Advantage Capital will continue to invest in businesses in underserved areas with help from the New Markets Tax Credit Program
ST. LOUIS--(BUSINESS WIRE)-- Advantage Capital has announced that Managing Director Ryan Brennan has been appointed as Vice President, Office of Investment Policy at the Overseas Private Investment Corporation (OPIC), the development finance arm of the federal government.
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Advantage Capital's Chief Impact Officer and Managing Director, Sandra Moore (Photo: Business Wire)
Like Advantage Capital, OPIC facilitates private investment to spur job growth and alleviate poverty in places where access to capital is a challenge. The agency is self-sustaining and helps American businesses to invest in emerging markets in developing countries.
“I’m honored to receive this appointment and am looking forward to extending my efforts to spur economic development to an international stage, helping U.S. businesses invest in projects that revitalize and strengthen communities worldwide,” Brennan said.
Brennan began at Advantage Capital in 1999. Advantage Capital has supported economic development programs in 28 states, creating and protecting as many as 47,500 jobs over its 25-year history, while expanding industries and making communities and local economies more vibrant. Brennan guided much of this work, intensifying program expansion and job creation, during his tenure.
Many of these investments have been possible through economic development incentives such as state and federal New Markets Tax Credit (NMTC) Programs, which continue to attract private capital in underserved and rural areas. For every dollar of funding spent through the federal NMTC Program, an estimated $8 of private capital is generated in return. Advantage Capital has also been a key player in working with state governments to improve and refine best practices for these types of programs, to improve policies and to create new programs where they are needed.
Sandra Moore, Managing Director and Chief Impact Officer at Advantage Capital, along with Michael Johnson, Managing Director and Chief Operating Officer, will now oversee the team continuing these initiatives.
“We are proud of Ryan’s work here at Advantage Capital and know that his work and leadership will result in similar strong job creation across the developing world. We look forward to continuing to invest in small businesses, grow local economies and deliver strong returns in the US,” said Steven Stull, Advantage Capital President and Founder. “We know economic development incentive programs remain critically needed, especially in rural America right now.”
A 2016 economic snapshot from the U.S. Department of Agriculture found that the poverty rate was substantially higher in most rural counties in 2014 than before the economic recession hit. In addition, while rural employment has since risen modestly, that growth remains incredibly slow, and the overall rural employment level remains far below pre-recession levels, the USDA report found.
“We look forward to working with policymakers to address these challenges as we continue supporting initiatives that generate jobs, revitalize distressed communities and strengthen rural economies,” Moore said.
About Advantage Capital
Advantage Capital (http://www.advantagecap.com/) provides equity and debt financing to established and emerging companies located in communities underserved by conventional sources of capital. Since 1992, the firm has invested more than $2.6 billion in companies from a diverse array of industry sectors, including manufacturing, technology and business services, in both urban and rural areas. The company has offices in New Orleans, St. Louis, New York, Austin and other locations.
Advantage Capital is an investment adviser registered under the Investment Advisers Act of 1940. Registration does not imply a certain level of skill or training. This release is not intended to be an advertisement concerning investment advisory services or an offer to sell, or a solicitation of an offer to purchase an interest in any security. Advantage Capital is an equal opportunity provider.
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Source: Advantage Capital