ST. LOUIS, July 25, 2008 (PRIME NEWSWIRE) -- Advantage Capital Partners, a leading venture capital and small business finance firm, has invested $7.25 million in Waste Remedies, a waste management consulting firm located in St. Louis. The funds, raised in partnership with Southwest Bank, will be used to support the company's continued growth.
Tim Gray, Waste Remedies CEO, commented, "We are pleased to have secured this funding from our partners, Advantage Capital and Southwest Bank. An earlier investment in 2006 from this group allowed us to move our headquarters to St. Louis. With the new financing, we look forward to growing our staff and expanding our presence in St. Louis."
Founded in 1995, Waste Remedies provides consulting, management and brokerage services for waste removal. Teaming with property managers, manufacturers, retailers and restaurants, Waste Remedies arranges waste removal and recycling at considerably lower cost, often producing savings of as much as 50 percent.
"Waste Remedies offers a valuable, environmentally sustainable service that saves customers both time and money," said Jeremy Degenhart, Advantage Capital senior vice president. "Our goal with this investment is to position Waste Remedies for long-term growth and enable the company to continue to provide quality jobs to the region."
The financing for Waste Remedies was raised in connection with the federal New Markets Tax Credit program and the Missouri New Markets Development program. Both programs are designed to stimulate economic growth in communities that historically have been underserved by traditional sources of capital.
"The Missouri New Markets Development program and the federal New Markets Tax Credit program have mobilized private funds to serve as a catalyst for investments like this one in St. Louis and other communities throughout the state," said Gary L. Siddens, Jr., senior vice president, commercial lending at Southwest Bank.
About Advantage Capital Partners
Advantage Capital Partners (www.advantagecap.com) is a leading venture capital and small business finance firm focused on investing in promising companies in connection with federal, state and local economic development efforts. With offices in St. Louis, New Orleans, Austin, Washington, D.C. and other U.S. cities, Advantage has raised more than $950 million in institutional venture capital since 1992 and invested in companies located in geographic areas underserved by traditional venture capital.
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 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 Missouri New Markets Development program
Enacted in 2007, the Missouri New Markets Development program encourages investment in promising small businesses located in distressed communities throughout the state. The program enables up to $186 million of capital investment in Missouri's small businesses. The state program attracts investment in low-income communities through a state tax credit that piggybacks on the federal New Markets Tax Credit. The goal of the program is to attract large, long-term investors to Missouri's low-income communities, promoting new expansion, creating new job opportunities and building on existing growth in the state.
About Southwest Bank
Southwest Bank, an M&I Bank (www.mysouthwestbank.com) serves customers and businesses throughout the St. Louis metropolitan area. Operating in its 87th year, the bank offers a full range of retail and commercial banking products and services through 17 branch offices in St. Louis, St. Charles, O'Fallon, Arnold and Belleville, Ill. Southwest Bank is an affiliate of Marshall & Ilsley Corporation (M&I).