 87% stated that the availability of different employment opportunities was lacking. Results of the survey also indicated that 90% of the community were in support of the development of transport industrial (warehousing and distribution centers) and industrial establishments.