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SOURCE Enhanced Capital
NEW YORK, June 10, 2014 /PRNewswire/ -- Enhanced Community Development (ECD), a subsidiary of Enhanced Capital, was last week awarded a $50 million allocation under the Federal New Markets Tax Credit (NMTC) program.
The Federal NMTC program helps to create jobs and stimulate economic growth in low-income areas by providing tax credits that attract private investment into qualified businesses and projects. Since its inception, the program has helped Community Development Entities such as ECD create more than 500,000 jobs in low-income communities across the country.
"The Federal NMTC program is one of the most powerful tools available to leverage private investment to support economic growth," said Richard Montgomery, Managing Director of Enhanced Community Development. "We are thrilled to have received an allocation and look forward to using it to help small businesses in low-income communities access the capital they need to grow and create jobs."
Enhanced Community Development was one of 87 firms awarded part of the $3.5 billion total Federal NMTC Allocation available through the U.S. Department of Treasury in 2013. To date, ECD has received 11 federal and state NMTC allocations totaling $445 million.
"One of the primary goals of our firm is to provide financing to businesses in underserved markets," said Michael Korengold, President and CEO of Enhanced Capital. "This program fits in perfectly with those goals and supports investments that connect with our mission to create jobs and help grow local economies."
About Enhanced Community Development
Enhanced Community Development is a subsidiary of Enhanced Capital, a New York-based diversified private investment firm focused on established small and mid-sized companies overlooked by traditional sources of capital due to location or size. Since 2000, Enhanced Capital's funds have financed businesses through a variety of state and federal public-private investment programs, including NMTC programs and its federal SBIC fund. For more information, visit www.enhancedcapital.com.
This is intended for marketplace communication purposes only and is neither an offer to sell nor a solicitation of any offer to buy any securities, investment product or investment advisory services. This is not an offering or the solicitation of an offer to purchase an interest in a fund.
Nick Pandiscio on behalf of Enhanced Capital
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