Mazuma Inks Deal with APT
Mazuma Credit Union announced it has inked a multimillion-dollar deal with American Performance Technologies (APT), a manufacturer of small engines used for motor, power sports and lawn equipment. The deal will help APT expand its operations facility and create 88 new jobs in the Kansas City metro area.
Mazuma will provide $3 million in debt financing as part of an overall $7.7 million investment made by APT. APT qualified for financing under the New Market Tax Credits (NMTC) Program, a federal tax program designed to help direct the flow of capital into low-income communities, by providing corporations with a tax credit incentive, and by using a qualified Community Development Entity (CDE) as part of the economic package. The CDE uses investments to provide financing to qualified business or real estate development projects located in low-income communities. APT will expand its operations facility located in the former Montgomery Ward store at Bannister Mall near I-435 and Bannister Road in south Kansas City, MO.
APT qualified for NMTC financing assistance from the Kansas City, Missouri Community Development CDE (KCMO CDE). Since 2010, CDE financed more than $50 million in investments for low-income communities in Kansas City, MO. “This is what the NMTC Program is all about—supporting investments that grow businesses, create jobs and help transform communities,” says Ruben Alonso III, executive director of the KCMO CDE.
The unique aspect of APT’s two-cycle engine is the greener engine technology that does not burn any oil, while producing fewer emissions with more specific output than today’s other two- or four-cycle small engines. Some benefits of this improved technology are zero oil consumption, three times more power of a similar size 4-stroke engine, best in class torque output, and increased engine life.
“Mazuma is honored to provide resources to an organization that will give so much back to the Kansas City metro area, in the form of new jobs and other very important economic activity. Our Business Resources department has done an incredible job in fostering this relationship with American Performance Technologies. We are eager to help small businesses succeed and will continue to make the resources available to do so,” says Brandon Michaels, president/CEO of Mazuma.