HRIF provides $10M in New Markets Tax Credit Allocation to Support CR Metal Products, Inc.
Allocation to be used for inventory, payroll at Pagedale location
Heartland Regional Investment Fund, LLC (HRIF), a subsidiary of St. Louis Economic Development Partnership (STL Partnership), provided $10 million in New Markets Tax Credits (NMTC) allocation for CR Metal Products, Inc. resulting in more than $2.54 million in gross proceeds to support the business. The custom metal fabricator will use the allocation for inventory and payroll at its location in Pagedale, Mo., which is expected to assist in the company’s ability to increase capacity, hire additional employees, service a larger client base and grow revenue.
“We are pleased to be able to provide New Markets Tax Credits for C. R. Metal Products, which has been a leader in our region’s manufacturing industry for nearly 80 years,” said Jeff Colona, director of New Markets Tax Credits at STL Partnership. “This allocation will help them improve capabilities at their Pagedale location with the goal of increasing revenue and job growth at the company overall.”
“Jeff Colona and the entire team at STL Partnership were extremely helpful from the beginning of the process to the end,” said Gary Prindiville Jr., majority owner, president and chairman of CR Metal Products. “Jeff’s team worked closely with our CEO Dan Jackson, our COO Cheryl Wood and our top-notch team at Royal Banks of Missouri to get this transaction done. Demand for our services has increased sharply as the tariffs drive more fabrication work back to the U.S. from overseas. This funding will help us increase the volume of quality parts that we fabricate and ship on time to our customers.”
CR Metal Products, which has been providing custom metal fabrication and finishing since 1946, operates two locations in St. Louis County: a 100,000 square-foot facility in Creve Coeur, Mo., and a 27,000 square-foot facility in Pagedale. The company’s fabrication services include laser cutting, forming, punching, welding, powder coating and silk screening in support of 14 different industries. CR Metal Products serves over 120 customers, including Fortune 500 global manufacturing companies in a geographic sales area covering 23 states.
The U.S. Department of the Treasury Community Development Financial Institutions Fund gives Community Development Entities (CDEs), which includes HRIF, the authority to issue tax credits in exchange for equity investments that are used to provide loans to businesses in low-income communities. HRIF provides financing to projects in distressed communities located in the areas supported by its members, consisting of the City of St. Charles, Southwest Illinois Development Authority and STL Partnership. Eligible areas HRIF serves are St. Louis and St. Charles Counties in Missouri, plus Bond, Clinton, Madison and St. Clair Counties in Illinois