FEATURED PROJECT
Creating Top Jobs For Black, Veteran, And Previously Incarcerated Applicants
HIGHLIGHTS
Over 66 New Full-Time Positions Will Be Created
10 Positions Are Allocated To Veterans
60% of All New Hires Will Be Black Applicants
62.5% of Leadership Positions Go To Black Applicants
10 Positions Allocated To Previously Incarcerated
The Awning Factory
ABOUT THE AWNING FACTORY
A Lifelong Mission To Provide Professional Services To The Community
The Awning Factory is a premium sun covering manufacturing company located in the economically distressed Orlando area community of Belle Isle. With over 30 years of dedicated experience serving Florida and beyond, The Awning Factory has earned its place as Central Florida’s premier awning manufacturer and installer. Their award-winning 100,000 sq ft production facility has every angle of fabrication and finishing covered, including a dedicated 4,000 sq ft sewing department. Their professional staff of welders, painters, installers and designers work with you to produce a high-end product to complete any project.
THE CHALLENGE
Needing Capital For Rapid Growth During The Pandemic
During the COVID-19 Pandemic, The Awning Factory experienced an influx of demand that their current facility could no longer support. They sought to expand, but traditional lending resources weren’t an option as they were tapped out. This resulted in years of waiting for a proper solution to see their vision through.
THE SOLUTION
BBIF Provided $10 Million In New Market Tax Credit Financing (NMTC)
With the financing of 10 Million dollars from the New Markets Tax Credits (NMTC) from BBIF, The Awning Factory could move forward with its expansion. The following project will help them construct a significant addition to their facility, purchase new equipment, and continue to support their diverse employees by paying above Orlando’s livable wages. They are grateful for their relationship with BBIF and appreciate the ability to partner with a local, Orlando-based investment fund committed to uplifting the community.
THE IMPACT
Local Community Impact Through Expansion And Job Creation
The Awning Factory’s project aligned with the East Central Florida’s Comprehensive Economic Development Strategy to diversify the job section and create positions outside the leisure and hospitality sectors. The expansion created 66 new full-time positions, and The Awning Factory enacted a hiring process that utilizes intentional diversity and inclusion hiring strategies. They’ve dedicated 10 positions to previously incarcerated individuals and 10 positions to veterans. They ensured that 60% of new hires are African American and 62.5% of new leadership positions are also being extended to African-American individuals. Lastly, as part of the project, they are donating $100,000 to minority-impacting nonprofits such as the Orlando Minority Youth Golf Association & Berkeley Housing Initiative.
With the New Markets Tax Credits from BBIF, we are able to move forward with our expansion. This project will help us construct a large addition to our facility, purchase new equipment, and continue to support our diverse employees by paying above Orlando’s livable wages. We are grateful for our relationship with BBIF and appreciate the ability to partner with a local, Orlando-based investment fund that is committed to uplifting the community.
Daniel Gendron
Owner of The Awning Factory
