West Monroe / LA. (avt) Advantage Capital announced a USD 2.75 million investment in West Monroe-based cookie dough and confectionary distributor, Neighbor’s Cookies. The investment will provide this woman-owned business with capital to expand operations and bring on as many as 15 new employees.
Neighbor’s Cookies is a leading producer of edible cookie dough, partnering with major national brands to distribute its products. As the company continues to grow and secure additional contracts, it is seeking to increase production capacity.
«Like many businesses in 2020, ours faced some tough times as our products are largely used by schools, athletic teams, church groups and clubs in fundraising campaigns,» said Neighbor’s CEO, Meryl Kennedy Farr. «However, as we begin to see some return to normalcy, our sales are beginning to pick up again and we are excited to put this capital to use and boost our production capacity here in West Monroe.»
Advantage Capital’s investment, made under the Federal New Markets Tax Credit (NMTC) and Louisiana New Markets Jobs Act programs, is part of a larger USD 3.5 million investment made in conjunction with U.S. Bancorp Community Development Corporation, the tax credit and community investment subsidiary of U.S. Bank.
«It’s great to see a Louisiana small business succeed,» said U.S. Senator Bill Cassidy, M.D. «We have worked to make Louisiana a terrific place to invest, and stories like this show our state is on the right track.»
Louisiana’s New Markets program incentivizes the investment of private capital in small businesses located in low-income or hurricane-damaged areas to drive job growth and economic expansion. The program also encourages investment in rural areas of the state, along with minority-, woman-, and veteran-owned businesses, which have often been underserved by traditional sources of capital.
«I’m proud to see the Louisiana New Markets program being put to work helping businesses across the state like Neighbor’s Cookies grow,» said State Senator Rick Ward. «As our communities continue to recover from the economic fallout caused by Covid-19, not to mention the natural disasters that hit this area in 2020, businesses like this—and the jobs it provides—are critical in ensuring people and households bounce back.»
«Right now is a critical time to support small businesses like Neighbor’s Cookies,» said Justin Obletz, managing director at Advantage Capital. «With the type of patient capital we can provide through targeted investment programs such as the Louisiana New Markets program, we can meet businesses where they are and provide a funding structure that fits their needs.»