Hampton Roads Ventures provided NMTC financing the construction of a peanut processing plant that allows Delta Peanut, a cooperative of 73 family-owned peanut farms, to process and directly sell its peanuts, rather than outsourcing this activity to third party vendors. The project will promote the farming interests that are critical to improving the economic stability of a severely distressed community in rural Missouri.
Delta Peanut will construct a 144,000 sq. ft. peanut processing plant that includes a buying point with dry storage warehouses, a seed sheller and blancher. This new facility will allow local growers to vertically integrate their farming operations by processing their crops on-site and selling directly to food manufacturers or crushing facilities that further process the peanuts and shells for oil and meal.
The project is anticipated to create 138 new full-time jobs during the next seven years, 85 percent of which are anticipated to be filled by low-income residents of the local Kennett area.