Moran Printing Receives Louisiana Economic Development Lantern Award
New Markets Tax Credit recipient is honored for their economic contributions to Louisiana
BATON ROUGE: Moran Printing, a commercial and digital printing facility in Baton Rouge, was awarded a Lantern Award by Louisiana Economic Development (LED) this month for their outstanding impact on the Louisiana economy. The awardees are selected based on their contributions to the betterment of their communities, growth in number of employees and expansion of their facilities.
“This is an exciting time for our company,” said Lee Vorisek, owner and chief executive officer of Alta Max. “We are honored to be recognized by LED as an outstanding manufacturer in the state of Louisiana,” said Courtney Westbrook, chief executive officer at Moran Printing. “After more than two decades of providing customized printing and document solutions, we appreciate the nod to our innovation and experience.”
In 2010, Moran Printing received funding through the New Markets Tax Credit program from BizCapital, the small business lending division of Advantage Capital Partners. Since that investment, the company has grown substantially, and it now employs 132 people.
Governor Bobby Jindal recently signed the Louisiana New Markets Tax Credit program into law. This program is designed to spur economic growth by attracting private investors to communities that are underserved by traditional capital. Modeled after the federal New Markets Tax Credit program, the Louisiana program will attract long-term investors to the state’s low-income communities in hopes of promoting new expansion, creating new job opportunities and building on existing growth in the state.
About BizCapital and Advantage Capital Partners
BizCapital (www.biz-capital.com) is Advantage Capital’s non-depository financial institution offering competitive loans to small and medium-sized companies. BizCapital is recognized as a leading government-guaranteed lender, helping small-to-mid-sized businesses grow and prosper, while fostering stronger economic growth in local communities. With offices in St. Louis, New Orleans and Jackson, BizCapital invests across many types of businesses and offers loans from $500,000 to $10 million in the form of SBA, USDA, mezzanine, and well-secured real estate loans.
About the federal New Markets Tax program
The federal New Markets Tax Credit program, administered by the U.S. Department of the Treasury, encourages private-sector investment in economically distressed communities through tax incentives. In a highly competitive allocation procedure, the Treasury Department awards the tax credits based on applications submitted each round. Applications are evaluated based on the submitting organization’s experience investing capital; experience in and strategy for raising capital’ strength and depth of management team; and expected community impact of the business plan. Since the program’s inception, the Treasury has awarded more than $36.5 billion in allocations.