United Fund Advisors (UFA) today announced that National Community Fund (NCF), an affiliate of UFA, has provided $10 million in New Markets Tax Credit (NMTC) financing to Roseburg Forest Products. The influx of working capital will allow Roseburg Forest Products to install new equipment and expand its facilities in order to capitalize on the timber industry’s recovery and retain 971 family-wage jobs.
“This investment will enable Roseburg Forest Products to retain nearly 1,000 permanent jobs at the Dillard Mill—a critically important economic engine for the surrounding Douglas County community,” said Carl Talton, Manager of NCF. “The project is a perfect example of the New Markets Tax Credits program’s value in providing much-needed opportunities and infrastructure in distressed communities.”
For more than 75 years, Roseburg Forest Products, based in Dillard, Oregon, has provided forest products from Oregon’s timberlands. The company employs over 3,000 employees, including 971 employees at their multi-mill complex in Dillard. Roseburg and the local economy were hit particularly hard during the recent recession, as both are heavily dependent on new home construction and wood-product manufacturing.
In addition to providing working capital for Roseburg Forest Products, a portion of the NMTC financing was used to fund local economic development initiatives through a partnership between UFA, Sustainable Northwest and Rural Development Initiatives.
“Working with Sustainable Northwest and Rural Development Initiatives—two non-profit organizations focused on economic and community development in rural communities—we have identified several opportunities to provide financing in support of small business development in the area around Dillard,” continued Mr. Talton. “We are pleased to be able to use our NMTC financing in an innovative way to support both Roseburg Forest Products and small business development efforts in the region.”