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UP Paper

Manistique, MI (2020)

NMTC financing supported equipment upgrades for a recycled paper manufacturer and paper mill.

COMMUNITY IMPACT
  • 111 FTE jobs
FINANCING SOURCES
  • NMTC amount: $8,000,000
  • Total Project Costs: $11,740,000
  • CDE:
PROJECT LOCATION

402 West Elk Street

Manistique, MI 49854

Project Description

NMTC financing supported equipment upgrades for a recycled paper manufacturer and paper mill. The new financing supported the ongoing development and improvement of the Manistique-based paper company’s operations.

The refinancing consisted of two components: an allocation of Federal New Markets Tax Credits from Michigan Community Capital, which provides favorable terms for businesses investing in defined economically distressed regions; and conventional term and revolving credit facilities with JPMorgan Chase.