South Carolina Premium Peanut

Hampton Roads Ventures (HRV), in collaboration with other community development entities, was proud to support Premium Peanut’s expansion into Santee, South Carolina, by providing $42 million in New Markets Tax Credit (NMTC) financing for a $72.4 million project. The investment enables the construction of a 125,000-ton peanut shelling facility in a severely distressed non-metropolitan area. Without this critical financing, the project would have faced significant delays or reductions in scope, limiting its potential to drive economic growth and provide meaningful community benefits.

The new facility will create 83 permanent full-time jobs, with 79% of these positions accessible to low-income residents in the area, as well as 160 construction jobs during the build phase. By addressing the economic challenges of a community with a 25.2% poverty rate and median income at just 67.7% of the area median, the project provides transformative opportunities for local residents. Additionally, Premium Peanut’s commitment to sustainability, including its near-zero waste operations, aligns with long-term environmental and economic goals, enhancing its positive impact on the region.

HRV’s investment reflects its dedication to creating quality jobs in underserved areas and fostering sustainable developments. By leveraging NMTC funding, HRV helped bridge the financing gap, enabling the project to move forward despite market challenges such as high interest rates and supply chain constraints. This partnership underscores HRV’s mission to drive meaningful change through targeted investments that strengthen rural communities and improve the quality of life for their residents.