COLUMBUS, Ohio , Sept. 23, 2024 /PRNewswire/ — The U.S. Department of the Treasury’s (Treasury) Community Development Financial Institutions Fund (CDFI Fund) awarded Stonehenge Community Development, LLC (Stonehenge), a subsidiary of Stonehenge Capital Company, LLC, a $50 million tax credit allocation through the calendar year (CY) 2023 round of the New Markets Tax Credit Program (NMTC Program).
Stonehenge will use this allocation to offer innovative and flexible financing solutions for businesses located in economically distressed communities across the United States . The firm prioritizes investment opportunities creating accessible, high-quality jobs and locally inclusive economic impact.
Treasury selected Stonehenge from a pool of 196 designated Community Development Entities (CDEs) in a competitive application process. With the CY 2023 announcement, Stonehenge has received fourteen total awards since the NMTC Program’s first allocations in CY 2002, making it one of the most successful CDEs in the country. Stonehenge has deployed one hundred percent of its previous $860.5 million total NMTC Program allocations, investing capital in 110 disadvantaged businesses nationwide. The CY 2023 award will allow Stonehenge to drive a high-impact investment strategy, providing flexible, non-conventional financing to businesses located in low-income communities.
“We thank the CDFI Fund for this award and the priority that it establishes to stimulate positive economic development in distressed communities across our nation.” said L’Quentus Thomas, Senior Managing Director. “Our team proudly looks forward to continuing the important work of providing transformational capital to the businesses and communities that need it most.”
According to the CDFI Fund, in 2023 the US Treasury awarded $5 billion in NMTC Program allocations to 104 CDEs that will spur investment and economic growth in low-income urban and rural communities throughout the country. Historically, for every $1 invested by the federal government, the NMTC Program generates $8 of private investment. The CDFI Fund has made 1,667 allocation awards totaling $81 billion in tax credit authority since the program’s inception.
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About Stonehenge Capital Company:
Founded in 1999, Stonehenge Capital Company, LLC (“Stonehenge”) is a nationally recognized impact investor focused on providing transformational capital to lower middle market operating companies. Stonehenge operates one of the largest and most successful federal and state New Markets Tax Credit practices in the industry, managing over $1.4 billion in investments across U.S. distressed communities. The firm also provides traditional debt and equity financing through state-targeted small business investment funds, with over $400 million in Assets Under Management. In 2020, Stonehenge raised a $224 million fund under the U.S. Small Business Administration’s Small Business Investment Company (“SBIC”) Program. The SBIC, the Stonehenge Community Impact Fund, L.P., provides senior term financing to businesses operating in areas targeted for economic revitalization nationally.
MEDIA CONTACT
L’Quentus Thomas
lthomas@stonehengecapital.com
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SOURCE Stonehenge Capital Company