MADISON, Miss.--(SECDE Ventures, LLC is pleased to announce the closing of New Markets Tax Credit (NMTC) financing in the aggregate of $18 million for construction of Resinall Mississippi’s (Resinall) new Hydrogenated Hydrocarbon Resin Unit at its manufacturing facility in Hattiesburg, MS.)--
Resinall’s project encompasses the efforts of numerous organizations across the country to finance high-impact projects in underserved communities. SECDE combined $12 million of its NMTC allocation with $6 million of NMTC allocation from MuniStrategies and $15 million of bond proceeds from Mississippi Business Finance Corporation (MBFC) to facilitate the completion of this facility expansion for Resinall. In addition to SECDE, MuniStrategies and MBFC, participating Mississippi firms include: Trustmark National Bank, Government Consultants, Equity Plus, LLC, Balch & Bingham, LLP (Jackson office), Jones Walker (formerly Watkins Ludlam), and Butler Snow, O’Mara, Stevens & Cannada, PLLC.
By shifting into this new market and as a result of the NMTC financing, Resinall will preserve 125 manufacturing jobs and create 10 to 20 new positions, in order to supply a portion of the increasing demand for hydrogenated tackifier resins (HTR). Current annual U.S. demand is estimated at 230 million pounds of HTR.
Resinall Corp is a manufacturer of thermoplastic resins/polymers used as binders and/or elastomer modifiers in a wide range of industrial applications. Resins are made from both natural and synthetic raw materials using numerous chemical reactions and process equipment.
Resinall combines its versatile resin chemistry and manufacturing capabilities with a wide range of raw materials to design cost effective and unique products. Unlike many companies, Resinall is not tied to specific raw materials or processes; therefore free to focus on the best solution. For further information, visit www.resinall.com.
About SECDE Ventures, LLC
SECDE, a 2010 recipient of $53 million NMTCs from the U.S. Treasury’s Community Development Financial Investment Fund, has a geographic focus within the low-income communities of Mississippi. SECDE utilizes the NMTC program to attract capital deployment into non-metro and minor urban communities by providing significant community impacts. SECDE looks to finance manufacturing facilities, healthcare facilities and other major commercial developments.
SECDE targets projects that create an instant economic impact with follow-on investments, employment growth, and additional tax revenues. For further information, visit www.secdeventures.com