WALLOWA, OR--(Marketwired - Jul 31, 2013) - BizCapital, the small-business lending division of Advantage Capital Partners, has provided $3.75 million in funding to Integrated Biomass Resources, a wood products manufacturer located in Wallowa. The project has been in development for a number of years and this critical funding, made available through the Oregon New Markets Tax Credit program, completes the funding the company needs to achieve their goal of helping with forest restoration while providing jobs and economic opportunity to rural Oregon. The funding will enable the Northeast Oregon-based company to create 10-14 new permanent jobs as well as eight construction jobs during the expansion of their current facility with more job growth expected in the future.
Integrated Biomass Resources produces a suite of products from wood biomass, creating value from material that would traditionally be underutilized. The company began producing bundled fire wood, wood chips and densified heat logs in 2009. Since then, they have grown to include pest-free fire wood, peeled round wood for posts, poles and rails as well as saw logs, pulp chips and sawdust.
"We've been working hard to bring our dream of forest restoration and economic revitalization together for a long time," said David Schmidt, president of Integrated Biomass Resources. "Thanks to BizCapital recognizing and believing in what we are doing here, and the vital expansion capital funding they are providing through the Oregon New Markets Tax Credit program, we are really going to make a difference."
Integrated Biomass Resources plans to expand its facility to accommodate new and existing equipment as well as increase its product offerings to include animal bedding shavings. The expanded facilities and new capabilities will dramatically boost efficiency, reduce waste and allow the company to time the production of specific products to meet the specific demands of the market.
The federal and Oregon New Markets Tax Credit programs are designed to enable job growth and retention in communities that historically have been underserved by traditional sources of investment capital.
"Integrated Biomass Resources is and has been central to our efforts to respond to timber mill closures and create an environmentally and economically sustainable future path for our community," said Wallowa County Board of Commissioners Chairman Mike Hayward.
Hayward also serves on the Board of Wallowa Resources, whose mission is to develop, promote, and implement innovative solutions to help the people of Wallowa County and the Intermountain West sustain and improve their communities and their lands.
About BizCapital and Advantage Capital Partners
BizCapital (www.biz-capital.com) is Advantage Capital's non-depository financial institution offering competitive loans to small and medium-sized companies. BizCapital is recognized as a leading government-guaranteed lender, helping small-to-mid-sized businesses grow and prosper, while fostering stronger economic growth in local communities. With offices in St. Louis, New Orleans and Jackson, BizCapital invests across many types of businesses and offers loans from $500,000 to $10 million in the form of SBA, USDA, mezzanine, and well-secured real estate loans. http://www.advantagecap.com/
About the federal New Markets Tax Credit program
The federal New Markets Tax Credit program, administered by the U.S. Department of the Treasury, encourages private-sector investment in economically distressed communities through tax incentives. In a highly competitive allocation procedure, the Treasury Department awards the tax credits based on applications submitted each round. Applications are evaluated based on the submitting organization's experience investing capital; experience in and strategy for raising capital; strength and depth of management team; and expected community impact of the business plan. Since the program's inception, the Treasury has awarded more than $36.5 billion in allocations.
Contact Information:
Contact:
Rob Monsees
Advantage Capital Partners
(314) 732-4393