Shuttered Barnwell County Mill Set to Reopen Following $18 Million in New Markets Tax Credit Financing
Investment by National New Markets Fund Will Create 90 Local Jobs
National New Markets Fund, LLC (“NNMF”), an affiliate of Los Angeles-based SDS Capital Group, has invested $18 million of its New Markets Tax Credit (“NMTC”) allocation to support ST Group of Companies’ acquisition and renovation of a shuttered manufacturing facility in Barnwell, South Carolina. The investment will result in the creation of 90 full-time jobs, the vast majority of which will be accessible to low-income individuals in the region.
ST Group of Companies, under its newly formed subsidiary Barnwell Tissue Solutions, is reopening and upgrading a 300,000-square-foot tissue mill located at 285 Midfield Road that closed in 2023, resulting in 138 layoffs. NNMF’s allocation will support the acquisition, equipment upgrades, and working capital needed to return the facility to full operations.
“Reactivating this facility represents a meaningful opportunity to restore quality manufacturing jobs in a community that has experienced significant economic disruption,” said Deborah La Franchi, CEO of National New Markets Fund. “Projects like this, where a shuttered plant is brought back to life, demonstrate the power of the NMTC program to strengthen local economies and provide accessible, quality employment.”
