FEATURED PROJECT
BBIF Investment in Perry, Florida Supports Job Creation for the Community
HIGHLIGHTS
$25 Million Total Project Cost
500 Full-Time Jobs Created
Super-Pufft
ABOUT SUPER-PUFFT SNACKS
A US Facility That’s Been In Operation For Over 60 Years
In the rural city of Perry, Florida is Super-Pufft Snacks USA, Inc. A manufacturing facility for snack foods and supplies. This US-based facility is a subsidiary of the Canadian snacks corporation, which has been in operation for over 60 years with facilities in 30 different countries. Super-Pufft supplies products for major brands such as ALDI Inc, Wal-Mart, and PepsiCo. The company also manufactures products under its own brand and private label.
THE CHALLENGE
A Spike In Unemployment Caused A Significant Tax Burden
Due to the closing of Snyder-Lance, a snack and chip production company, the residents of Perry experienced a devastating loss. The impact of the production company closing left 250 people unemployed. This recent spike in unemployment caused a tax burden on the residents and the community. Many residents began vacating the surrounding area since the community lacked quality employment opportunities.
THE SOLUTION
Investments Made Through The Federal New Market Tax Credit From BBIF, HSBC and Super-Pufft Snacks
Alongside BBIF and HSBC, Super-Pufft Snacks helped finance a significant project through the New Market Tax Credit (NMTC) investments. The manufacturing company’s $25 million equipment expansion project will allow the plant to be more efficient and provide a wider variety of products that can be produced. BBIF supports NMTC projects located in economically distressed, high-minority population areas based on job creation, job quality, job accessibility, the impact the project will have on the local community, and its alignment with the community’s development priorities. In addition, these projects must demonstrate that they will improve the quality of life for current residents.
THE IMPACT
Increase in Production is Anticipated to Provide 500 New Full-Time Jobs
Super-Pufft aims to provide growth in this rural community. The successful $25 million equipment expansion project will allow an increase in production and provide 500 new full-time jobs over the life of the NMTC compliance period. These jobs directly connect to the Taylor County Economic Development Plan of bringing quality industrial jobs to the county.
