New Markets Tax Credit Coalition

Search

Image Industries

In October 2021, AMCREF Community Capital provided $7.5 million of NMTC financing to Image Industries, Inc.

Investment

  • NMTC Amount: $7,500,000
  • Total Project Cost: $7,500,000

IMPACT

  • 77 FTE jobs
  • Estimated quantity of recycled content (carbon and stainless steel) to be utilized per year by the Clarksdale, MS facility is 1,071,000 pounds and 100% of Image’s scrap material is recycled.

Investor

Project Description

In October 2021, AMCREF Community Capital provided $7.5 million of NMTC financing to Image Industries, Inc. Image is a second generation, family-owned stud welding manufacturer formed in 1976. Stud welding is a process that joins fasteners to a base metal substrate. The end product is used in many applications including buildings and bridges, power distribution equipment, food service, and vehicle and ship building. Image began operations in Illinois but due to increased business taxes, sought $7.5 million in equipment and working capital to bolster operations after moving the business to Clarksdale, MS. After a national search, Image decided to lease a vacant building from the Clarksdale Economic Development Authority (EDA) in a Severely Distressed, Non-Metro census tract in Coahoma County which is both a Delta Regional Authority (DRA) distressed and Persistent Poverty County. Image products are produced from steel which contains a minimum of 85% recycled content, allowing them to utilize over a million pounds of recycled carbon and stainless steel per year.

MAP

Address: 1515 Desoto Avenue, Clarksdale, MS 38614

Census Tract: 28027950700

Other Mississippi Projects

Through partnerships with banks from inside and outside of the region, HOPE was able to use the NMTC Program to finance the construction of a new facility in a community
Rehabilitation of four historic buildings into a market-rate apartment community consisting of 55 rental apartment units, 12,906 square feet of ground floor commercial space, and 43 adjacent parking spaces.
Multi-Tenant Education and Technology Innovation Hub that expands coding-education and workforce training opportunities for an underserved diverse population in rural Mississippi.
Burnsville's 2013 unemployment rate of 35.4% was more than three times the national average.