The Innovate Fund Provides Essential Financing for Anderson County Business
ANDERSON, S.C., April 1, 2022 /PRNewswire/ -- A 150,000 SF manufacturing expansion is being undertaken in Anderson, SC as a result of a $10 Million allocation of New Markets Tax Credits (NMTC) from The Innovate Fund. The Innovate Fund, a NMTC CDE, prioritized investment to this manufacturing expansion due to the project being in an Appalachian Regional Commission Distressed Area with an unemployment rate of 16.9%, which is 2.04x the national unemployment rate. Additionally, The Innovate Fund prioritizes investments that result in the creation of high-quality, accessible jobs. The manufacturing expansion in Anderson is expected to result in the creation of 220+ jobs by Pregis Performance Flexibles, a packaging and protective solutions company.
Jon McClure, President of South Carolina Operations for Pregis Performance Flexibles, stated that, "With the NMTC subsidy, the initial construction expansion can begin and serve as a catalyst for the completion of the full scope of the project allowing Pregis to maximize the anticipated benefits to the community". Construction activities are planned to start immediately with substantial completion to be in late October 2022. Hiring for the new positions will take place in 2022, and all new jobs will provide full-time working hours, access to employment benefits, including healthcare, and provide opportunities for training and advancement.
"The Innovate Fund has a long and proud history of making transformative investments throughout SC with a total of 6,177 jobs created in SC since our inception," Emma Wyatt, the Program Manager for The Innovate Fund explained. "With the support of the SC legislature and future awards from the CDFI Fund, we can continue to support great projects like this manufacturing expansion in Anderson via the NMTC program."
About The Innovate Fund The Innovate Fund is a designated Community Development Entity under the provisions of the CDFI Fund, which since its inception has been awarded $327 million in allocation of New Markets Tax Credits. The Innovate Fund's mission is to service and provide investment capital for operating businesses and real estate development projects in low-income communities across Tennessee, Georgia, North Carolina, and South Carolina. The Innovate Fund's partners are the Greenville Local Development Corporation and Tax Advantage Group by Cherry Bekaert.
About Greenville Local Development Corporation
Founded in 1979, Greenville Local Development Corporation, a 501(c)(3) non-profit, was established by a group of committed community and business leaders in Greenville, S.C., to address obstacles faced by businesses and community-based organizations in obtaining conventional financing. Since inception, GLDC has been working to provide financial assistance, real estate development coordination, and strategic guidance for economic development projects and business expansions.
About Tax Advantage Group by Cherry Bekaert
Headquartered in Richmond, Va., Tax Advantage Group by Chery Bekaert (TAG) is one of the country's most successful consulting firms specializing in New Markets Tax Credits, helping nonprofit and for-profit organizations access capital and transform communities. Since 2004, TAG has played an instrumental role in securing funding for more than $1.4 billion for community projects across the United States.