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Spartenburg, SC (2023)

Highland Baking Company (2023)

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

Investment

  • NMTC Amount: $32,500,000
  • Total Project Cost: $36,400,000

IMPACT

  • 95 FTE jobs

Investor

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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