A leading international producer of power lawn, garden andlandscape tools will improve and modernize an Arkansasmanufacturing plant with funds from a credit union's participationin an economic development program.

The Husqvarna group is a multinational manufacturer ofchainsaws, power mowers, garden tractors, chainsaws and trimmerswith a plant in Nashville, Arkansas. An investment of $10 millionfrom the Hope Enterprise Corporation jointly with the HopeCommunity Credit Union will allow the firm to modernize theplant, improve its economic performance and hire more workers,according to the firm and the credit union.

Hope Enterprise Corporation is the chief sponsor andorganization behind the founding of the credit union.

The money comes as part of the New Market Tax Credit program, an economic development programadministered by the Treasury Department's Community DevelopmentFinancial Institution Fund.

Husqvarna said the investment will allow it to add 22 moreworkers to the 1,200 that already work at the facility and that itcompany's activity in Nashville supports another 800 jobs in otherparts of the state.

“Partnering with HOPE on this initiative will help to bring theright tools to our facilities to help maintain our efficiency inproducing outdoor power equipment,” said Jack Fish, Vice Presidentof Manufacturing for Husqvarna Americas. “Additionally when you canadd new jobs that will support our local town and economy, that'sgreat!”

The NMTC allocation from HOPE is being paired with a $2 millionallocation from Chase Community Development Banking. Chase was alsothe firm which also served as the equity investor for the $10million equipment purchase and installation.

“The jobs supported by this investment offer good wages andbenefits, and generate a tremendous economic impact in southwestArkansas,” said HOPE CEO Bill Bynum. “Companies like Husqvarna arevital to a prosperous community, which makes it a perfect fit forour mission, and for our New Markets Tax Credits.”