Stonehenge Community Development Secures Major Funding Boost
Stonehenge Community Development Drives Economic Growth
Stonehenge Community Development, LLC, a prominent subsidiary of Stonehenge Capital Company, has been awarded a substantial tax credit allocation of $50 million through the New Markets Tax Credit Program. This remarkable funding is aimed at delivering innovative financial solutions to businesses located in economically distressed communities.
Innovation in Financing Solutions
This allocated funding will empower Stonehenge to prioritize investments that generate accessible and high-quality job opportunities while fostering inclusive economic development. The firm’s mission is to create significant impacts in communities that need it the most.
Success in the Competitive Arena
Selected from a competitive pool of 196 Community Development Entities (CDEs), Stonehenge has established itself as a leader in this field. With a total of fourteen awards since the program's inception, the company has consistently showcased its capability to deploy previous allocations effectively, having fully invested $860.5 million in 110 disadvantaged businesses across the nation.
Transformative Investment Strategies
According to recent findings, the U.S. Treasury has released $5 billion in allocations this year to 104 CDEs, promoting investment in low-income communities. Stonehenge is part of this extensive network, which is vital for stimulating economic growth. The New Markets Tax Credit Program is known to generate an impressive return, with every dollar invested by the federal government yielding $8 in private investments.
Voice of Leadership
L'Quentus Thomas, Senior Managing Director of Stonehenge Capital Company, expressed gratitude for the CDFI Fund's support, emphasizing the firm’s commitment to economic revitalization. This allocation will further enhance Stonehenge’s capacity to provide transformational capital to businesses operating in economically challenging areas.
About Stonehenge Capital Company
Founded in 1999, Stonehenge Capital Company is a nationally renowned impact investor focusing on the lower middle market. With over $1.4 billion in managed investments and $400 million in Assets Under Management, the company stands out in its approach and effectiveness. Stonehenge's commitment to providing financial solutions goes beyond just tax credits; they also offer traditional debt and equity financing to foster economic growth.
Media Relations
For media inquiries or further information about their initiatives, L'Quentus Thomas leads the communication efforts.
Frequently Asked Questions
What is the New Markets Tax Credit Program?
The New Markets Tax Credit Program is designed to encourage investment in low-income communities by providing tax incentives to private investors.
How does Stonehenge Community Development contribute to economic growth?
Stonehenge provides innovative and flexible financing solutions targeting investments that create accessible jobs and stimulate economic activity in distressed areas.
How many awards has Stonehenge received since the program's inception?
Stonehenge has received fourteen allocations since the start of the New Markets Tax Credit Program in 2002.
What impact does the NMTC Program have on private investment?
Historically, for every dollar invested by the federal government through the NMTC Program, it generates eight dollars of private investment.
How long has Stonehenge Capital Company been in operation?
Stonehenge Capital Company was founded in 1999 and has established itself as a leader in impact investing focused on community development.
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