The Community Business Investment Fund, LLC (CBIF)

The Community Business Investment Fund (CBIF) recently announced its award of $65 million from the 20th round of the New Markets Tax Credits (NMTC) program. Its award represents the largest amount awarded in the round. CBIF was one of 104 Community Development Entities awarded the 2023 allocation in the highly competitive program.

The NMTC program, administered by the U.S. Department of Treasury’s Community Development Financial Institutions (CDFI) Fund, enables organizations like CBIF to promote crucial employment opportunities, community and commercial goods and services, and economic growth in distressed communities.

With the mission of delivering economic and social impacts to low-income communities, CBIF has successfully deployed $101 million in allocation since its inception in 2021. With this award, CBIF will continue to invest in high poverty and medically underserved communities nationwide.

“We are honored to be awarded the NMTC allocation for a third year,” noted Jason Penn, executive director of CBIF. “We are eager to expand our efforts to grow the economies of distressed communities. Our strategic priorities focus on quality jobs and affordable healthcare. These are recurring needs that we hear from low-income community stakeholders. NMTCs are an invaluable tool to attract equity to communities, who need it most.”

CBIF extends its deepest appreciation to its Advisory Board for guidance, staff, partners and supporters who have contributed to this achievement.

 

The Community Business Investment Fund (CBIF) recently announced its investment in Trinity Community Health Centers of Louisiana, a federally qualified health center operator that aims to provide quality healthcare services to underserved individuals regardless of their ability to pay in central rural Louisiana.

The investment results in a centralized healthcare hub by constructing a 3-story clinic and administrative center, allowing Trinity to consolidate their various locations into one accessible facility. It is expected that more than 80% of patients that will be served will be considered low-income. The center will offer various services, including primary care and a comprehensive range of healthcare services, including medical, dental, behavioral health, optometry, radiology, gastrointestinal care, physical therapy and a pharmacy. Additionally, the organization has forged partnerships with 40 regional schools and deployed nurse practitioners, nurses and behavioral health personnel to enhance access to affordable care.

As a Community Development Entity, CBIF is firmly committed to advancing accessible and high-quality healthcare options for underserved residents, specifically focusing on communities of color. CBIF recognizes Trinity's track record in effectively and efficiently reaching and catering to these communities' unique needs, hiring minorities in key roles such as Head Medical Director and serving a patient base of 43% people of color.

"Improving access to healthcare is an urgent need in rural communities across the southeastern U.S.," said Jason Penn, executive director of CBIF. "Residents in rural communities often have a harder time accessing critical healthcare resources, which are often spread out. This investment will ensure patients can access high-quality and affordable healthcare services in one place."

Trinity Community Health Centers of Louisiana (TCHC-LA), formerly Winn Community Health Center (WCHC), initially established in Winnfield, has rapidly expanded to meet the high demand for its medical, behavioral health, dental, case management, pharmacy and specialty services, embracing an integrated primary care approach and employing a collaborative team model. With significant growth from five to 275 employees since 2009, operating on a $30,000,000 annual budget, including an $18,000,000 payroll and projecting 140,000 patient visits in 2024, TCHC-LA provides comprehensive healthcare to surrounding communities, regardless of insurance, with fees based on income and offering dental, vision and pharmacy services to clinic patients.

The investment marks a noteworthy advancement in enhancing healthcare options for low-income residents in central rural Louisiana and is consistent with CBIF's goal of creating high-quality, affordable healthcare options in underserved communities. 

The Community Business Investment Fund (CBIF) has recently announced its investment in Huber Engineered Woods, an established-oriented strand board manufacturer in Shuqualak, Mississippi. The investment aims to create jobs and promote economic growth in a rural, non-metro, low-income community.

With the investment, 158 jobs are projected to be created. The expansion will generate high-quality, accessible employment opportunities in the Black Belt Region, a non-metropolitan area in the American South where Noxubee County, Mississippi, resides. This region, known for economic hardship, is predominantly African American with ties to cotton farming and has sustained poverty levels of at least 20% for the past 30 years. The facility, its most economically friendly strand board production facility to date, will focus on producing integrated structural panels and AdvanTech subflooring, utilizing eco-friendly methods like eliminating formaldehyde and enhancing building insulation. Moreover, about 70% of energy needs will be met through on-site recycled wood residue, with efforts to achieve zero waste-to-landfill and source timber responsibly under SFI Fiber Sourcing Standards.

Huber plans to engage with various workforce agencies, including East Mississippi Community College, Mississippi State University, Accelerate MS, MS Career Coach Outreach, and the Noxubee County School District and Kemper County School District for recruitment purposes. A substantial number of employees are anticipated to be recruited from the local community. As a Community Development Entity, CBIF is committed to supporting economic development in disadvantaged communities, particularly communities of color.

"We are excited to make this investment in Shuqualak, Mississippi, and strongly believe that it will create much-needed job opportunities and stimulate economic growth in the community," stated Jason Penn, executive director of CBIF. "Huber is a family-owned and operated organization committed to making a positive environmental and social impact in the communities where it operates. We are thrilled to have partnered with them in this endeavor."

Local leaders, including State Senator Rod Hickman, Noxubee County Supervisor Eddie Coleman and Executive Director of the Northern Mississippi Industrial Development Association William Scaggs, have expressed their support for the investment in Huber Engineered Woods through written letters publicly accessible. Laura Hipp, deputy executive director of MDA, stated, "Mississippi's rich natural resources in agriculture, forestry and wood products have always been a catalyst for economic growth. We are thrilled to see Huber Engineered Woods invest in our state, bringing new job opportunities and boosting our economy. MDA is proud to support this venture and looks forward to its success."

Huber Engineered Woods, a wholly owned subsidiary of J.M. Huber Corporation, embodies a 6th generation family-owned company. With a diverse product range encompassing oral care, personal care, food and beverage, flame retardants, smoke suppressants, forestry management and building materials, Huber operates mills across Maine, Georgia, Virginia, Tennessee and Oklahoma alongside dedicated R&D facilities in Commerce, Georgia. Annually, J.M. Huber Corporation releases its sustainability performance through the Living by the Huber Principles report, receiving accolades such as the 2018 IMD Global Family Business Award and recognition among Deloitte's Best Managed U.S. Companies from 2020 to 2023.

The investment is a positive step for Shuqualak and aligns with CBIF's mission of promoting sustainable economic growth and diversity in underserved communities.

The Community Business Investment Fund (CBIF) is proud to announce it was awarded $60 million from the 19th round of the highly competitive New Markets Tax Credits (NMTC) program. This prestigious award will enable CBIF to continue its mission of fostering economic growth and revitalization in the most underserved communities in the U.S.

The NMTC program, administered by the U.S. Department of the Treasury's Community Development Financial Institutions Fund, plays a pivotal role in supporting organizations like CBIF in their efforts to promote job creation and provide access to critical community goods and services in low-income communities. CBIF was one of 102 Community Development Entities selected within the $5 billion award pool.

CBIF has a proven track record of leveraging NMTC awards to finance projects that stimulate economic activity, create jobs and improve the quality of life for residents in disadvantaged neighborhoods. Since its inception in 2021, CBIF has deployed $26 million in allocation. With this new allocation, CBIF is well-positioned to build upon its past successes and advance its commitment to partner with minority depository institutions and predominantly invest in rural communities.

"We are delighted to be awarded the New Markets Tax Credits for the second time," said Jason Penn, executive director of CBIF. "This recognition affirms the effectiveness of our program and the dedication of our team to drive economic revitalization in underprivileged areas. We will use this allocation to support projects that provide essential healthcare services and job opportunities to those who need it the most."

The success of CBIF's NMTC application is a testament to the organization's commitment to the communities it serves and the hard work of its dedicated staff and partners. CBIF extends its heartfelt appreciation to all those who have supported the organization's mission and contributed to this significant achievement.

The Community Business Investment Fund (CBIF) announces its investment in Monogram Foods, an established food manufacturer in Martinsville, Virginia. The investment promotes job creation and economic growth in a rural, non-metro low-income community.

156 jobs are projected to be created with the investment and 75 existing team members will be upskilled to work with new equipment. The expansion will benefit the Martinsville community and offer increased employment opportunities, especially for ethnic minorities, who are expected to fill more than half of these positions, including 30% of management staff. Monogram has pledged to work closely with public and private organizations, such as the Virginia Employment Commission, Virginia Workforce Connection, Virginia Career Works and Patrick Henry Community College to target hiring to low-income individuals facing barriers to employment.

As a Community Development Entity, CBIF continues to be committed to supporting economic development in disadvantaged communities across the U.S., with a particular interest in communities of color, and this latest investment aligns with that strategy.

"We are excited to invest in Martinsville, Virginia, and strongly believe that it will create much-needed job opportunities and stimulate economic growth in the community," stated Jason Penn, executive director of CBIF. "Monogram has been a fixture in the community from providing quality employment and career growth for its employees to granting scholarships to local residents and investing in community resources such as the SportsPlex."

Local leaders have praised the investment in Monogram Foods, with Jim Adams, chairman of Henry County Board of Supervisors, saying "Monogram's relationship with Henry County is one of mutual respect, teamwork, and vision." Virginia State Senator Bill Stanley also spoke positively of Monogram, saying "Monogram Snacks has been a valuable corporate partner for Martinsville, Henry County, and all of Southern Virginia."

Monogram is dedicated to creating innovative food solutions while upholding its fundamental principles of safety, sustainability, community engagement, diversity and inclusion. The company has recognized received several accolades, such as Best Places to Work and Inc. 5000 America's Fastest-Growing Private Companies, reflecting its commitment to excellence.

The Community Business Investment Fund (CBIF) recently announced its investment in Stuckey’s Corporation, a pecan snack and candy manufacturing company based in Wrens, Georgia. The investment aims to provide jobs and economic growth in this low-income community which is facing a 21% unemployment rate.

This investment is expected to support nearly 150 jobs in the area, generating much-needed employment opportunities to Wrens residents. The investment will also provide training and development programs in partnership with Jefferson County High School, Augusta Technical College, Oconee Fall Line Technical College and the Georgia Quick Start Program.

CBIF is a Community Development Entity, committed to supporting economic development in disadvantaged communities, particularly in communities of color. It recognizes the potential of the snack food manufacturing industry to provide sustainable jobs and growth opportunities in Wrens.

“We are thrilled to be making this investment in Wrens, Georgia, and we believe that it will have a positive impact on the local community,” said Jason Penn, executive director of the Community Development Entity. “We are committed to creating jobs and economic growth in underserved areas, and we believe that the Stuckey’s investment has the potential to do just that.”

“The Stuckey’s team is proud to call Jefferson County home. We appreciate Community Business Investment Fund and U.S. Bank recognizing and supporting our focus on growing opportunity in this wonderful community as well as growing jobs and revenue for our company,” says Stephanie Stuckey.

The snack food manufacturing industry is a growing sector that provides a range of opportunities for people of all backgrounds and skill levels. The industry is particularly well-suited to low-income communities, as it provides quality and accessible employment. Stuckey’s offers its employees a full range of benefits including insurance, retirement and annually invests approximately $500 per employee for training.

“Jefferson County is extremely excited to have Stuckey’s remain in Wrens for their expansion and continued operations, especially for the existing employees and future employees,” said Greg Sellars, executive director of the Development Authority of Jefferson County. “Our community is delighted to be part of the revitalization, restoration and future of Stuckey’s.”

This investment is a positive step forward for the Wrens community, and it is hoped that it will serve as a catalyst for further economic development in the area.

The Community Business Investment Fund (CBIF) announced it was awarded $60 million of allocation authority to invest in low-income communities nationwide from the New Markets Tax Credits (NMTC) program, administered by the Community Development Institutions Fund.

“We are incredibly honored to have been entrusted with NMTC allocation. Being the stewards of this scarce, flexible resource, enables our Community Development Entity (CDE) to support not only quality construction and permanent positions which grow wealth in distressed communities, it enables the funding of projects which support long term permanent quality wage jobs and access to healthcare that are vitally needed in our markets we serve,” noted Jason Penn, executive director for CBIF.

With this round of allocation authority, CBIF will primarily invest in projects that support job creation and healthy outcomes to build strong and sustainable communities.

“CBIF has seen significant turmoil in project costs and capital access, driven primarily by extended impacts from the pandemic. Projects have seen setbacks in construction and operating costs, loss of qualified labor pools and constriction in anticipated revenue streams, and funding access that make underwriting these critical recovery and resiliency opportunities exceedingly hard,” explained Terri Preston, community relations director for CBIF. “Access to flexible gap resource capital enables entities such as CBIF to develop and provide solutions that bridge these needs and have the capacity to bring these projects to fruition,” she added.

CBIF was one of nearly 200 organizations who request $14.7 billion in allocation authority in the calendar year, 2021 NMTC round. Overall, 107 CDEs were awarded 2021 allocation totaling $5 billion.