2016 Non-Metro QLICI of the Year Award Recipient
Express Grain Terminals LLC
CDEs: AMCREF Community Capital LLC, Hampton Roads Ventures LLC
Developer: Express Grain Terminals LLC
Owner: AMCREF Community Capital LLC
Location: Sidon and Greenwood, Miss.
AMCREF Community Capital LLC wins the 2016 Non-Metro QLICI of the Year Award for its investment in Express Grain Terminals LLC (EGT) in Sidon, Miss., and Greenwood, Miss. AMCREF’s investment helped EGT expand its existing grain facility to process soybeans with the purchase and conversion of a recently shuttered cottonseed oil plant, the Delta Oil Mill (DOM).
Both Greenwood, Miss., and Sidon, Miss., are located in the Mississippi Delta, a region historically associated with poverty and racial inequality. The land of the delta supports agriculture, historically concentrated in cotton, which declined in recent years. EGT will hire from the local community and will “also improve agricultural supply chain efficiency, which will reduce fuel consumption and air emissions by sourcing soybeans locally,” said Douglas Fields, a 2016 Community Development QLICIs of the Year Awards judge.
AMCREF provided $9.2 million of federal NMTC financing and $9.2 million of state NMTC financing with low interest rates. EGT could not secure additional bank debt, due to the commodity nature of their business, so AMCREF provided the funding for EGT to purchase new equipment and reopen the cottonseed mill. In addition to hiring previously laid-off employees, EGT is bringing high-quality jobs to a rural low-income community, making it one of the largest employers in the area. The price increase per bushel of soybeans will result in a $1 million increase in revenue for local farmers and the additional tax revenue will provide $3.2 million for the community.
Congratulations to AMCREF Community Capital LLC for winning the 2016 Non-Metro QLICI of the Year award for its work with Express Grain Terminals LLC and for revitalizing a county that has suffered significant economic adversity over the past two years.