Truong Enterprises, Inc., a leading distributor of ethnic foods and produce located in Chicago,is a place where customers can find authentic produce, frozen foods, and grocery items from all over the world. The company is currently a supplierto many of the ethnic supermarkets, fruit markets and convenience stores throughout the Midwest. Since its establishment in 2001, Truong Enterprises has grown and expanded beyond the capacity of its 45,000 sq. ft. leased warehouse facility.
Over the past several years, the company has had to rely on additional outside storage facilities, resulting in operating inefficiencies. In response to Truong’s need for expansion, Chase’s Community Development Banking originated a $2.8 million New Markets Tax Credit equity investment to finance the acquisition of property and construction of an 81,000 sq. ft. distribution facility located in an area of increased economic distress and high poverty. Chase also provided a $1.2 million bridge loan to support this transaction.