A St Louis-based industrial hemp fiber processor will use $7 million in New Markets Tax Credits to expand operations at its Sauget, Illinois facility.

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, with the potential for another 90 indirect jobs in the industrial hemp industry.

READ MORE: IRON MAKER TO DOUBLE PRODUCTION AND CREATE NEW JOBS IN WISCONSIN

Tiger Fiber CEO, Jerred Killoren said: “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 hometown, 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 in 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.”

Looking for a new job? Find the WhatJobs Career Advice Center here

On its website, the company explains: “Hemp grown for fiber is poised to quickly become a profitable, staple rotational crop that has the added benefits of reducing the use of pesticides and herbicides, and replenishing precious topsoil in fields where its planted.

“Large scale manufacturers are already seeking to incorporate hemp into their production, driving up demand for quality processed hemp product.”

The tax credit investor was US Bancorp Community Development Corporation, and the federal tax credit allocation was provided by the Heartland Regional Investment Fund, LLC (HRIF).

Jeff Frankel, Assistant Vice President of New Markets Tax Credits at the St. Louis Economic Development Partnership, HRIF’s managing member said: “We look forward to Tiger Fiber’s growth in this emerging industry and the diversification it will bring to St. Louis,”

Source: STLPartnership

Follow us on YouTubeTwitterLinkedIn, and Facebook