PB Community Impact Fund provided $8 million of New Markets Tax Credit (NMTC) allocation to GT Marketplace, LLC (GoTextBooks) to finance the acquisition, rehabilitation, and equipping of a warehouse property in Little Rock, AR. The property was vacant at closing due to the previous owner, an oilfield services company, moving operations to Texas and laying off their workers in 2020. The NMTC allocation also financed the acquisition and equipping of a neighboring facility.

 

GoTextBooks specializes in textbook distribution, serving as an online college textbook reseller, buyback platform, wholesale provider, and lessor. GoTextBooks was founded in 2022 to address the demand for more affordable textbooks and offers textbooks for rent and sells directly to customers online. Additionally, GoTextBooks entered a new textbook fulfillment contract with Chegg, Inc. (Chegg), the nation’s largest textbook vendor, where they acquired Chegg’s textbook inventory and handle warehousing, logistics, and inventory management for customer orders. 

 

The Project was needed to expand GoTextBooks’ distribution capacity to allow them to meet rapidly increasing demand resulting from their contract with Chegg. As an early-stage company that incurred substantial costs associated with the instantaneous mobilization needed to fulfill the contract, GoTextBooks needed NMTC financing to proceed with its expansion plan without delay or cutbacks. At stabilization, the Project will allow GoTextBooks to increase its employee headcount by over 50%, remove blight from the vacant facility, and meet customer demand. This allows GoTextBooks to operate more efficiently and meet business needs, as well as to support the Little Rock community with quality industrial job opportunities that were previously removed. 

 

To recruit and train local job seekers, GoTextBooks works with area schools, such as Access Academy, as well as nonprofit organizations and workforce development entities, including the Goodwill Industries Academy. Lower-level employees are offered career advancement opportunities and can expect salary increases and position promotions for high performance. 100% of the newly created and retained positions will pay above the MIT Living Wage for Pulaski County of $33,488. GoTextBooks provides all employees with a benefits package that includes health insurance, dental insurance, short-term disability insurance, insurance for dependents, paid time off, education and training, and access to a 401(k)-retirement savings plan.

 

The Project has received strong support from Arkansas Governor Asa Hutchinson and Secretary of Commerce Mike Preston, Little Rock Regional Chamber of Commerce Director of Business Development, Retention, and Expansion Jarod Wickliffe and 2022 Chair Jim Cargill, and Director of Business Development for the Arkansas Economic Development Commission Olivia Womack. Overall, the Project aligns with the goals of the low-income community and will improve its economic health through vital job creation and industrial growth.