In August 2022, CDF provided $6.5 million in New Markets Tax Credit (NMTC) allocation to Siegal Steel (Siegal) to fund equipment expenditures at a steel coil processing plant located at 4747 South Kedzie Avenue in Brighton Park. Siegal is a steel coil processor and supplier specializing in oscillate winding, steel edging, and Just-in-Time delivery services that has been based in Chicago since 1940. NMTC financing supports upgrades to a steel slitting line and other production equipment, purchase of an edger, and investment in an inventory program.
At full capacity, the project is expected to support 60 FTEs, 97% of which will receive a living wage and benefits, including health insurance and retirement matching. 92% of positions will be accessible to individuals without a four-year degree, and all 45 production positions are unionized and accessible with only a high school education. To hire from the surrounding community, Siegal will work with local organizations, including the Brighton Park Neighborhood Council, St. Gall Catholic Church, St. Sabina Catholic Church, and the local alderman’s office.
NMTC equity was provided by US Bank.