FNC, Inc. SPE
Sponsor: FNC, Inc.
Type Of QALICB: Headquarter Expansion for New Job Creation
Owner: FNC, Inc.
City And State: Oxford, MS
Contact Person: Warren Miconi, Project Manager
Contact Email: [email protected]
Allocation Amount Requested: $20,000,000
Brief Description of QALICB:
FNC, Inc. (FNC), located in a non-metropolitan census tract with a poverty rate of over 30 percent, is a software development company founded in Oxford, Mississippi in 1994. Services FNC provides its clients, which include the nation s largest mortgage industry lenders and industry-leading appraisal management companies, enable them to efficiently acquire, track, and analyze collateral-related data to facilitate loan origination, service, and securitization.
FNC s software automates appraisal ordering, review, and receipt. It does the same for title, inspection, and other settlement services fulfillment. Improving these processes benefits FNC s customers, who see reduced costs, increased productivity, and faster, more informed decision-making as a result. For consumers, FNC s technology speeds the loan origination process by allowing lenders to deliver a better customer experience.
Significant growth in FNC s workforce is required for FNC to meet the increasing demand caused by expanding business lines and the expansion into new markets. Additional facility space is needed to support these new jobs. A subsidy would help enable the future growth in the workforce, by allowing FNC to provide the infrastructure required at the pace that will maintain competitiveness in their market.
The increase in services at FNC s Mississippi international headquarters will require adding approximately 68,500 square feet to the company s existing footprint in Lafayette County.
This expansion will also require the addition of 310 direct jobs over the next six years, which will result in an estimated indirect creation of 217 jobs in the surrounding community. The estimated capital expenditure by FNC for this single project is in excess of $19,000,000.
This project, which is located in a high distressed area and will include strong job creation, has a high likelihood of execution with an ability to close in 120 days.
This owner-occupied project has a strong ability to attract additional capital, and FNC has already invested resources and capital.
FNC s new headquarters facility project is being designed with sustainability as a focus and will include pursuit of a LEED certification. This project is positioned as catalyst for additional development and expansion in the immediate area.
But For Statement:
The project would not be able to sustain the desired hiring goals for the local / regional community. The lack of hiring would negatively affect growth in the rural county that FNC, Inc. is located in. The U.S. Bureau of Labor Statistics state that the unemployment rate in Mississippi is 8.0%.