Finance System of Richmond, an accounts receivable management firm, plans to expand its Richmond, Indiana
, operations center, creating up to 42 new jobs by 2016.
The company will invest $800,000 to renovate and equip a new 11,085 square-foot facility located at 5703 National Road East. The expansion, which will be fully operational by April 2014, will allow the company to expand its new division, RadiologyBill, which offers billing and collection services for radiologists across the country.
"Those of us at Finance System have been fortunate to have 30 and 40 year veterans pass down their knowledge, skill and expertise to our staff today," said Chris Coleman, Vice President of Finance System. "Mixing this element with today's technology and very success-driven employees, we've produced results nearly doubling our industry average. Making this large investment in marketing and infrastructure in the pro-business state of Indiana is really a no-brainer. Indiana offers the best springboard to success when taking the risk of growing your existing company without being overtaxed or overregulated in the process."
Finance System, which currently employs 17 full-time associates, plans to begin hiring administrative assistants, call center representatives and legal clerks in June 2014.
"Homegrown-Hoosier companies like Finance System remain the heart and soul of this state, creating jobs and opportunities for people across Indiana," said Eric Doden, President of the Indiana Economic Development Corporation
. "With decreasing taxes and regulations, along with our central location and world-class workforce, I'm proud to be able to call Indiana a state that works." As an incentive, The Indiana Economic Development Corporation offered Finance System of Richmond up to $190,000 in conditional tax credits and up to $50,000 in training grants based on the company's job creation plans. These tax credits are performance-based, meaning until Hoosiers are hired, the company is not eligible to claim incentives. In addition, the city of Richmond will consider additional incentives at the request of the Economic Development Corporation of Wayne County
"It's wonderful that this third generation, family-owned business has decided to remain in Richmond and expand their company, creating over 40 new jobs," said Richmond Mayor Sally Hutton. "This is a great project for our community and we're glad they're making this investment here."