June 9, 2026
Last week, leaders from across the New Markets Tax Credit (NMTC) industry gathered in Washington, D.C. for the Novogradac 2026 Spring NMTC Conference — an event focused on the future of community development finance and the impact of the NMTC program.
For Advantage Capital, the conference marked an especially meaningful moment.
Over the course of the week, our team was honored with two nationally recognized awards, contributed expertise to key industry discussions, and hosted partners and stakeholders from across the NMTC ecosystem.
Most importantly, the conference reinforced the power of thoughtful investment strategies to create jobs, strengthen businesses, and expand economic opportunities in underserved communities.
Honoring Leadership & Impact
Sandra M. Moore Receives the Robert E. Ibanez Award
Sandra M. Moore, Advantage Capital Chief Impact Officer and Managing Director, received the 2026 Robert E. Ibanez Award — one of the NMTC industry’s highest honors.
Named after a pioneer in community development finance, the award recognizes individuals whose leadership and long-term contributions have helped shape the NMTC program and expand its impact nationwide.
Throughout her career, Sandra has championed investments that support businesses, create jobs, and bring critical capital to communities that have lacked access to traditional financing. Her work reflects Advantage Capital’s longstanding commitment to pairing disciplined investment strategies with measurable community impact.
“This award reflects the impact the New Markets Tax Credit program has had in communities across the country. Every project represents businesses creating quality jobs, community partners working together, and investments helping create long-term economic opportunity,” said Sandra. “I am beyond honored to receive this recognition.”
We are proud to celebrate this well-deserved recognition and grateful for Sandra’s leadership, vision, and commitment to the communities we serve.
Sandra M. Moore Accepting Award
Stewart Glass Investment Recognized as Small Business QLICI of the Year
Advantage Capital and Stewart Glass were also recognized with the 2026 QLICI of the Year Award in the Small Business category, honoring one of the year’s most impactful Qualified Low-Income Community Investments (QLICI).
The investment supported Stewart Glass, a long-standing, Ohio-based manufacturer with deep roots in its community, as the company expanded operations, strengthened its workforce, and created new employment opportunities in an underserved region.
The recognition highlights the broader role NMTC financing can play in supporting industrial growth, local job creation, and long-term economic resilience.
Scott Murphy accepted the award on behalf of Advantage Capital and reflected on the significance of the investment — not only for the company itself, but for the employees, suppliers, and surrounding community that will benefit from its continued growth.
Stewart Glass and Scott Murphy Accepting Award
But our award winners were not the only people taking the stage at the conference. Advantage Capital leaders Pete Byford and Sarah Rajan joined separate panels of industry leaders to discuss important topics within the NMTC industry.
Pete Byford on Maximizing Impact Through Layered Incentives
On Thursday, Pete Byford participated in the conference’s “NMTC-Plus” panel discussion, which explored strategies for pairing NMTCs with complementary federal and state incentive programs.
The discussion focused on how layered financing structures — including state tax credits, historic tax credits, clean energy incentives, and Opportunity Zone programs — can help make transformational projects financially viable.
Pete shared practical insights drawn from Advantage Capital’s experience structuring complex community development transactions and emphasized the importance of collaborative, execution-oriented approaches when designing these capital stacks.
Pete Byford on the “NMTC-Plus” Panel
Sarah Rajan on Small Business Investment Strategy
Sarah Rajan joined Friday’s panel discussion on small business lending strategies within the NMTC program.
Sarah highlighted the important role Community Development Financial Institutions (CDFIs) and Community Development Entities (CDEs) play in addressing capital gaps for growing businesses and discussed how targeted investments in small businesses can generate long-term economic benefits across entire communities.
In particular, Sarah and fellow panelist discussed the complex but rewarding capabilities of revolving loan structures in providing critical growth capital across a portfolio of multiple investments. Her perspective reinforced Advantage Capital’s continued focus on supporting entrepreneurs and operating businesses as a key component of our community development strategy.
Sarah Rajan on the “Small Business Loans as Strategy” Panel
Looking Ahead
We appreciate Novogradac’s continued leadership in convening the NMTC industry and thank all of our partners, investors, and community stakeholders whose collaboration makes this work possible.
As always, we remain committed to investing in businesses and projects that create measurable economic impact and strengthen communities across the country.
