The Innovate Fund Allocates $8.5 Million for Restaurant Depot in North Charleston

The Innovate Fund makes second investment in North Charleston

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Aug 23, 2018, 08:41 ET

NORTH CHARLESTON, S.C., Aug. 23, 2018 /PRNewswire/ -- The Innovate Fund, a Community Development Entity (CDE) managed by Tax Advantage Group and Greenville Local Development Corporation in Greenville, S.C., has allocated $8.5 million in New Markets Tax Credits (NMTC) to provide flexible, below market financing to JETRO Holdings, LLC. for the development of a new 62,333 square-foot Restaurant Depot which opened in North Charleston in May 2018.

With locations in 33 states, Restaurant Depot is a business-to-business grocery and food service distributor. The majority of its customers are independent restaurant owners, small retailers, caterers, and non-profit organizations which benefit from a full range of quality foods sold at prices significantly lower than traditional delivery wholesalers. Additionally, Restaurant Depot's willingness to sell without minimum quantities allows small grocers and operators of corner stores and bodegas to opt for fresh, healthy foods rather than long shelf-life products.

Located in a Low-Income Community with 44.8 percent poverty, 29.4 percent median family income, and 14.4 percent unemployment, the North Charleston Restaurant Depot is projected to create 135 construction and permanent jobs, providing much needed relief to the neighborhood.

"I've said before that the key to revitalization and creating new jobs is attracting private investments to the area," said North Charleston Mayor Keith Summey. "This allocation from The Innovate Fund and the trust of JETRO Holdings to build here sends a clear signal to other businesses that North Charleston is ripe with opportunity."

The Innovate Fund Program Manager Whitney Ferguson said, "The Innovate Fund would like to thank U.S. Senators Lindsey Graham and Tim Scott for their continued support of the New Markets program, which helps us bring greater prosperity to South Carolina's hardest hit communities."

About Restaurant Depot
Restaurant Depot, a division of JETRO Holdings, LLC, headquartered in College Point, NY, is a members-only wholesale cash and carry foodservice supplier for independent food businesses. With locations in 33 states, they offer quality products from large warehouse stores with no minimum purchase required. By eliminating the overhead of a traditional distributor, focusing on the needs of independent foodservice operators and offering free membership, Restaurant Depot has become the leading low-cost alternative to other foodservice suppliers throughout the United States.

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.

About Greenville Local Development Corporation (GLDC)
Founded in 1979, Greenville Local Development Corporation (GLDC), a 501(c)(3) non-profit, was established by a group of committed community and business leaders in Greenville, SC 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 taxadvantagegroup
Headquartered in Greenville, S.C., taxadvantagegroup (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 over $1.4 billion for community projects across the United States. In addition, tag provides compliance and asset management services on $450 million of NMTC assets. The depth and breadth of services provided by tag is unsurpassed in the industry and includes New Markets Tax Credit Allocation Applications; NMTC Deployment; CDE Compliance and Asset Management; and Outreach Strategy Development. Each of these services helps tag achieve its mission of revitalizing low-income communities by providing capital and project management to organizations that create significant community impact.