2018 Operating Business QLICI of the Year Award Recipient
Carbon Conversions Inc
CDE: AMCREF Community Hospital
Location: Lake City, S.C.
A growing business in a struggling city got a big boost from NMTCs when AMCREF Community Capital provided $10.3 million in NMTC financing to Carbon Conversions Inc. (CCI) in Lake City, S.C. CCI produces primary carbon–which is increasingly replacing titanium, aluminum, steel and magnesium in the aircraft and automotive industries–but was struggling to raise sufficient additional capital.
AMCREF stepped forward to provide low-cost, flexible NMTC-based debt to help the plant expand and keep growing. The benefits for Lake City, which an unemployment rate of 20 percent in 2017, included 70 full-time equivalent jobs retained and 155 more created over three years–with 92 percent of the jobs going to local hires and 88 percent accessible to people without a college degree. CCI’s facility will also recycle up to 4,200 pounds of carbon fiber each year, reducing landfill waste.
The NMTC allocation allowed CCI to expedite its plant expansion in a timely manner and keep the manufacturer financially viable.
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