NMTC financing helped expand the Highland Baking Company plant in Spartanburg, South Carolina.

The new $36.4 million production line will create an estimated 95 new full-time jobs. Financing will be used to build a third production line at the Spartanburg, SC plant. Highland Banking Company currently has 183 employees. The project received $32.5 million in New Market Tax Credits, which Highland Baking Company will use for the purchase and installation of new equipment for the facility’s expansion. Highland Baking provided an additional $4.5 million contribution to complete project financing.

In addition to National New Markets Fund’s $18 million in NMTCs, three other community development entities provided NMTCs to Highland Baking Company: $7 million from Urban Action Community Development, $5.5 million from New Markets Support Company, and $2 million from Chase. Chase served as the tax credit investor, providing $9.5 million in tax credit equity.