A New Orleans-based investment firm announced Thursday that it is contributing to a $4.5 million package to help First Orion finance the completion of its global headquarters in North Little Rock.
Advantage Capital's part of the investment, $2.3 million, also will help create 50 high-tech jobs at First Orion's 60,000-square-foot headquarters, which is under construction on Main Street at the Argenta Plaza.
The headquarters for the communications technology company will accommodate as many as 400 employees. Since 2014, First Orion has grown its full-time employee base from 36 to 204. The company provides cloud-based services that identify and block robocalls and other unwanted phone calls to consumers.
Advantage Capital's contribution is part of a $4.5 million investment that First Orion is receiving, said Advantage Capital spokesman Joe Stosberg. The balance is being contributed by the Community Development Venture Capital Alliance, he said.
"Advantage Capital first worked with First Orion in 2014, and we are pleased to continue to support the company's growth with this latest investment," Stosberg added.
Investments are part of the state and federal new markets tax credit program.
"This move comes at a pivotal time in our company's continuing expansion," First Orion Chief Executive Officer Charles Morgan said, adding that "we are thrilled to keep the momentum going in transforming the Central Arkansas region into a prominent technology hub.
"With the additional capacity at our new headquarters, we anticipate hiring at least another 50 high-tech employees, helping to keep Arkansas' highly skilled workforce here in our state," Morgan said.
The tax credit program helps bring investment capital to areas such as North Little Rock to promote business growth and job creation.
"First Orion is a great example of what we aimed to achieve with the new markets tax credit program -- facilitating private investment capital into businesses in distressed communities, in particular those companies that can create and maintain good, quality jobs to benefit Arkansas families," U.S. Sen. John Boozman said in a statement.
Advantage Capital has invested more than $3 billion in multiple industries across the country in financing efforts that have helped create more than 50,000 jobs.
Business on 01/10/2020