PB Community Impact Fund (PBCIF) provided $1,800,000 of New Markets Tax Credit (NMTC) financing to Warren LLC (Warren) to finance working capital associated with their operations in Collins, MS. According to Data USA, in 2022, Collins, MS had a population of 2,270, which was a decrease of 6.58% from 2021. Further, employment declined at a rate of -24.2% from 2021 to 2022. The Mississippi Economic Council (MEC) identified that the main issue preventing growth in Mississippi is there are not enough qualified workers for current jobs and those entering the workforce are not prepared. 

 

Warren is an operating entity that owns and operates a truck body and equipment manufacturing facility. Warren has been in the dump body manufacturing business since 1993 and conducts business across the United States. Products include dump body models, hoists, ag spreaders, and ice control spreaders. Warren provides all eligible employees with a benefits package that includes health insurance with an HSA plan option with an employer match, dental insurance, paid time off, and access to a 401(k)-retirement savings plan with a Safe Harbor employer match. Additionally, Warren does not require employees to have a higher education and encourages veterans and long-term unemployed persons to apply. Lower-level employees are recommended to participate in the cross-training program, which allows employees to shadow and work with a more tenured employee, to expand their skillset and advance their careers. 

 

The capital PBCIF provided was needed because Warren was facing business disruptions from the inflationary environment, and PBCIF’s fixed-rate, interest-only loan provided Warren with the capital needed to stabilize operations and create new jobs. At stabilization, the Project allowed Warren to have the capability to pay its employees and other obligatory costs while expanding their operations to employ 10 new low-income employees. This ensured that the community was supported by Warren and encouraged growth in the manufacturing industry.

 

The MEC “Securing Mississippi’s Future: Vision for Economic Growth” report (the “Plan”) was reviewed to determine how the Project met the goals of the state. The Plan’s goals include developing education, workforce development and skills training, talent retention and attraction, infrastructure, economic development, and business climate. The Project supported the development and training of low-income individuals in the community, including veterans and long-term unemployed persons. Additionally, the Project’s financial assistance allowed Warren to switch their focus to industry growth, which benefits the infrastructure and business climate of Collins, MS. Overall, the Project aligned with the goals of the state and enabled employee, resident, and community growth.