UP Paper

New Markets Tax Credit Coalition

Manistique,
MI
(2020)

UP Paper

Business Development, Manufacturing, Rural

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

Investment

NMTC Amount: $8,000,000
Total Project Cost: $11,740,000

IMPACT

111 FTE jobs

CDEs

Michigan Community Capital

Investor

Chase

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.

MAP

Address: 402 West Elk Street, Manistique, MI 49854

Census Tract: 26153000300

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