Kentucky Chrome Works Receives $3M in Funding from BizCapital
HORSE CAVE, Kentucky, July 25th, 2012- BizCapital, the small business lending division of Advantage Capital Partners, has provided $3 million in funding to Kentucky Chrome Works, a manufacturer of luxury alloy wheels and the exclusive chrome plate supplier for the Corvette. The funding, raised in connection with the New Markets Development program, is being used to expand the company’s capabilities and provide working capital. It will also provide job opportunities for 20 new employees at the business, which currently employs 54 people.
“As a startup company, there are limited options in terms of access to capital,” stated Raymond Carcione, owner of Kentucky Chrome Works. “BizCapital was able to provide us with the flexible funding we needed to expand our business and create good jobs here in Kentucky.”
In 2009, Kentucky Chrome Works (KCW) began adding chrome plating to RONAL Speedline wheels. Switzerland-based RONAL is the preferred supplier to the top names in the automotive industry. KCW and RONAL provide chrome-plated aluminum alloy wheels for luxury vehicles, supplying more than four million wheels a year to General Motors, BMW, Volkswagen, Mercedes and Fiat.
“We are delighted to partner with Kentucky Chrome Works to help them reach their expansion goals,” said Tracy Reckert, vice president of business development for BizCapital. “The Kentucky New Markets Development program is a vital resource for small businesses like this, and BizCapital is looking to fund additional ventures in Kentucky through this program.” Miller Slaughter, formerly with the Bowling Green Chamber of Commerce, referred the client to BizCapital.
“The New Markets Development program is a vital funding tool for small businesses, creating jobs and fostering economic recovery in our state,” said Senator David Givens (R-Frankfort). “I am pleased to see this program working in my district.”
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 New Markets Tax Credit program
The 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 for each tax year. Advantage Capital has participated in the New Markets program since 2003, raising private capital for investment in low-income communities. These investments have spurred economic growth through innovative business ventures and job creation throughout the United States
About the Kentucky New Markets Development program
Enacted in 2010, the Kentucky New Markets Development program encourages investment in promising small businesses located in distressed communities throughout the state. Modeled after the federal New Markets Tax Credit program, the goal of the state program is to attract large, long-term investors to Kentucky’s low-income communities, promoting new expansion, creating new job opportunities and building on existing growth in the state.