JACKSON, Miss. - (Business Wire) Advantage Capital Partners and its small business lending division BizCapital has provided Mississippi New Markets Development program financing to Old South Brick & Supply Co., a Jackson-based distributor and retailer for bricks, brick supplies, fireplaces and fireplace accessories. The funding will allow Old South Brick to retain its 60 employee workforce and position itself for future growth. "The partnership between Advantage Capital Partners and Old South Brick is exactly the type of economic growth and job retention we need in Mississippi," Governor Haley Barbour said. "Entrepreneurs are the backbone of our economy, both here in Jackson and across the state. Programs like the New Market Tax Credit through the Mississippi Development Authority are designed to help these deserving family-owned businesses grow and prosper."
Founded in 1982, Old South Brick & Supply Co. distributes and supplies bricks, brick supplies, fireplaces and fireplace accessories to the construction industry. The company is headquartered in Jackson, Miss., with additional locations in Brookhaven, Batesville and Greenville.
“I’ve been in the brick industry my entire career and have worked very hard to build this company,” said Jerry Crosby, owner of Old South Brick & Supply Co. “Given the current economic conditions, this financing from the Mississippi New Markets program will make a critical difference for us and for our employees and customers.”
“This is a prime example of how the Mississippi New Markets program is working at a crucial time for small businesses,” said Tony Toups, senior vice president at Advantage Capital Partners. “This family-owned business of more than 25 years could not obtain adequate financing from its existing lender, but thanks to the New Markets program and the federal stimulus package, the necessary funding was provided to help Old South Brick continue to serve its customers and grow its business.”
Advantage Capital’s investment in Old South Brick was made in connection with the federal New Markets Tax Credit and Mississippi New Markets Development programs. Both programs are designed to stimulate economic growth in communities that historically have been underserved by traditional sources of capital.
About Advantage Capital Partners and BizCapital
Advantage Capital Partners is a 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 and partners in New Orleans, St. Louis, Austin and other U.S. cities, Advantage has raised more than $1 billion since 1992 and invested in companies located in geographic areas underserved by traditional capital. BizCapital is Advantage Capital’s non-depository financial institution offering competitive loans to small and mid-sized companies. In partnership with the federal government, BizCapital is licensed to make government-guaranteed SBA and USDA loans.
Advantage Capital Partners
Dana Purkey, 314-725-0800
dpurkey@advantagecap.com
