Loss Prevention Services, an industry-leading auto portfolio servicing company for financial lenders, is locating its corporate headquarters in Natchez. The project is a $2.97 million corporate investment and will create 200 additional jobs as a result of organic and potential acquisitional growth.
“The creation of these hundreds of jobs by Loss Prevention Services in Adams County is fantastic news, especially as Mississippians and local businesses work to rebound during these trying times,” said Governor Tate Reeves. “We appreciate the Loss Prevention Services team for bringing their corporate headquarters and so many new opportunities to our great state, and we are excited to be part of the bright future ahead for these talented workers and this company in Southwest Mississippi.”
Loss Prevention Services provides innovative solutions such as recovery management, transportation, titling and remarketing, as well as data processing for many national Fortune 500 financial institutions. The company’s new 45,000-square-foot facility will be located at 321 Franklin St. and will be able to accommodate staffing needs of more than 300 local employees. An extensive training program will be available to new staff to ensure they acquire the skills required to fill these positions. Loss Prevention Services will continue to maintain its existing office location in Grandville, Michigan.
“I could not be more honored than to be able to create these new positions in my hometown of Natchez,” said Loss Prevention Services Chairman and Co-founder Sterling Gay. “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.”
“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,” said Loss Prevention Services CEO David Cowlbeck.
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. Additionally, Loss Prevention Services is eligible for the Advantage Jobs Rebate Program, which provides a rebate to eligible businesses that create new jobs exceeding the average annual wage of the state or county in which the company locates or expands. The city of Natchez and Adams County also are assisting with the project.
“Economic development is a top priority throughout Mississippi. 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.”
Loss Prevention Services plans to fill the 200 additional new jobs by summer 2022.
Release from the Mississippi Development Authority.