THE PROJECT:
Meredian Bioplastics, Inc. (Meredian) is a green technology company that uses the byproducts of the timber and agricultural industry to create bioplastics. These plastics are an environmentally friendly, biodegradable substitute for petroleum-based products. The manufacturing process also produces no harmful emissions.
Even when operating around the clock, the high demand for bioplastics had exceeded Meredian’s production capacity at their pilot manufacturing facility. Meredian utilized NMTC financing to acquire new equipment and expand from their previous facility to a 190,000 sq. ft. industrial, office and research facility in Bainbridge, Georgia. Demand for bioplastics continues to grow rapidly; use in plastic packaging alone is expected to increase at an annual rate of more than 12% for the next two decades. The continued success and growth of Meredian are vital to the economic health of the city of Bainbridge, and the new facility has brought significant investment into a low-income community in rural Georgia.
COMMUNITY IMPACTS:
- Create 30 construction jobs and 46 permanent jobs.
- Each full-time position pays living wages and provides a competitive benefits package, including healthcare coverage, retirement benefits, disability insurance, job training, and job advancement programs.
- Target local recruitment and hiring by fostering relationships with universities and colleges in close proximity, including Bainbridge College, University of Georgia College of Agricultural and Environmental Science, Florida State University, and Tuskegee University.
- Create environmentally sustainable outcomes by manufacturing environmentally friendly, biodegradable bioplastics.
KEY COMMUNITY DEMOGRAPHICS:
- Poverty Rate: 25.4%
- Median Family Income: 58.3% of the benchmark
- Unemployment Rate: 1.41 times the national average
- Non-Metropolitan Community
- SBA designated HUBZone