A New York venture capital and small-business lender with offices and clients in Baton Rouge has been awarded an $80 million allocation in the federal New Markets Tax Credit program.
Since the program began in 2002, Advantage Capital has secured $524 million in tax credits. Using state and federal New Markets program allocations, Advantage Capital has invested more than $650 million in private capital into 147 businesses, which employ more than 8,000 people.
Advantage's Baton Rouge portfolio includes the Louisiana Technology fund, which is overseen by the state's research parks and invests in tech startups; Portico Learning Solutions, an online employee training service; and Westport Linen Services, which does the laundry for hospitals and healthcare centers in south Louisiana and Mississippi.
Lafayette web design firm Bizzuka is also part of Advantage's portfolio.
The federal tax credit program is designed to provide investment capital, financial counseling and other services in low-income communities.
NMTC program is administered by the U.S. Department of the Treasury. It is designed to stimulate economic growth and job creation in low-income communities. Advantage Capital was one of 70 organizations selected out of 314 applicants.