Fry Foods Inc. expansion will provide jobs to low-income people in rural area

By: NCIF Staff - Jul 30, 2015
Source: NCIF

NCIF provided a $4 million New Markets Tax Credit Allocation to facilitate the purchase and necessary improvements of a factory for Fry Foods, Inc. and bring needed jobs to the area. Fry Foods, Inc. has more than 40 years of experience producing specialized appetizers for the food service industry and retail and has pressing expansion needs. Fry Foods has two facilities in Idaho and Ohio, and this new project will allow them to expand their production to Oregon and create jobs. 

The project is located in rural Ontario, OR and it is a targeted population project, meaning that the project will meet NMTC eligibility requirements by employing individuals that qualify as low-income. An estimated 100 construction jobs will be created by the project and 330 permanent jobs will be created or maintained. Fry Foods Inc. has also committed to providing ongoing training and education opportunities for its employees.

Craft3, a Pacific Northwest-focused CDFI loan fund with a 20+ year history of providing loans and technical assistance to businesses, nonprofits and individuals who have not traditionally had access to financial services, is providing a loan to Fry Foods and serving as NCIF’s CDFI partner on this transaction. 

Project Impacts:

  • Create and retain 330 permanent jobs, at least 60% to low-income people
  • Create 100 part-time construction jobs
  • Increase purchases of agricultural products from surrounding areas

PARTNERS:
NCIF: $4 million NMTC allocation
CDFI partner: Craft3
Large banks: Capital One (federal allocation) and Wells Fargo (state allocation)