Monogram Snacks

Industry: Food Manufacturing RDP Investment: $8 million Launched: September 2015

Monogram Snacks Martinsville, LLC, a wholly owned subsidiary of Monogram Food Solutions, LLC, received a New Markets Tax Credit allocation of $8 million from Rural Development Partners as part of a financing package for a major expansion project at its Martinsville, Virginia production plant. The overall expansion cost $61.7 million, added 56,000 square feet and renovated space in the original production plant.

Martinsville Expansion

The project is located in a severely distressed census tract with unemployment of 11.2% in April 2014 and job growth stagnated or decreasing. The unemployment for this census tract compares unfavorably to the Commonwealth of Virginia unemployment of 4.9% in April 2014. Monogram Martinsville committed over $30 million capital investment in building, equipment, acquisition of the distribution center and inventory for the project.

The Phase II expansion had approximately a $3.5 million financing gap for completion of the distribution center facility and final purchase and installation of equipment. Monogram Martinsville committed to creating over 50 new permanent jobs for the low-income community.  Monogram specializes in strategic co-packing, private label and branded business, with both owned and licensed brands.

RDP Impact

52 new permanent jobs
348 retained jobs
1,626 indirect jobs
446.8 Million in economic output

Share this Project