Project Description

Meredian Bioplastics

Manufacturer of environmentally friendly, biodegradable bioplastics relocates to a larger facility and brings significant investment into a low-income community in rural Georgia.

THE PROJECT:

Meredian Bioplastics, Inc. (Meredian) is a green technology company that uses byproducts of the timber and agricultural industry to create bioplastics. These plastics are an environmentally friendly, biodegradable substitute for petroleum-based products. The manufacturing process also produces no harmful emissions.

Even when operating around-the-clock, the high demand for bioplastics had exceeded Meredian’s production capacity at their pilot manufacturing facility. Meredian utilized NMTC financing to acquire new equipment and expand from their previous facility to a 190,000 square-foot industrial, office and research facility in Bainbridge, Georgia. Demand for bioplastics continues to grow rapidly; use in plastic packaging alone is expected to increase at an annual rate of more than 12% for the next two decades. The continued success and growth of Meredian is vital to the economic health of the city of Bainbridge, and the new facility has brought significant investment into a low-income community in rural Georgia.

COMMUNITY IMPACTS:
  • Create 30 construction jobs and 46 permanent jobs.
  • Each full-time position pays living wages and provides a competitive benefits package including healthcare coverage, retirement benefits, disability insurance, job training and job advancement programs.
  • Target local recruitment and hiring by fostering relationships with universities and colleges in close proximity including Bainbridge College, University of Georgia College of Agricultural and Environmental Science, Florida State University and Tuskeegee University.
  • Create environmentally sustainable outcomes by manufacturing environmentally friendly, biodegradable bioplastics.
KEY COMMUNITY DEMOGRAPHICS:
  • Poverty Rate: 25.4%
  • Median Family Income: 58.3% of benchmark
  • Unemployment Rate: 1.41 times the national average
  • Non-Metropolitan Community
  • SBA designated HUBZone
FINANCING:
  • Total Project Cost: $38.7 million
  • NCF Deployed Allocation: $8.5 million
  • Total NMTC Allocation: $27.5 million
PROJECT PARTNERS:
  • United Fund Advisors (National Community Fund I, LLC)
  • AMCREF Community Capital, LLC
  • Empowerment Reinvestment Fund, LLC
  • U.S. Bancorp Community Development Corporation
  • Meredian Bioplastics, Inc.