Located in the State of Georgia, which is historically underserved by the New Markets Tax Credit Program, DVCI’s investment allowed Trident Seafoods to establish an East Coast fish processing and distribution facility, which was otherwise cost prohibitive without the NMTC financing.
The Project consists of the complete redesign of the existing facility, a 43,000 sq. ft. expansion and acquisition of new freezer and packing equipment for a state-of-the art facility. Total production for the plant is estimated to be approximately 38,000 tons per year of finished product.
With a poverty rate of 30% and unemployment topping 15.9%, Trident created 201 new, direct full-time jobs. 100% of those jobs are quality jobs, offering complete health and retirement benefits and higher compensation than the annual median household income for the area. All East Coast distribution is handled from this facility, resulting in tens of millions of dollars in annual economic activity, and 260 indirect full-time jobs. Trident recruits from the surrounding community and 70% of the workforce are low-income persons. The family owned company is committed to promoting from within and has created an internal advancement program which consists of the participation in the QuickStart job skills and technical training curriculum administrated by West Georgia Technical College.
JP Morgan Chase acquired the New Markets Tax Credits, as well as providing an additional $2,000,000 in NMTC allocation.