Fort Worth-based Rhino Health USA, Inc. today announced the closing of a $58 million New Markets Tax Credit (NMTC) transaction that will help fund the company’s $200 million investment for its large-scale manufacturing expansion in North Texas. As the only domestic manufacturer of nitrile rubber gloves, Rhino will use the 400,000 square foot facility in Majestic Fort Worth South Business Park to produce 3 billion gloves per year.
This will be Rhino’s largest manufacturing facility to date and will also house the company’s corporate headquarters. Rhino’s investment will eventually bring approximately 520 new quality jobs to Fort Worth and will exponentially increase the company’s production output. Additionally, as nitrile gloves play a major role in Personal Protective Equipment, this expansion significantly strengthens the Made in the USA PPE supply chain infrastructure.
The NMTC financing will be used to fund nitrile glove manufacturing equipment and working capital and was made possible by five Community Development Entity Lenders: Texas Mezzanine Fund, Stonehenge Community Capital, Prestamos CDFI, Pacesetter CDE and MBS Urban Initiatives. U.S. Bancorp Community Development Corporation, the community investment and tax credit division of U.S. Bank, is participating as the NMTC investor. Project structuring and support was provided by Jennifer Veal, President and CEO of Community Inspired Capital Development, LLC and the Law Office of Mark D. Foster.