Loan at a Glance:
PCG’s work with IFF provides a $1,000,000 pari passu participation in a $7,489,600 New Market Tax Credit (NMTC) source loan. This loan funds a portion of Workforce’s NMTC leverage loan to an NMTC investment fund, supporting the acquisition and construction of a new headquarters and recycling center. NMTC funding includes $3,650,400 NMTC equity ($5,070,000 NMTC allocation from the City of Indianapolis, priced at $.72).
Project Summary:
The project creates job opportunities in a census tract experiencing severe economic distress (44.4% poverty rate, 35.6% AMI, and 15.7% unemployment), including the creation of 20 to 40 new permanent FTE jobs; retention of over 17 permanent FTE jobs; doubling Workforce's transitional job program to 200 participants per year; and the creation of an estimated 117 construction jobs.
Borrower Summary:
Workforce, Inc., a nonprofit corporation, recycles metals and provides jobs and workforce development for high-risk populations in Indianapolis.
Loan Result:
The project provides assistance for ex-offenders with re-entry into the community and Workforce. Participants in the transitional jobs program receive services and support in an effort to place them in permanent positions, either internally or outside the organization, through the organization’s staffing affiliate, Keys2Work. Participants receive industry-recognized credential training, mental health and substance abuse treatment, job development and placement services, and other support as necessary.