Credit Union Investment Helps Plant Modernize
A leading international producer of power lawn, garden and landscape tools will improve and modernize an Arkansas manufacturing plant with funds from a credit union's participation in an economic development program.
The Husqvarna group is a multinational manufacturer of chainsaws, power mowers, garden tractors, chainsaws and trimmers with a plant in Nashville, Arkansas. An investment of $10 million from the Hope Enterprise Corporation jointly with the Hope Community Credit Union will allow the firm to modernize the plant, improve its economic performance and hire more workers, according to the firm and the credit union.
Hope Enterprise Corporation is the chief sponsor and organization behind the founding of the credit union.
The money comes as part of the New Market Tax Credit program, an economic development program administered by the Treasury Department's Community Development Financial Institution Fund.
Husqvarna said the investment will allow it to add 22 more workers to the 1,200 that already work at the facility and that it company's activity in Nashville supports another 800 jobs in other parts of the state.
“Partnering with HOPE on this initiative will help to bring the right tools to our facilities to help maintain our efficiency in producing outdoor power equipment,” said Jack Fish, Vice President of Manufacturing for Husqvarna Americas. “Additionally when you can add new jobs that will support our local town and economy, that’s great!”
The NMTC allocation from HOPE is being paired with a $2 million allocation from Chase Community Development Banking. Chase was also the firm which also served as the equity investor for the $10 million equipment purchase and installation.
“The jobs supported by this investment offer good wages and benefits, and generate a tremendous economic impact in southwest Arkansas,” said HOPE CEO Bill Bynum. “Companies like Husqvarna are vital to a prosperous community, which makes it a perfect fit for our mission, and for our New Markets Tax Credits.”