The Innovate Fund Provides Necessary Financing for Container Technologies Industries

HELENWOOD, TENNESSEE (FEBRUARY 1, 2022) — The Innovate Fund, a New Markets Tax Credits (NMTC) Community Development Entity, provided necessary financing to Container Technologies Industries in Helenwood, Tenn., in order to complete a major expansion project. The project is located in an Appalachian Regional Commission (ARC) Distressed Area with a poverty rate of 35.9 percent and unemployment rate of 16.8 percent. It includes new construction and equipment purchases for the expanded 76,000-square-foot industrial facility to fabricate standard and specialty nuclear waste containers, which are used to hold hazardous and radioactive waste, materials, and equipment removed through the deactivation and demolition of contaminated facilities.

Container Technologies Industries President and COO Steve Fielden projects at least 20 new, permanent, full-time jobs will be added to the existing 39 employeeto opportunities including in-house training, wage progression, bonuses, and merit-based promotions. “The size of investment required for the capital improvements and purchase of new equipment would not have been feasible without the NMTC financing structure,” Fielden said.

The Innovate Fund Operating Officer Laurel Tinsley said: “Strong partnerships with investors and companies such as US Bank and Pathway Lending allow companies such as Container Technologies to invest in industrial facilities that will create and retain quality jobs for people in the low-income community and non-metro areas that often struggle to secure traditional financing. The continued support of the New Markets Tax Credit program in Tennessee by U.S. Senator Marsha Blackburn allows this flexible and powerful financing tool to make a significant impact in our region and nationwide.” 

The Innovate Fund’s Operating Officer, Laurel Tinsley, noted that, “strong partnerships with investors and companies like US Bank and Pathway Lending allow companies like Container Technologies to invest in industrial facilities that will create and retain quality jobs for people in the low-income community and nonmetro areas that often struggle to secure traditional financing.” She added, “The continued support of the New Markets Tax Credit program in Tennessee by US Senator Marsha Blackburn allows this flexible and powerful financing tool to do good for our region and across the country.”