NMTC Business Loan Fund: Aspire Health

Category
Client Highlights

Business name: Aspire Health Partners
President: Jerry Kassab
Location: Orlando, FL
Number of Employees: 39
Number of Years in Business:
Average wage: $52,000/year
Website: www.aspirehealthpartners.com

New Markets, New Opportunities

During fiscal year 2016, BBIF closed its first New Markets Tax Credit (NMTC) loan deal in the Orlando market. BBIF provided $6 million in NMTC financing that assured Aspire Heath Partners of the immediate capital needed to improving their 135,000 sq. ft. Mercy Drive facility. The renovation included a conversion of three floors of office space into 34 psychiatric beds for individuals with mental health disorders, a new patient outdoor terrace, and creates a secure patient drop off facility.

BBIF structured the financing for the $6.5 million project and is providing $6 million of NMTC allocation through its affiliate Community Development Entity (CDE) in concert with SunTrust Community Capital, LLC, a subsidiary of SunTrust Bank.

“Aspire is a vital health resource for more than 10,300 residents of Orlando and provides critical mental health services within the community,” said Inez Long, President and CEO of BBIF. “With this funding, BBIF is proud to ensure that the mission of Aspire continues to grow and strengthen its capacity for the community to access quality mental health facilities.”

Currently, Aspire provides services to over 10,300 patients annually at its Mercy Drive location. The renovation will enable Aspire to serve approximately 2,100 additional unique clients each year, of which 95% are anticipated to be low-income individuals. Aspire currently employs 385 employees at their Mercy Drive location; the new expansion is expected to create 38 new full time positions.

The New Markets tax Credit program was created in 2000, with a goal of creating jobs and material improvement in the lives of residents of low-income communities. Florida is in dire needs of economic investments in distressed and underserved communities. The NMTC program allows for BBIF to make greater investments that impact our target market as well as underserved communities throughout the state. BBIF has received $40 million in federal NMTC allocations since 2015. To learn more about the program, please visit the CDFI Fund website.

We are very fortunate to have the assistance of BBIF. Their financing allows us to expand our capacity to help our clients achieve and maintain healthy lifestyles.” Jerry Kassab, President, Aspire Health Partners.

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