Turned Away by its Lender, Metalformer Finds a New Funding Source
July 1, 2011Thiel Tool & Engineering, a woman-owned metalforming company in St. Louis, MO, received $3.2 million in financing as part of the New Markets Tax Credit (NMTC) program. The federal program is designed to “spur new or increased investments into operating businesses and real-estate projects located in low-income communities.” Thiel received the financing from BizCapital, the business-lending division of Advantage Capital Partners, after having been turned away by its existing lender. The metalformer recently completed a 30,000-sq.-ft. addition to its 70,000-sq.-ft. plant. It employs 50 people, and serves the automotive, transportation and construction markets. The NMTC program is set to expire in 2011.
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