In 2005, a small group of investors recognized the importance of the lumber industry in Maine. The wood industry is one of the largest employers in the state, accounting for approximately 19,000 jobs.
The group of investors utilized New Markets Tax Credits to enhance the credit terms of their forested land purchase, which accounts for 2.25% of all wood harvested in Maine.
The property directly impacts 428 jobs, some as loggers and some at saw mills or paper mills.
Rural Development Partners and GE Capital, the lender on this project, committed fees to further research a soy-based adhesive project for the wood industry. This new soy-based resin reduces chemicals used in the making of oriented strand board (OSB) and particle board. “Green” products are desirable in all markets.
In addition to the research funds designated by RDP and GE Capital, Boston Community Capital levered their fee income into a $2 million pool of capital to assist inner city homelss shelters, alcohol and drug treatment centers, as well as low-income housing.