The Innovate Fund provides $13.75 million in new markets tax credits for renovation of Brown Packing
November 1, 2018
Investment will support 32 construction jobs and 396 permanent jobs in non-metropolitan Cherokee County
The Innovate Fund, a Community Development Entity (CDE) managed by taxadvantagegroup and Greenville Local Development Corporation in Greenville, S.C., has allocated $13.75 million in New Markets Tax Credits (NMTC) as part of a $20+ million renovation and expansion of Brown Packing Co., Inc., a 60-year-old meat packing plant in Gaffney, S.C.
The project will involve the construction or renovation of 66,500 square feet of their 150,000-sq.-ft. facility in Gaffney. The project will increase production and completely upgrade the company’s facility to meet evolving industry standards, with best in class equipment and technology. The improvements will also include new cooling systems, a new wastewater treatment system, and updated locker rooms and employee wellness facilities for both genders. The expansion is expected to create an additional 25 permanent direct jobs in an Appalachian Regional Commission (ARC) Distressed area.
Brown Packing Co., Inc. is a third-generation, family owned meat packing business in non-metropolitan Cherokee County. The company has grown to 371 full-time employees, 80 percent of which are minorities. It is the second largest employer in the county. Brown Packing provides one of the few entry level job opportunities in the area for low-skilled workers to obtain full-time employment without basic reading or English language skills in an area with a large migrant farming population. Since their entry level jobs have effectively no barriers to entry, Brown Packing serves as a rehabilitation employer for those with criminal, drug, or unemployment backgrounds, offering a path to stable employment that includes full-time working hours and a comprehensive benefits package including health insurance.
About The Innovate Fund
The Innovate Fund and its affiliates are designated Community Development Entities under the provisions of the Community Development Financial Institutions Fund, which since their inception, have been awarded $217 million in allocation of New Markets Tax Credits. The Innovate Fund’s mission is to serve and provide investment capital for operating businesses and real estate development projects in low-income communities across South Carolina. The Innovate Fund’s partners are the Greenville Local Development Corporation and taxadvantagegroup.
