Turned Away by its Lender, Metalformer
Finds a New Funding Source
Thiel 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; www.thieltool.com. Learn more about the NMTC program, set to expire in 2011, here.