Natchez economic development director said Loss Prevention Services was win-win for area
THE STAFF REPORTS / NATCHEZ DEMOCRAT
(reposted with permission. Photos by Ben Hillyer)
NATCHEZ — Loss Prevention Services, an industry-leading auto portfolio servicing company for financial lenders, announced Monday the company will be locating their corporate headquarters in Natchez.
The project is a $2.97 million corporate investment and will create 200 additional jobs as a result of both organic and potential acquisitional growth, local economic officials said.
The company provides solutions including recovery management, transportation, titling and remarketing.
Through technology and customer service it provides data processing for many Fortune 500 financial institutions nationally.
“The addition of hundreds of jobs by Loss Prevention Services in Adams County is exceptional news, especially when local economies and businesses are trying to rebound during these trying times,” Gov. Tate Reeves said. “The state of Mississippi is appreciative of the Loss Prevention Services team for its decision to bring Loss Prevention Services and so many new opportunities to Natchez, and we are excited about the company’s promising future in Southwest Mississippi.”
The Mississippi Development Authority is providing assistance for infrastructure and parking lot improvements.
Loss Prevention Services also qualifies for the Data and Information Processing Designation, which enables the company to receive a sales and use tax exemption, Jobs Tax Credit and property tax exemptions at the discretion of the local government, officials said. Additionally, Loss Prevention Services is eligible for the Advantage Jobs Rebate Program, which provides a rebate to eligible businesses that create new jobs that exceed the average annual wage of the state or county in which the company locates or expands.
The City of Natchez and Adams County are also assisting with the project.
“Economic development is a top priority throughout Mississippi, and when companies like Loss Prevention Services choose to bring so many new jobs to our great state, it serves as a shining example of the teamwork displayed by economic developers at the state, regional and local levels in order to build stronger communities through new investment and job creation,” said MDA Interim Director John Rounsaville. “MDA is grateful to Loss Prevention Services for their confidence in our business environment and workforce, and we thank the teams at Natchez, Inc., the City of Natchez and Adams County for working to bring this project full-circle.”
“This project is a win-win for Natchez-Adams County. Not only were we successful in recruiting 200 new jobs to our area, we also kept existing jobs from leaving our area,” said Natchez, Inc. Executive Director Chandler Russ. “This success is a true testament to the positive business climate of our region. Sterling and his team would not have made this decision had they not believed in the Natchez region.”
The new facility will be located at 321 Franklin St, consisting of 45,000 square feet and will be able to accommodate staffing needs of over 300 employees locally. There will be an extensive training program available to new staff that will help teach the precise skills required to fill these positions. The company will continue to maintain its existing office location in Grandville, Michigan.
“This influx of high paying jobs in downtown Natchez will be the catalyst we need to reinvigorate the small business community and create new opportunities for small business growth downtown,” said Natchez Mayor Dan Gibson.
“I could not be more honored than to be able to create these new positions in my hometown of Natchez,” said Sterling Gay, chairman and co-founder of Loss Prevention Services. “The addition of this new facility, along with the existing office in Michigan will not only better accommodate our current operational needs, but allow for further growth opportunities within the organization. Our team is excited about the venture and anticipate that Loss Prevention Services will continue to expand and hope that the city will greatly benefit from the investment made by our transition into this new facility. We have an outstanding leadership team and feel confident that we will be pleased with housing the corporate headquarters here in Natchez.”
Company CEO David Cowlbeck said, “The opportunity to partner with the State of Mississippi in providing opportunity for economic growth for the entire enterprise, and communities we operate in, is further complemented by the additional location that will assure business continuity and consistent service as well.”
Loss Prevention Services plans to fill the 200 additional new jobs by summer 2022.