Project Description

HALO Branded Solutions – Phase II

1500 HALO Way, Sterling, IL 61081

Total Project Costs: $22,670,501
Total NMTC Allocation: $20,000,000
SCORE Allocation: $5,000,000
Closing Date: December 2019

Distress Criteria:

  • Unemployment rate 1.78x the national average
  • 62.04% area median family income
  • Non-metropolitan

Community Impacts:

  • 582 Sustained FTE jobs
  • Created 350 new FTE jobs
  • 373 Quality jobs
  • 851 LIP accessible FTE jobs
  • Created 95 construction jobs

SCORE utilized NMTC financing to enable HALO, a distributor of promotional products across various categories including technology, auto, trade show items, and wellness and safety products, to construct a new 276,315-square-foot warehouse building in Sterling, IL. The Project will enable HALO to retain 582 existing jobs at its Sterling, IL facility, create an additional 350 jobs, and remain competitive in the marketplace. The jobs pay a weighted average salary of $17.35 per hour, and more than 91% of the positions are accessible to persons with educational attainment equivalent to a high school diploma.  The NMTC subsidy provided by SCORE was required to enable the Project to move forward immediately due the Sponsor’s high working capital needs and limited amount of cash available due to a recent expansion.

Community/CDE alignment:

The Project is in direct alignment with the Whiteside County, Illinois Comprehensive Plan 2014-2035 (the “Plan”). Of community residents polled for the Plan, economic development as well as job creation were the most important issues. Further, residents expressed concern over the limited job prospects available within the community and low workforce retention in the area. Additionally, when asked about how to improve the quality of life for Whiteside County, over 75% replied they saw a need for an increase in employment opportunities and more than 87% stated that the availability of different employment opportunities was lacking. Results of the survey also indicated that 90% of the community were in support of the development of transport industrial (warehousing and distribution centers) and industrial establishments.