BIRMINGHAM – The National Coalition for Capital, a nationwide coalition that supports economic development and job creation through long-term access to capital for entrepreneurs, presented Senator Slade Blackwell (R-Mountain Brook) with its “Champion of Small Business” award on Thursday in recognition for his role in passing Alabama’s New Markets Tax Credit. The program encourages investment in promising small businesses located in distressed communities throughout the state, encouraging economic development and job creation.
“Now is the time to focus on economic development and job creation in Alabama,” said Senator Blackwell. “The New Markets Development program will draw private capital investors to our state and enable them to help small businesses flourish and entrepreneurs succeed.”
The new state program will provide $240 million of private capital for investment into qualified businesses in urban and rural areas almost immediately. The capital is required to be deployed over the next 12 to 16 months.
“Prior to the passing of the state level New Markets Development program in Alabama, the state was only seeing $77 million from the federal New Markets program,” said Tony Toups, National Coalition representative who presented the award to Senator Blackwell. “Enacting the state level program will enable Alabama to benefit from a much larger amount of New Markets-based investments and will encourage more follow-on capital from third party investors”.
Other states that participate in the New Markets program include Louisiana, Florida, Kentucky, Missouri, Texas and Oregon among others. Since passing its New Markets Development program in 2010, Florida has seen its investments quadruple.
Slade Blackwell is serving his first term in the Alabama State Senate representing Jefferson and Shelby Counties in District 15. He was featured earlier this year as one of Yellowhammer’s “Power & Influence Up and Comers.” For more information about Slade, please visit his website or follow him on Facebook or on Twitter @sladeblackwell. To reach him by phone, please call 205.396.1144.