PB Community Impact Fund provided $1,368,230 of New Markets Tax Credit (NMTC) financing to Lumberton MS Marketplace, LLC (Lumberton) to finance the rehabilitation and improvement of a Piggly Wiggly grocery store in Lumberton, MS. According to the Healthy Food Access Report of Stimulating Grocery Retail Development in Mississippi, there is a shortage of grocery stores in Mississippi. This leads residents, especially those in low-income communities, to face greater challenges when finding fresh produce and other healthy foods. Additionally, the Healthy Food Access Report states that grocery stores serve as economic anchors in communities and spur additional retail and other development.

Lumberton operates as a franchise of the Piggly Wiggly Grocery Store Chain. Piggly Wiggly operates corporate stores and services independent franchises under a franchise program across 18 states. All employees are provided with on-the-job training to facilitate career advancement. Lumberton considers all persons willing to work for employment opportunities regardless of lower educational attainment or other barriers to employment and provides all employees with a benefits package that includes health insurance and access to a 401(k)-retirement savings plan. 

The project was needed to close the project’s financing gap and improve the location’s physical appearance. As one of few grocery stores in Lumberton, MS, the project needed NMTC financing to rehabilitate their facility to better serve the low-income community’s residents with quality, nutritious food. At stabilization, the project will allow Lumberton to afford to pay its employees, suppliers, and other obligatory costs. This ensures the community is supported by the store and encourages additional developments nearby.

The Southern Mississippi Planning and Development District Comprehensive Economic Development Strategy for 2023-2027 (the “CEDS”) was reviewed to determine how the project meets the goals of the region. The CEDS includes the following strategic objectives: pursue and encourage a greater voluntary regional collaboration with a focus on partnerships in economic and community development, support and enhance physical infrastructure upgrades and improvements, and empower organizations to partner and seek creative solutions to build more viable, livable, and resilient communities with an improved quality of life for its citizens by supporting new and established economic development programs. The project allowed Lumberton to develop their grocery store to better serve 4,450 unique persons, 46% of which are considered low-income, with healthy food and support their employees through financial working capital. Overall, the project aligns with the region’s goals and will improve the severely distressed community’s access to nutritious food.