Thanks to financing from Mazuma Credit Union, American Performance Technologies, a manufacturer of small engines, will expand its facility and create 88 new jobs in the Kansas City metro area.
The $450 million credit union in Kansas City, Mo., said it will provide $3 million in debt financing as part of an overall $7.7 million investment made by APT.
The funding will be used to expand APT’s operations facility located in the former Montgomery Ward store at Bannister Mall near I-435 and Bannister Road in south Kansas City. The company manufactures small engines used for motor, power sports and lawn equipment.
APT qualified for financing under the New Market Tax Credits program, a federal tax program designed to help direct the flow of capital into low-income communities, by providing corporations with a tax credit incentive, and by using a qualified Community Development Entity as part of the economic package, according to Mazuma.
Since 2010, CDE has financed more than $50 million in investments for low-income communities in Kansas City.
“Mazuma is honored to provide resources to an organization that will give so much back to the Kansas City metro area, in the form of new jobs and other very important economic activity,” said Brandon Michaels, president/CEO of Mazuma.