CREATING JOBS IN THE RURAL MIDWEST

Schwartz Redi-Mix
Grand Rapids, Minn.

Situation:

A rural Minnesota excavation and cement supplier wanted to acquire and update a concrete plant facility, which would expand employment opportunities in an community where good new jobs were scarce.

Solution:

Schwartz Redi-Mix appealed to the Minnesota Community Capital Fund (MCCF), who partnered with CRF. While New Markets Tax Credit (NMTC) loans are often placed in urban areas, the $700,000 NMTC loan from MCCF and CRF proved it could be an option for rural communities, too.

Benefits:

The company used the funds to transform its former plant into a computerized, state-of-the-art facility. As a result of the project, 22 jobs were retained, and 10 new jobs were created in an area the Minnesota Department of Employment and Economic Development had designated a “Job Opportunity Building Zone.”