Rich Products and National New Markets Fund LLC (NNMF) announced phase two of Rich’s Brownsville, Texas, 150,000-sq.-ft. plant expansion has officially begun. The expansion will increase production capacity for Rich’s growing branded appetizer business, the announcement stated.
NNMF, which is an affiliate of SDS Capital Group, will invest $17.5 million of its New Markets Tax Credits allocation in support of this second phase of the overall $117 million expansion project — Rich’s largest capital campaign to date, the announcement said. Phase on began in 2023 and included the development of a new frozen warehouse slated to open this summer. Phase two is expected to be completed in July 2025.
Once opened, the entire expansion project is expected to create more than 130 full-time jobs, 70% of which are slated to be filled by members of Brownsville’s marginalized communities, the announcement said. The New Markets Tax Credit program, which is administered by the U.S. Treasury Dept., provides investment capital for projects benefitting low-income communities similar to the Brownsville community in which Rich’s operates. Rich’s received the NNMF allocation as part of a complex $25.5 million NMTC financing package.
Rich’s says it will offer workforce training in Brownsville, including computer literacy courses in partnership with Texas Southmost College.
