Through the Kentucky New Markets Tax Credit (NMTC) program, Enhanced Capital is providing critical financing to a transformative, job-creating project in rural Millersburg, Kentucky. In May 2020, Enhanced Capital closed financing on the Mustard Seed project. Enhanced Capital worked with Community Ventures Corporation (CVC) – a non-profit organization dedicated to improving the quality of life for urban and rural residents throughout Kentucky – to help make this project a reality.

Enhanced Capital provided $3.3 million of a $14 million allocation to help transform the Millersburg Military Institute, an abandoned 113-year-old historic icon in the heart of the town, into the newly created Mustard Seed Hill. Once completed, the property expects to serve as an economic center to the community once again. Steady, consistent growth in traffic will have a tremendous impact on the small community of less than 850 residents.

“When we began our work in Millersburg, the old Millersburg Military Institute was an asset to the community, but it was in a state of disrepair. We are proud to have transformed this historic campus into an economic center for this community,” said Kevin Smith, President at Community Ventures Corporation. “We’ve already seen early signs of progress, as the programming at Mustard Seed Hill brought more than 35,000 visitors to this town in 2019.”

The renovations will transform the property into a mixed-use complex for affordable, below-market-rate office facilities. Mustard Seed Hill will house Bourbon Christian Academy, Mustard Seed Hill Events, and a regional entrepreneurship center to catalyze business growth in the tourism and hospitality sectors. The project will create and retain 12 quality permanent full-time employment jobs, of which 95% will be accessible to low-income persons, and 35 construction jobs. Thanks to Enhanced Capital’s support, Mustard Seed Hill will help launch a new era of revitalization for the community.