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Adding Jobs in Distressed Area
In December 2020, ACC Capital provided a $9 million loan to Saint Jean Industries in Heber Springs, Arkansas. Saint Jean Industries is a producer of aluminum parts for the automotive industry. The company had recently secured a contract to manufacture parts for the Jeep Grand Cherokee and was seeking incentives to reduce equipment leasing costs.
Because the facility is located in a distressed non metro area, the Arkansas Economic Development Commission referred Saint Jean Industries to ACC Capital - Heartland Renaissance Fund. The low cost financing made it possible for the company to purchase equipment at more favorable rates than the proposed lease, significantly lowering overall costs.
As a major employer in Cleburne County, the project received strong community support. Today Saint Jean Industries has more than 450 employees.
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