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Greenville Business Magazine

The Business Narrative: $1 Million Donation From Boeing

Aug 12, 2022 09:24AM ● By Donna Walker

International African American Museum Receives Donation From Boeing

The International African American Museum (IAAM) has received an additional $1 million donation from The Boeing Company. 

This contribution will help thousands of underserved children experience the educational aspects of the museum during its opening year while also helping to support the organization’s broader mission and operations.

This most recent gift brings Boeing’s total giving in support of the museum to $2 million. Boeing was the first corporate donor to the museum in 2011.

Boeing’s donation, in part, will make it possible for IAAM to work with partners to allow children and their families the chance to experience the museum free of cost. 

The museum seeks to honor the untold stories of the African American journey by educating visitors about the realities of the international slave trade and plantation life. 

The IAAM also explores the cultures and knowledge systems retained and adapted by Africans in the Americas that have been influential across South Carolina, the United States, and the African Diaspora.

“Our ability to ensure that every young person has unfettered access to the museum is one of our top priorities. I’m excited to continue our partnership with Boeing in such a meaningful way,” said Tonya M. Matthews, president and CEO of the International African American Museum.

“With this support, we have the opportunity to meet one of our critical goals, reaching youth from all walks of life. We’re so grateful to our partners at Boeing for their generosity and continued support. 

In April, representatives from Boeing -- including Ziad Ojakli, executive vice president of Government Operations -- had the opportunity to visit the future home of the IAAM. In addition to seeing the museum’s progress, the team gained a better understanding of the exhibitions and transformational storytelling that youth will experience. 

Following a recent visit to the IAAM site to learn more about the future of the museum, Ojakli said, “At Boeing, advancing racial equity is a key pillar of our community engagement work, and we believe in the International African American Museum’s mission to unlock and honor the untold stories of the African American journey and South Carolina’s history.

“We are proud to support the museum’s efforts to share those stories with thousands of students. As an active and engaged member of the South Carolina community, we are grateful to IAAM for their partnership, and we look forward to seeing these exhibits and experiences bring these important and impactful stories to life.”

Georgia-Pacific Making $40 Million Expansion in Clarendon County

Georgia-Pacific, one of the world’s leading makers of tissue, pulp, packaging and building products, announced plans to expand operations in Clarendon County. The company is investing approximately $40 million into the project. 

Founded in 1927, Georgia-Pacific and its subsidiaries are global manufacturers and marketers of consumer tissue and tableware products; building products; paper-based packaging; cellulose and specialty fibers; nonwoven fabrics; and related chemicals.

The company currently operates five manufacturing facilities in South Carolina, collectively employing more than 900 team members and providing close to $64 million in wages and benefits.

Located at 8250 Sumter Highway in Alcolu, Georgia-Pacific’s expansion in Clarendon County includes the addition of a third strander to increase the throughput capacity of the facility. The equipment processes wood logs into strands used in manufacturing-oriented strand boards (OSBs).

“The Clarendon OSB facility is an important part of Georgia-Pacific’s ability to produce best-in-class wood products and meet demand in a state with a strong housing market,” said Georgia-Pacific Structural Panels President Andy Konieczka.

“This addition will get us further down the road to realizing the facility’s full potential.”

The expansion is expected to be complete in 2023.

CAPTRUST Adds Greenville-Based Investment Firm

CAPTRUST Financial Advisors (CAPTRUST) announced the addition of Reynolds Investment Management (RIM), based in Greenville, South Carolina. 

Established in 1989, RIM provides wealth management services to individuals and families, business owners, medical professionals, and retirees. The RIM team also offers investment advisory services to retirement plan sponsors, endowments, and foundations. 

The firm is led by Tom Reynolds and oversees more than $600 million in assets from several hundred clients. A total of eight new colleagues will be joining CAPTRUST. 

“As we continued to grow, we didn’t want to re-create the wheel,” said Reynolds.

“We got to know the folks at CAPTRUST and saw the robust systems in place, from technology and compliance to HR and marketing. We believe that joining CAPTRUST will relieve us of many administrative functions to allow us to spend more time with our clients.”

RIM has a close relationship with the former Nachman Norwood & Parrott Wealth Management (NNP), also based in Greenville, which joined CAPTRUST last year.

“I’ve known a couple of the principals at NNP for many years,” said Reynolds, “and it was a natural fit to partner with the existing Greenville office, based on the similar clients we work with. We are excited to build a powerhouse here.”

“The team at RIM aligns with CAPTRUST in many ways, and we look forward to growing our footprint in South Carolina,” said Rush Benton, CAPTRUST’s senior director of strategic growth. “Tom and his colleagues are enthusiastic about the growth opportunity for their advisors, and we know joining CAPTRUST will set them up for success.”

This is the 58th deal for CAPTRUST since 2006. Consistent with other transactions, RIM will take on the CAPTRUST brand and work alongside the team in Greenville.

United Community Bank Partners with CommunityWorks to Offer Grants, Loans

United Community Bank announced a partnership with CommunityWorks to support the organization’s aligned goals of economic empowerment, financial education and increased lending opportunities within underserved and minority communities.

United Community Bank will offer a $500,000 Equity Equivalent (EQ2) loan to CommunityWorks to be used primarily for minority business owners and affordable housing developers throughout the state of South Carolina.

The United Community Bank Foundation is also providing a $50,000 grant to be used as a guaranty to provide credit enhancement to support small minority developers who wish to create affordable housing opportunities.

The partnership aims to support the increased access to financing for smaller nonprofit and community development corporations developing and/or rehabilitating affordable housing that serve low and moderate income residents located in Greenville County. 

In many cases, smaller nonprofit developers do not have access to affordable financing to support acquisition, rehabilitation and/or development of smaller affordable housing projects.

“Partnering with CommunityWorks gives us the opportunity to support both minority business owners and increased opportunities for homeownership across South Carolina, ultimately delivering on our goal to improve the financial health of our communities,” said Jana Scroggins, Greenville County Commercial Lending Division Manager and SVP.

“We are excited to work with this incredible organization to make a real impact on the availability of affordable housing.”

Using the loan from United Community Bank, CommunityWorks will create a line of credit designed to support affordable housing developers and nonprofit organizations that desire to rehabilitate naturally occurring affordable housing for the purposes of selling those housing units to families living at or below 80% of the area median income. 

CW will provide financing and underwriting to nonprofits and development partners seeking to meet these objectives. Through the $50,000 grant, United is able to support these smaller development partners, if necessary, by offering a financial guaranty to the projects.

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