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Supreme Certified As Community Development Entity By U.S. Treasury Dept
By: SUPREME CAPITAL GROUP-PRIVATE EQUITY FUNDS
Under the terms of the certification, Supreme Holdings, Inc., and its affiliate funds will act as intermediary investment vehicles for the provision of loans, investments, and financial counseling to businesses in Low-Income Communities (LICs) throughout the U.S., under the U.S. Treasury Dept.’s New Markets Tax Credit (NMTC) Program.
Tom Elliott, Managing Director of Supreme, said, "This is a tremendous step for us. This certification makes our fund raising efforts somewhat easier because now, investors in our funds can claim tax credits that amount to about 39% for each dollar invested. Those tax credits directly reduce the investor’s tax liability from other income sources, which can be very valuable to those in the higher tax brackets. Hopefully this will motivate more socially-conscious investors to invest in our funds, which will allow us to provide more capital to businesses that are located in distressed areas of the U.S.”
Based in Washington, DC, the mission of the U.S. Treasury Dept.’s COMMUNITY DEVELOPMENT FINANCIAL INSTITUTIONS FUND (the CDFI Fund) is to expand the capacity of financial institutions to provide credit, capital, and financial services to underserved populations and communities in the United States. The goal is to stimulate job creation and to provide economic stimulus in distressed areas of the country by granting tax credits to taxpayers who invest in projects and businesses that are located in these communities.
Based in New York, NY, SUPREME CAPITAL GROUP-PRIVATE EQUITY FUNDS. (the “Fund”) is a group of social impact private equity funds that provide solid returns to institutional investors while having important environmental and social impacts on the communities where we invest. We specifically provide equity capital for new business models that are pursuing opportunities in the fields of manufacturing, information technology, energy, health care, education, and select real estate projects. We believe these innovative business models will have profound social and environmental impacts by providing elegant solutions to some of today's more meaningful problems, creating high-quality jobs, and restoring human dignity to America's beleaguered middle class.