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Tennessee Small Town Invigorated with Job Creation, Local Development and Economic Opportunity

February 12, 2020 McMinnville , TN

Enhanced Capital partnered with Hunt Properties GP, a local, minority-owned developer, to develop a 74-room Hampton Inn hotel and a 20,000 SF retail center in the town of McMinnville, TN. To help support the rural community, Enhanced Capital provided financing for the project through a $5 million federal New Markets Tax Credit (NMTC) allocation.

Located in an area with a 30% poverty rate and 65% median income, the project will impact the rural McMinnville community inspiring short- and long-term economic opportunities. The most immediate effect will be the creation of quality jobs without manufacturing as the project development expects to create roughly 380 direct and indirect jobs. Additionally, the project will provide necessary on-the-job training to engage a new generation of workers and improve local capacity for future development. In the long-term, the hotel and retail space will sustain roughly 120 direct jobs and is projected to sustain those jobs and contribute, directly and indirectly $19 million annually to McMinnville’s economy.

“The lack of available capital is a problem for small businesses in rural America and often causes these economies to struggle,” said Catherine Blume, Vice President of Enhanced Capital. “Enhanced is proud to support rural communities through innovative programs and financing strategies otherwise, projects such as this are often not possible.”

McMinnville has several diverse attractions such as established and emerging industries, tourist sites, and over 300 operating nurseries, all driving demand for a hotel, restaurant, and additional space for retail tenants. The Hampton Inn complex is anticipated to build upon this momentum and spark additional development within the area for community growth.