U.S. Bank has invested more than $7.6 million in tax credit equity to enable Monogram Food Solutions to build a 54,000-square-foot addition to its plant and add 200 jobs to the area with Virginia’s highest unemployment rate.
U.S. Bancorp Community Development Corporation (USBCDC), the community development subsidiary of U.S. Bank, invested $7.6 million in equity raised from federal New Markets Tax Credits in the $55 million project. Greenline Ventures LLC, through one of its community development entities, designated the tax credits for the plant expansion.
“Greenline and Monogram’s commitment to growth will be a major step in helping to alleviate the joblessness in Henry County and beyond,” Tom Oldenburg, USBCDC vice president, said. “U.S. Bank is proud to be part of reinvigorating the Martinsville area.”
The 200 new jobs will pay about $16 an hour, including benefits, and will bring the plant’s total workforce to about 530 employees. Martinsville has the highest unemployment rate in Virginia at 10.6 percent as of December 2014, according to the Virginia Employment Commission.
“U.S. Bank is a longtime trusted partner and we’re happy they took an interest in this transaction,” Randy Kahn, executive vice president of Greenline, said. “We’re also excited to partner with Monogram, which has a strong track record and history in the community. The investment is consistent with the Martinsville comprehensive plan and it closes the capital gap Monogram needs to complete its operational expansion.
“The result will be 200 new low-income-accessible jobs in a rural community that has been hit hard by significant job losses in the textile and furniture industries,” Kahn said. “Overall, this investment is a strong fit with Greenline’s strategy to fill capital gaps hindering growth of economically sustainable operating businesses that will specifically benefit low-income communities.”
Construction on the project is projected to be complete by December 2015. “Monogram Foods is excited to be expanding production and adding jobs in Martinsville,” Ches Jackson, president of Monogram Supply Chain, said. “We have an excellent workforce with a dedication to consistently high quality products, safety and efficiency.”
Monogram Food Solutions is one of the nation’s largest manufacturers of quality meat snacks. Monogram Snacks Martinsville was acquired by the company in 2009 and produces Wild Bill’s, Trail’s Best, Hannah’s, Bull’s, Bass Pro Shop’s Uncle Buck’s, Team Realtree, Enjoy, Hickory’s Best and multiple store brand products.