Tiger Fiber, Inc. to expand its operations in Sauget, Illinois after closing on $7 million in tax credit financing.
Tiger Fiber, Inc., a St. Louis-based industrial hemp fiber processor, will expand operations at its Sauget, Illinois facility using $7 million in New Markets Tax Credits. With the new financing, Tiger Fiber will be able to add new equipment and inventory to meet growing demand. The facility’s expansion will also create 90 full-time living wage jobs and estimates that its growth will create another 90 indirect jobs within the industrial hemp industry.
“We are thrilled and honored to be a part of the St. Louis Metro region’s industrial revitalization in the sustainable sector. The opportunity to play a role in the revitalization of US manufacturing in our home town, while also helping heal the planet, is a dream come true for our founding team. We are confident that our partnership will positively impact future generations as we seek to utilize industrial hemp’s ability to sequester CO2 while simultaneously producing sustainable consumer and building products at mass quantities. Together with our surrounding farming communities, we will create one of the largest carbon sinks on the planet; and create quality jobs for the community through innovations in agriculture, processing, and manufacturing,” said Tiger Fiber CEO, Jerred Killoren.
U.S Bancorp Community Development Corporation was the tax credit investor while the Heartland Regional Investment Fund, LLC (HRIF) provided the federal tax credit allocation. The financing was sourced and closed by Emerald Capital Strategic Advisors, an affiliate of St. Louis-based Green Street Real Estate Ventures.
HRIF, administered by the St. Louis Economic Development Partnership, is a certified community development entity that seeks to reverse decline in the greater St. Louis metropolitan area’s most distressed communities. HRIF provides financing to these communities through the federal New Markets Tax Credits program by leveraging neighborhood redevelopment and rebuilding its industrial base.
“We look forward to Tiger Fiber’s growth in this emerging industry and the diversification it will bring to St. Louis,” Jeff Frankel, Assistant Vice President of New Markets Tax Credits at the St. Louis Economic Development Partnership, HRIF’s managing member.
HRIF’s program is available in St. Louis County and the City of St. Charles in Missouri, as well as Madison, St. Clair, Bond and Clinton counties in Illinois.