Mississippi Silicon, a rural, start-up company supported by a consortium of international companies, built and now operates a $200 million technologically advanced silicon metal production facility in northeastern Mississippi. EquityPlus & SCC provided the vital first subordinated debt financing and assisted in raising the balance of the $50 million required for the company to close on its senior construction/permanent financing. Mississippi Silicon has provided more than 150 jobs for an area that has a 14.6% unemployment rate and 21% of the population earn less than $14,999 annually. The production and maintenance personnel earn a compensation package that averages in excess of $50K annually, well-above the area’s median family income of $36,196. In addition, all employees participate in a bonus program and receive a competitive benefits package, including medical and dental coverage and a defined contribution retirement plan.
The recent start of operations at MS Silicon has created additional employment and capital investment by suppliers to the factory. The plant’s activity encouraged the opening of two new restaurants in nearby Burnsville and new housing and apartment development. State and local job training programs are now active in the local area to source employees and contractors.
2013 to Present
CDE Allocation Application, New Market Tax Credits