Memphis-based Monogram Food Solutions is receiving an investment of more than $7.6 million from U.S. Bank. The funding, which is in the form of tax credit equity, will go towards Monogram Food’s planned expansion of its Martinsville, Virginia, production facility. The entire project, which is budgeted at $55 million, includes a 54,000-square-foot addition to the existing manufacturing plant. Monogram Food Solutions produces its Wild Bill’s, Trail’s Best, Hannah’s, Bull’s, Bass Pro Shop’s Uncle Buck’s, Team Realtree, Enjoy and Hickory’s Best meat snack brands in Virginia. Monogram is investing more than $36 million in the project, which it began raising capital for in the fall.”
Monogram Foods is excited to be expanding production and adding jobs in Martinsville,” said Ches Jackson, president of Monogram Supply Chain. “We have an excellent workforce with a dedication to consistently high quality products, safety and efficiency.”
The $7.6 million is being raised from federal New Markets Tax Credits. Greenline Ventures LLC, through one of its community development entities, designated the tax credits for the plant expansion. When the project is completed, it creates 200 jobs in Martinsville, which has the highest unemployment rate in Virginia.”
Overall, this investment is a strong fit with Greenline’s strategy to fill capital gaps hindering growth of economically sustainable operating businesses that will specifically benefit low-income communities,” said Randy Kahn, executive vice president of Greenline.