FOR IMMEDIATE RELEASE
Contact:
Andy Teague
St. Louis Economic Development Partnership
314-853-1855
ateague@stlpartnership.com
Andrew Barnes
Justine PETERSEN
314-533-2411 ext. 275
abarnes@justinepetersen.org
The Steel Works provided New Markets Tax Credits
from HRIF, Justine PETERSEN
Allocation to help bring new jobs to Granite City facility
ST. LOUIS (May 28, 2026) – Heartland Regional Investment Fund, LLC (HRIF), a subsidiary of St. Louis Economic Development Partnership (STL Partnership), and Justine PETERSEN, a nonprofit organization dedicated to helping individuals and families build assets and achieve financial stability, provided a New Markets Tax Credits (NMTC) supported financing package to The Steel Works (TSW), a steel processing company located in Granite City, Ill. TSW, a multigenerational, family-owned and operated company, will use these funds to add new equipment, working capital and additional employees to meet the company’s strong customer growth.
“With demand going strong at The Steel Works, HRIF is proud to provide the necessary support to help its business continue to grow,” said Jeff Colona, director of New Markets Tax Credits at STL Partnership. “These funds will not only help keep valuable employees in the facility, but it will also lead to new, well-paying jobs for the area.”
“New Markets Tax Credits create opportunities that go far beyond financing because they help transform communities,” said Sheri Flanigan-Vazquez, chief operating officer of Justine PETERSEN. “At Justine PETERSEN, we believe every community deserves access to investment, quality housing, good-standing businesses, and resources that create long-term stability. These investments allow organizations like ours to continue supporting projects that make a meaningful difference in the lives of families and neighborhoods throughout our region.”
As a result of the NMTC loans, TSW will retain 19 full-time jobs and expects to create another 32 full-time jobs within a few years to scale with forecasted increases in customer demand. The estimated average wage for these jobs is expected to be above both the regional living wages for this area and industry.
“This investment allows us to continue growing in Granite City while making meaningful improvements to our operations and creating new manufacturing jobs in the region,” said Robyn Cooper, general manager of The Steel Works. “As a family-owned company, we are committed to investing in our people, our equipment, and the long-term future of American manufacturing. Support through the New Markets Tax Credit program helps companies like ours continue expanding in communities that have a strong industrial workforce and a proud manufacturing history.”
Equipment purchases TSW expects to make include a press, press dies, air compressors, slitter knives, and overhead crane improvements, among other investments. Working capital investments will primarily be inventory purchases to support and process customer orders. TSW began these investments in the first quarter of 2026.
New Markets Tax Credits come from the U.S. Department of the Treasury Community Development Financial Institutions Fund (CDFI Fund), which gives tax credits to Community Development Entities (CDEs) to provide loans and investments to businesses in low-income communities.
About St. Louis Economic Development Partnership
The St. Louis Economic Development Partnership (STL Partnership) provides economic development services for the City of St. Louis and St. Louis County. The Partnership works in collaboration with the St. Louis Development Corporation, Greater St. Louis, Inc., the Missouri Department of Economic Development, the Missouri Partnership, and other economic development partners to attract, retain, and grow companies coming to or expanding in the St. Louis region. Learn more at stlpartnership.com.
HRIF, a subsidiary of STLPartnership, provides financing to projects in distressed communities surrounding the managing members—the City of St. Charles, Southwest Illinois Development Authority, and STL Partnership. Eligible areas HRIF serves are St. Louis County and St. Charles County in Missouri, and Bond, Clinton, Madison, and St. Clair counties in Illinois.
About Justine PETERSEN
Justine PETERSEN is a St. Louis-based nonprofit organization dedicated to helping individuals and families build assets and achieve financial stability through affordable housing, small business lending, and financial education. Since 1997, Justine PETERSEN has worked to strengthen communities by expanding access to capital and economic opportunities for underserved individuals and entrepreneurs across Missouri and beyond. Through innovative lending programs, technical assistance, and strategic partnerships, the organization continues to invest in neighborhood revitalization, affordable housing development, and economic growth.
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