NCIF provided a $4 million New Markets Tax Credit allocation to support the expansion of Fry Foods, a supplier to the foodservice industry. Fry Foods is expanding into rural Ontario, OR, and the development is a targeted population project, meaning that the project will meet NMTC eligibility requirements by employing individuals that qualify as low-income. Fry Foods has plans to create and maintain an estimated 100 construction jobs and 330 permanent jobs through the expansion process. As nearly 27 percent of Ontario’s population has an income below the poverty line and unemployment exceeds the state average, moving this project forward has the potential for a large-scale community boost.
NCIF is proud to work with Craft3 as a CDFI partner, along with Capital One and Wells Fargo in our latest 3-Way Partnership.