Highland Baking Company (2023)

Spartenburg,
SC
(2023)

Highland Baking Company (2023)

Business Development, Food Manufacturing, Manufacturing

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

Investment

NMTC Amount: $32,500,000
Total Project Cost: $36,354,617

IMPACT

278 FTE jobs
95 jobs created and 183 jobs retained.

CDEs

Chase, Local Initiatives Support Corporation, National New Markets Fund, Urban Action Community Development

Investor

Chase

Project Description

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.

MAP

Address: 7001 Asheville Highway, Spartenburg, SC 29303

Census Tract: 45083021802

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