Heartland Renaissance Fun, an affiliate of The Arkansas Capital Corporation Group, is set to provide $10 million in New Markets Tax Credits to SGL Group’s Ozark, Ark. manufacturing facility to replace the current operations with a new state-of-the-art graphitization process for the manufacture of graphite electrodes, which are used for the production of steel in electric arc furnaces. The $10 million New Markets Tax Credit financing is part of a $26 million overall investment at the plant. This investment will yield cleaner technology, reduce energy consumption by approximately 20% and have a considerable impact on the competitive position of SGL Group, as well as allow the company to retain jobs and strategically position themselves for the future in Ozark. SGL Group’s Ozark plant, which began operations in 1981, employs more than 90 people with substantially higher wages than the average of Franklin County. “High tech manufacturing projects like SGL Group are invaluable to the economy of the state and provide valuable jobs to the community,” said C. Sam Walls, chairman of the board for Heartland Renaissance Fund. “The Heartland Renaissance Fund is the only Arkansas-based New Markets Tax Credits program dedicated solely to Arkansas-based economic development, and it is critical to ensuring Arkansas businesses have access to the capital needed to both expand and remain competitive. We are excited to be working with SGL on this project.” The new SGL Group facility is expected to be completed by June 2015. Arkansas Capital Corporation Group (ACCG) is a privately held group dedicated to improving the lives of Arkansans. ACCG and its affiliate companies empower entrepreneurs by providing capital to businesses through its capital availability programs and advocating for entrepreneurs through capital, educational and technological improvements. ACCG serves as the platform from which new opportunities are launched and today includes eight affiliates including Arkansas Capital Corporation (ACC), Six Bridges Capital Corporation (6BCC), Arkansas Capital Relending Corporation (ACRC), Arkansas Economic Acceleration Foundation (AEAF), Diamond State Ventures (DSV), Heartland Renaissance Fund (HRF), Connect Arkansas, and Pine State Capital (PSC). Heartland Renaissance Fund, established in 2002, is a private, for-profit corporation dedicated to stimulating economic activity in disadvantaged areas in Arkansas through the use of New Markets Tax Credits. Heartland has received a total New Markets Tax Credit allocation of $200 million and is working with private and public sector leaders to use these credits to deploy low-cost capital to businesses throughout Arkansas.
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