The Innovate Fund Deploys $8MM of New Markets Tax Credits Allocation to Anchor “The Industrial Commons” and Revitalize Western North Carolina Manufacturing
MORGANTON, NC — 12/22/25 — The Innovate Fund (TIF), a certified Community Development Entity (CDE) dedicated to economic transformation, is proud to announce an $8,000,000 New Markets Tax Credit (NMTC) investment in The Industrial Commons (TIC). This transformative project will catalyze the rebirth of the textile and furniture industries in Morganton, North Carolina, by creating a hub for employee-owned manufacturing and workforce development.
The investment supports a multi-facility project that serves as an anchor in the blueprint for rural wealth creation. TIF provided the allocation alongside partners Truist (who served as both a CDE and the Tax Credit Investor), The Reinvestment Fund, and Urban Research Park CDE.
Morganton and Burke County—once part of the furniture capital of the world—have historically suffered from the offshoring of manufacturing. This project targets two highly distressed census tracts with poverty rates as high as 31%. Furthermore, both project sites are located within a designated FEMA Disaster Areas (following 2024 Hurricane Helene) and an Appalachian Regional Commission Distressed Areas.
“The Industrial Commons is doing more than just opening a factory; they are building an entire ecosystem where workers have a stake in the success of the business,” said Emma Wyatt, Chief Operating Officer of The Innovate Fund. “By reactivating an abandoned Drexel Furniture site and expanding the Hopewell facility, we are helping to turn a brownfield into a beacon of economic opportunity. This project embodies the Treasury Department’s goal of strengthening domestic supply chains and creating high-quality, family-supporting jobs in rural America.”
“New Markets Tax Credits were the essential piece of the puzzle for this project,” said Sara Chester, Co-Executive Director of The Industrial Commons. “Executing a project of this scale and complexity in a rural community requires patient, flexible capital that traditional lending simply cannot provide. This allocation from The Innovate Fund allowed us to bridge the final gap, ensuring we can root wealth locally and provide our workforce with a sustainable workplace for generations to come.”
This project represents a massive collaborative effort between public and private sectors. In addition to the NMTC equity provided by Truist Community Capital, the project leveraged a diverse stack of funding, including support from the Kendeda Fund, Cannon Foundation, NC State Legislature, NSF Engine Grant, Dogwood Health Trust, and the Golden Leaf Foundation.
About The Industrial Commons
The Industrial Commons is a 501(c)(3) nonprofit based in Morganton, NC. Their mission is to create an economic ecosystem where businesses are interconnected and mutually supportive, offering livable wages and stability to all families. Through their “Give, Teach, Own, Organize, and Transform” methodology, they have generated over $64 million in wealth for the Western North Carolina community.
