Case Study: GadellNet achieves rapid growth and community revitalization with Enterprise Bank & Trust's New Markets Tax Credit financing

GadellNet grows to 110 jobs with Enterprise Bank & Trust

GadellNet, an early-stage IT consulting business, faced the challenge of fueling its growth without the traditional credit or collateral needed to hire staff and purchase new equipment. Their goal was to become a premier employer and spur economic development in their distressed St. Louis community. Enterprise Bank & Trust, through its affiliate Enterprise Financial CDE, provided a solution using New Markets Tax Credit (NMTC) program funding.

The NMTC investment from Enterprise Bank & Trust provided $400,000 in working capital, which allowed GadellNet to refinance debt and fund its expansion. This solution enabled the company to grow from 35 to over 145 employees, open new offices in multiple Midwest markets, and establish a new headquarters in a revitalized neighborhood. The measurable impacts include the creation of 110 jobs, a 93% employee retention rate, and a significant role in the economic turnaround of their community.

GadellNet