How President Trump’s new tax plan is benefiting this local company
President Donald Trump just signed the nation’s new tax plan into law today, and this Nashville-based company already is putting its savings to use. In an email to employees Friday, Advance Financial CEO Tina Hodges announced new ways the company will spend the $1 million in corporate taxes it will no longer pay in 2018.
Here’s what Advance Financial will roll out in the new year:
- Increase the company’s 401(k) match from 3 percent to 5 percent for all employees.
- Increase the profit share potential for front-line retail employees from 3 percent to 5 percent.
- Increase the amount the company gives to its foundation — Advance Financial Foundation —by 8 percent.
Advance Financial joins several companies that announced new employee benefits following the passage of the nation’s new tax plan, which dramatically slashes corporate taxes.
This is not the first corporate change Advance Financial has made as a result of the new federal administration. Earlier this year, Hodges announced the company, which offers loans that carry high interest rates for customers considered high risk by traditional lenders, would open more stores as a result of a potential decrease in regulation.
At the time, Hodges said in an interview with the Nashville Business Journal: “We’ve always wanted to expand across Tennessee, but from the past presidential administration, there were a lot of regulations and pending regulations that would have impacted our ability to grow, so we were growing more slowly than we would have if we were more confident. With the new administration, we feel like President Trump has said his goal is to reduce regulations so small businesses can grow. We’re taking him at his word, and we’re planning to expand.”
According to Nashville Business Journal research, Advance Financial grew its revenue more than 188 percent from 2013 to 2016 and generated more than $149 million in revenue in 2016, landing them in the No. 4 spot on our Fast 50 list of the city’s fastest-growing private companies in 2017. Original Source: Nashville Business Journal