Honor Capital is a veteran-owned business that partners with the national retailer Save-A-Lot to build affordable grocery stores in communities where access to affordable, fresh food is limited or nonexistent.
Enterprise and JPMorgan Chase are providing $8.8 million in NMTC allocations. Chase is also serving as the tax credit investor. Reinvestment Fund, Enterprise Community Loan Fund and IFF are providing $5.9 million in leverage loans to support the transaction.
The project involves nine grocery stores consisting of six existing and three new stores operating (or to be operated) by Honor Capital. The stores are located in six states: Georgia, Kansas, North Carolina, Oklahoma, South Carolina and Virginia. Four of the stores are already operating under Honor Capital’s management and will benefit from refinancing of existing debt previously secured to finance the launch of these stores.
The stores will provide fresh groceries at prices lower than conventional grocery stores to residents living in food deserts and/or highly distressed areas. More than 270 permanent jobs will be created. The majority of new employees will be hired and trained from the surrounding community these stores will serve.
The developer is Honor Capital LLC, which has been in business for two years and has worked on two previous Enterprise deals.
The NMTC investor is Chase Community Equity, LLC.