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Mascoma Community Development (MCD) is pleased to announce the closing of $15 million in New Markets Tax Credit (NMTC) allocation to finance the construction of a new peanut shelling facility in Santee, South Carolina.
The funding will allow Premium Peanut, LLC to build a facility that improves the supply chain for its peanut grower-owners and creates quality jobs while conducting near-zero waste operations, as every part of the peanut is utilized.
“MCD is pleased to provide NMTC funding to support Premium Peanut’s project, which will add value to the local economy in a highly distressed census tract and improve the industry’s regional supply chain. The new facility will allow Premium Peanut to expand capacity and create needed jobs, and we applaud its efforts to make a positive environmental impact through certain sustainability initiatives,” says Tad Atwell, Chief Operating Officer of MCD.
MCD is a Community Development Entity (CDE) established by Mascoma Bank which creates impactful jobs in highly distressed, low-income rural and minor-urban communities. MCD also targets downtown redevelopment projects that help revitalize communities and provide services to residents.
Premium Peanut is a grower-owned, peanut shelling partnership with close to 500 grower-owners. With diverse ownership, many of the grower-owners include small-to-medium sized producers operating farms across rural communities in Georgia and South Carolina. Since January 2016, Premium Peanut has significantly expanded its shelling capacity through strategic investments, operational efficiencies, and sustained growth. Premium Peanut provides a diverse range of products, including shelled raw peanuts, peanut seed, peanut hulls, and peanut meal, and operates a crushing facility to produce 100% expeller-pressed crude peanut oil.
The new facility is projected to initially create 83 new full-time equivalent (FTE) jobs; all FTEs will have access to comprehensive benefits. Premium Peanut has a history of collaborating with local colleges and technical schools to provide training opportunities for its employees.
“We are extremely grateful and excited to partner with MCD for this expansion,” said Clay Garnto, President and CEO of Premium Peanut. “Our company is committed to returning more value back to the pockets of peanut producers. This expansion allows us to continue to build on our model for producers in both South Carolina and Georgia, expanding our capacity and efficiency, while creating quality jobs in Santee. We believe that the future is bright for Premium Peanut and are incredibly thankful for the support that we have received from MCD, the state of South Carolina, and many others for this project.”
Truist is investing New Markets Tax Credits equity to help finance this project.
“Supporting projects that create new jobs and provide opportunities in distressed regions is one of the many ways Truist inspires and builds better lives and communities,” said Chris Leutzinger, SVP and NMTC Relationship Manager at Truist. “Truist is proud to participate in the NMTC Program and provide needed investments across the communities we serve.”
MCD is pleased to report that this project has also made possible MCD’s grant of $75,000 to its third-party CDFI (Community Development Financial Institution) partner, South Carolina Community Loan Fund (SCCLF), headquartered in Charleston, SC. This grant will provide funds to SCCLF’s technical assistance programs to support essential community initiatives that improve financial literacy and enhance critical mass for distressed areas in rural Orangeburg County, South Carolina. MCD takes great pride in supporting CDFI organizations that strengthen the communities they serve.