MARTINSVILLE, VA. — Monogram Foods, with assistance from CEI Capital Management LLC (CCML), secured $8 million in New Markets Tax Credit (NMTC) financing to proceed with an expansion of the company’s Martinsville, Va., manufacturing plant.

Monogram plans to expand its production capacity at the facility by 80% to meet rising demand for the company’s ready-to-eat jerky and meat stick snacks. The company also expects to add 156 jobs to the 530-employee base, securing its rank as the second-largest private employer in Henry county, Va.

Rising costs for construction and other expenses made the NMTC financing an instrumental part of the funding proposition for the project, according to CCML. The New Markets Tax Credit program promotes the flow of private capital to businesses in rural and low-income communities via tax incentives to investors. CCML invests in rural manufacturing projects that revitalize core industries or support emerging sectors. The investment in Monogram Food aligns with CCML’s focus to bring critically needed private investment to deeply distressed rural areas, where access to capital is limited or non-existent.

Additionally, the financing bolsters Monogram’s ability to fund more equipment and expansion potential this year, during a challenging economic environment and rising interest rates among the factors increasing the cost of capital. CCML said Monogram provides 80 hours of paid and on-the-job training for all new employees along with paying a living wage, criteria which meet the elements of the CEI Good Jobs Framework.

“Monogram Foods is committed to creating good jobs at all levels, and across all demographics,” said Traci Vaine, chief executive officer of CCML. “This investment allows them to maintain a high standard for job quality in the region and support the sustainability of an organization that is vital to the local community.”

Dudley Ventures / Valley National Bank provided the New Markets Tax Credit equity and CCML was joined by co-allocatees Stonehenge Community Development LLC and The Community Business Investment Fund. Hope Community Capital served as investment consultant to CCML.