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October 30, 2020

PhoneSoap Receives Novogradac QLICI of the Year Award

Stonehenge Capital portfolio company PhoneSoap has been recognized as QLICI Small Business of the Year by the Novogradac Journal of Tax Credits. Novogradac’s Community Development QLICIS of the Year Awards honor community development entities (CDEs) that made exceptional qualified low-income community investments (QLICIs) through the federal New Markets Tax Credit Program in the past year. Stonehenge Capital and PhoneSoap will be recognized at the Novogradac 2020 New Markets Tax Credit Fall Virtual Conference, Oct. 29-30.  

This is the fourth consecutive year in which a Stonehenge investment has been acknowledged in this way.

Dan Barnes and Wesley LaPorte founded PhoneSoap, LLC, after learning that a cell phone surface was 18 times dirtier than a public restroom. Barnes and LaPorte designed a prototype that utilizes UV-C light to safely sanitize cell phones and other devices, killing 99.99 percent of common household germs, while charging the devices at the same time. The cousins launched PhoneSoap in 2013 with a Kickstarter campaign. PhoneSoap is located in Provo, Utah, in a census tract with a 49.5 percent poverty rate.

“PhoneSoap’s story is a powerful reminder that small businesses can make important contributions to our country’s recovery from COVID-19 related economic disruption and public health challenges,” said Matthew Orr, Vice President at Stonehenge Community Development.

Capital from Stonehenge Capital enabled PhoneSoap to fulfill a growing backlog of customer orders and meet the increased demand for its products during the COVID-19 pandemic. Stonehenge’s investment in PhoneSoap is expected to create nearly 30 new jobs. PhoneSoap has experienced an exponential growth in orders since the onset of the COVID-19 pandemic and is working to expand its product line to include a device to help hospital workers sanitize rooms and devices, as well as a new air purifier for residential use.

“PhoneSoap’s success is another great example of the importance of making flexible NMTC capital available to small businesses and reaffirms that low-income communities are worth developing” said L’Quentus Thomas, Managing Director at Stonehenge Community Development.

The Novogradac Journal of Tax Credits Community Development QLICIs of the Year Awards honor CDEs that demonstrate a well-executed vision and measurable community impact as well as those that show a commitment to establishing positive change in bringing more people and places into the economic mainstream.

About Novogradac

Novogradac began operations in 1989 and has grown to more than 600 employees and partners with offices in more than 25 cities. Tax, audit and consulting specialty practice areas for Novogradac include affordable housing, opportunity zones, community development, historic rehabilitation and renewable energy.

The Novogradac Journal of Tax Credits Community Development QLICIs of the Year Awards honor CDEs that demonstrate a well-executed vision and measurable community impact as well as those that show a commitment to establishing positive change in bringing more people and places into the economic mainstream.