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Loan Closing Announcement
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Borrower:
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Second Harvest of Metrolina, Inc.
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Loan Amount:
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$1,000,000
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Location:
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Charlotte, NC - Mecklenburg County
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| Project Type: |
Healthy Food Enterprise
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Second Harvest of Metrolina, Inc. serves a 19 county region in North Carolina and South Carolina with over 500,000 food insecure individuals, of which over 189,000 are children.
Expansion of Second Harvest's main warehouse in Charlotte, NC is needed to increase capacity in order to continue serving this region effectively and efficiently.
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South Carolina Community Loan Fund is participating with The Reinvestment Fund on a $13+ million New Markets Tax Credit project for this expansion.
The project will double the size of Second Harvest's main warehouse and will be designed to food industry standards. The expansion will include 9,500 square feet of expanded freezer/refrigeration space, space for partner organizations to shop, more pallet slots and vehicle docks, a larger salvage processing area, a separate volunteer center, improved parking as well as much needed office space.
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The expansion will enable Second Harvest of Metrolina, Inc. to increase total distribution, double the amount of cold storage space, and will increase the percentage of fresh product to 40% of total distribution, expected to be nearly 20 million pounds of fresh product annually.
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Since 2004, we have provided 297 loans for $27.4 million in financing
that facilitated more than $221.6 million in community development projects; we
financed 1,291 housing units, 7 healthy food outlets, 9 community facilities, and 10
community businesses, creating or retaining 2,929 jobs and providing a safe,
affordable place to call home for 2,228 individuals and families.
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