The Innovate Fund Provides $13.75 Million in New Markets Tax Credits For Renovation and Expansion of Brown Packing Co., Inc. in Gaffney

GAFFNEY, S.C., Nov. 1, 2018 /PRNewswire/ -- 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.

Jim Brown, President of Brown Packing Co., Inc., said, "We believe running a business requires a delicate balance of stability and flexibility, and the New Markets Tax Credit allocation from The Innovate Fund has provided us the flexible capital necessary to complete this project. As a family-owned business, we pride ourselves on the relationships we have developed over the past 40 years, and this project will allow us to continue to offer fulfilling jobs to our loyal employees, remain actively involved in the Cherokee County community, and provide excellent service and safe, quality products to our customers and end-consumers."

"Brown Packing is making a huge difference in the lives of its employees, a segment of the population that often finds it difficult to secure quality employment. We are very happy to provide them with this investment so they can remain competitive and operational for decades to come," said Whitney Ferguson, Program Manager of The Innovate Fund. Ms. Ferguson also noted that investment from The Innovate Fund would not be possible without the continuing support from South Carolina's legislative delegation, including U.S. Senators Lindsey Graham and Tim Scott.

About Brown Packing Co., Inc.
Brown Packing Co., Inc. is a beef packer located in Gaffney, South Carolina. They harvest cows and bulls, buying cattle from stockyards and producers throughout the Southeast. They strive every day to produce the best quality products and offer the best service in the industry. The 2016 Cattle Buyers Weekly lists the company as the 20th Top Beef Packer in 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. 

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SOURCE The Innovate Fund