Flexible Capital Allows Custom Thermoplastic Molder to Expand; Add 205 Jobs

(MADISON, S.D. and BRUNSWICK, ME – August 27, 2024) – CEI Capital Management LLC (CCML) has closed $10 million in New Markets Tax Credit (NMTC) capacity for Global Polymer Industries, Inc. to complete a major footprint expansion and purchase new custom equipment to mold thermoplastics that meets an increase in customer orders. The buildout will create approximately 205 new higher paying full-time future jobs in rural southeastern South Dakota.

Global Polymer’s proprietary technology is in high demand to produce a diverse variety of applications, serving agriculture, transportation, oil and gas, manufacturing, and military markets. Facing increasing costs for construction and supply chain delays, the flexible financing from CCML allowed the company to acquire the machinery, automated warehousing and conveyor systems to grow its business.

There will be opportunities for employment positions primarily in manufacturing, machining, electronics and robotics, machine maintenance, and safety. The compensation offered for current and future employees is above the local living wage, and employees also receive healthcare coverage and retirement savings, among other benefits. Workers can earn cash bonuses for on-the-job safety and long tenure, too. Yet despite the above average wages and benefits, workforce recruitment and employee turnover are significant obstacles for Global Polymer. That led the company to invest in a local daycare and in building workforce housing. Together these policies and investments help the company meet the elements of the CEI Good Jobs Framework.

“The flexibility of this financing keeps Global Polymer’s progress moving forward without interruption,” said CCML CEO Traci Vaine. “Further, the quality and accessibility of the company’s current and to-be-created jobs, along with their partnerships with the local technical college and workforce development agency fits well with our Good Jobs initiative.”

CCML invests in rural manufacturing projects that revitalize core industries or support emerging sectors. The investment in Global Polymer aligns with CCML’s focus to bring critically needed private investment to deeply distressed rural areas, where access to capital is limited or non-existent.

“In terms of workforce development, when you have an expansion like this, it naturally increases the other areas in the community that we need. So, for the university, I view it as a plus. For our community, I view it as a plus as well,” commented Ashley Podhradsky, Vice President for Research and Economic Development, Dakota State University

Dudley Ventures / Valley Bank provided the NMTC equity and CCML was joined by co-allocatees Community Development Venture Capital Alliance, DV Community Investment, and Empowerment Reinvestment Fund. Hope Community Capital served as investment consultant to CCML.

About CEI Capital Management

CEI Capital Management LLC works nationally to connect new and existing rural manufacturing companies with flexible capital through the federal New Markets Tax Credit and Maine New Markets Capital Investment Tax Credit programs. CEI Capital Management invests in companies committed to building accessible good jobs that provide living wages, comprehensive benefits and opportunities for training and advancement in alignment with CEI’s Good Jobs Framework. Since 2004, CEI Capital Management has placed over $1.02 billion in 102 different projects across the U.S.

CCML is a wholly owned subsidiary of Coastal Enterprises, Inc. (CEI), a Maine-based nonprofit community development financial institution.