$1 Million in New Markets Tax Credit Financing
Located in Forest Park, Illinois, Farmington Foods has been a family-owned and operated business since it was established in 1972, and specializes in portioning and packaging fresh pork and other quality meats and custom cooking of prepared foods. Some of their largest customers include Aldi, Sam’s Club, Meijer, and Trader Joes, and they serve international markets.
In 2015, Farmington Foods started looking to buy adjacent land and expand their facilities for the purpose of implementing new manufacturing lines in order to meet a recent increase in demand. The business had already employed 145 people, and after this 20,000 square foot expansion of their facilities, they would be able to provide 45 additional jobs to those who need them.
CBO saw the potential for much-needed job creation, and its subsidiary, Community Development Funding, contributed $1 million in State New Markets Tax Credit financing. This was in partnership with Twain Financial Partners and Urban America, leaders in the industry. Thanks to CDF, additional local food supply and food-based jobs will be created in Illinois.