The Innovate Fund Provides Necessary Financing for Container Technologies Industries

HELENWOOD, Tenn., March 9, 2022 /PRNewswire/ -- The Innovate Fund, a New Markets Tax Credits (NMTC) Community Development Entity, provided necessary financing to Container Technologies Industries in Helenwood, Tenn., to complete a major expansion project. The project is located in an Appalachian Regional Commission (ARC) Distressed Area with a poverty rate of 35.9 % and unemployment rate of 16.8%. It includes new construction and equipment purchases for the expanded 76,000-square-foot industrial facility to fabricate specialty nuclear waste containers, which are used to hold hazardous waste, materials, and equipment removed through the deactivation and demolition of contaminated facilities.

Container Technologies Industries President and COO Steve Fielden projects at least 20 new, permanent, full-time jobs will be added to the existing 39 employees at the project site. Employees will have access to opportunities including in-house training, wage progression, bonuses, and merit-based promotions. "The size of investment required for the capital improvements and purchase of new equipment would not have been feasible without the NMTC financing structure," Fielden said.

The Innovate Fund Operating Officer Laurel Tinsley said: "Strong partnerships with investors and companies such as US Bank and Pathway Lending allow companies such as Container Technologies to invest in industrial facilities that will create and retain quality jobs for people in the low-income community and non-metro areas that often struggle to secure traditional financing. The continued support of the New Markets Tax Credit program in Tennessee by U.S. Senator Marsha Blackburn allows this flexible and powerful financing tool to make a significant impact in our region and nationwide."

About The Innovate Fund The Innovate Fund and its affiliates are designated Community Development Entities under the provisions of the CDFI Fund, which since their inception have been awarded $327 million in allocation of New Markets Tax Credits. The Innovate Fund's mission is to service and provide investment capital for operating businesses and real estate development projects in low-income communities across Tennessee, Georgia, North Carolina, and South Carolina. The Innovate Fund's partners are the Greenville Local Development Corporation and Tax Advantage Group by Cherry Bekaert.

About Greenville Local Development Corporation
Founded in 1979, Greenville Local Development Corporation (GLDC), a 501(c)(3) non-profit, was established by a group of committed community and business leaders in Greenville, S.C., to address obstacles faced by businesses and community-based organizations in obtaining conventional financing. Since inception, GLDC has been working to provide financial assistance, real estate development coordination, and strategic guidance for economic development projects and business expansions.

About Tax Advantage Group by Cherry Bekaert
Headquartered in Richmond, Va., Tax Advantage Group by Chery Bekaert (TAG) is one of the country's most successful consulting firms specializing in New Markets Tax Credits, helping nonprofit and for-profit organizations access capital and transform communities. Since 2004, TAG has played an instrumental role in securing funding for more than $1.4 billion for community projects across the United States. 

For More Information:
Emma Wyatt, Program Manager
[email protected] 
276-451-8194

SOURCE The Innovate Fund