In August, Montana & Idaho CDC closed a milestone New Markets Tax Credit deal with Fresca Mexican Foods in the Treasure Valley — a project that will allow the tortilla manufacturer to expand its production capacity, maintain and create jobs, and revitalize a targeted urban renewal district.
With $34.7 million in financing from our New Markets Tax Credits Program, Montana & Idaho CDC and our partners at U.S. Bank and Zions Bank are financing Fresca Mexican Foods’ new 190,000 square foot facility in Caldwell, just outside of Boise. The move will allow Fresca to more than double its production capacity and remain headquartered in the Treasure Valley.
Established in 2000, the NMTC is a bipartisan effort to stimulate economic growth in low-income urban neighborhoods and rural communities. U.S. Senator Mike Crapo, who serves as Chairman of the Senate Banking, Housing and Urban Affairs committee, has long been supportive of NMTC and is excited to see their impact in the Treasure Valley.
Senator Crapo said, “New Markets Tax Credits have a strong history of leveraging public and private sector investment to bring growth and jobs to underserved communities. I have consistently supported legislative efforts to strengthen and extend the New Markets credit, and my staff and I have had the opportunity to visit many of the success stories in Idaho. I look forward to continuing to work with the Montana & Idaho CDC, and all stakeholders, to continue to promote economic and job opportunities in Idaho.”
Fresca Mexican is the sixth NMTC project that Montana & Idaho CDC has financed in Idaho since 2012, and its first project to date in the Treasure Valley. Other projects include new facilities for Kootenai Health in Coeur d’Alene, Western States Caterpillar in Pocatello and Golden Valley Natural in Shelley, and the Hemming Cedars mixed-use building and Targhee Professional Offices in Rexburg. The Fresca Mexican Foods project comes as Montana & Idaho CDC’s support of entrepreneurs and small businesses in Idaho reaches an all-time high. Since starting small business lending in Idaho in 2015, Montana & Idaho CDC has rapidly expanded its impact in the state. In 2016, 52 percent of Montana & Idaho CDC’s small business lending went to clients in Idaho, many of them in the Treasure Valley.
Since 2009, Montana & Idaho CDC has used New Markets financing to catalyze over $445 million in investments in businesses in low-income communities in Montana and Idaho. Those businesses have created over 2,500 jobs, revitalized the Main Streets of local communities, and provided critical community services.