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Developments > Commonwealth Dairy Expansion

Commonwealth Dairy Expansion

Project at a Glance:
Development Type:
MHIC Financing:
$6,062,500 in NMTC financing
Commonwealth Yogurt, LLC

Having previously provided New Markets Tax Credit financing for the construction of this new yogurt production plant — which opened for business in March 2011 — MHIC in 2012 provided an additional NMTC financing of $6 million to enable the company to purchase $7.5 million of new equipment and expand the plant. MHIC is one of three co-CDEs financing this expansion with US Bank CDC as the investor. Since the company opened, it has exceeded expectations in terms of production, sales and job creation. The expansion will allow the company to increase production capacity by about 10%, triple the size of the company’s cold storage capacity, double its dry storage, increase its fermentation capacity, improve efficiency, improve wastewater processing, and add a specialized packaging capability to enhance the company’s competitive position. Annual milk purchases will increase at least 30%, a great benefit to the region’s dairy farmers. The expansion will create 34 jobs over the current 80 employees.