Memphis, Tenn.-based Monogram Foods announced it can proceed with a planned expansion of its Martinsville, Va., processing plant, having secured $8 million in financing for the project, necessary as expansion expenses escalated recently, with rising interest rates driving up the cost of capital, according to a release. The expansion will increase production capacity of jerky and meat sticks by 80% and add 156 new jobs to the plant, which currently employs 530 people, according to local news outlets.
Monogram Foods produces a wide variety of food products at approximately a dozen plants across the country. Many of its products are co-manufactured, private label or foodservice, but it also produces such brands as Circle B Brand, Wild Bill’s and King’s, among others. The company makes everything from jerky and meat snacks to corn dogs, bakery items and appetizers.
The news report states that Dudley Ventures/Valley National Bank provided the New Markets Tax Credit equity and CEI Capital Management LLC was joined by Stonehenge Community Development LLC and The Community Business Investment Fund to secure the financing.
The New Markets Tax Credit program promotes the flow of private capital to businesses in rural and low-income communities by providing tax incentives to investors, the report explained.