A St. Louis-based industrial fiber processor will expand its operations in Metro East after the company closed on $7 million in tax credit financing.
Matt Drinen, left, and Luke Pope serve as principals of Emerald Capital, an affiliate of Green Street St. Louis
Tiger Fiber, which has operations in Sauget and Fenton, will expand its Sauget facility and add 90 permanent jobs there after receiving $7 million in New Markets Tax Credit financing, sourced and closed by Emerald Capital Strategic Advisors, an affiliate of St. Louis-based Green Street Real Estate Ventures.
With the new financing, the industrial hemp processor will be be able to add equipment and inventory to meet demand for its products, Emerald Capital said in a news release. The jobs created will pay above the area living wage, the company added.
“Tiger Fiber is a first mover within this industry; the type of new
industry needed for the St. Louis region to grow and expand. There
are too many legacy industries in this region that are either
relocating or leaving the area where Tiger Fiber provides a novel
industrial product that creates accessible and high paying jobs for
the community,” Emerald Capital Principal Matt Drinen said in a
statement. “We are excited to see Tiger Fiber create and expand
this new industry in the St. Louis region and beyond over the next
several years."
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Adding 90 jobs