The Innovate Fund Announces $9 Million NMTC Investment in Meals on Wheels of Greenville
Greenville, S.C. (May 7, 2025) – The Innovate Fund, headquartered in Greenville, S.C., is proud to announce a $9 million New Markets Tax Credit (NMTC) investment in Meals on Wheels of Greenville. These loans, made possible with the support of The Innovate Fund’s 51% owner, the Greenville Local Development Corporation (GLDC), will support the construction of a new, state-of-the-art headquarters facility to enable Meals on Wheels of Greenville to support the growing needs of the community and enhance their operations and service delivery.
Meals on Wheels of Greenville has purchased land, formerly the site of the Economy Inn Hotel, to build a new 25,000-square-foot facility. The strategic location offers improved accessibility to major thoroughfares, streamlining meal delivery operations. The new facility will feature nearly 15,000 square feet of kitchen space, more than tripling current production capacity to meet the growing demand in Greenville County. Additionally, the project includes 10,000 square feet of office and meeting space, and 5,000 square feet dedicated to food storage, more than doubling the organization’s existing storage capacity.
In addition to The Innovate Fund’s $9 million allocation, the project also received a $3 million NMTC allocation from Capital One Community Renewal Fund. Capital One served as the tax credit investor in both allocations. The project is located in a census tract designated as “Deeper Distress,” the highest level of distress recognized within the NMTC industry. The project will create four new jobs and retain 31 existing jobs, along with generating 68 temporary construction jobs.
Meals on Wheels of Greenville provides a vital meal delivery service, offering nutritious meals to homebound individuals and others who are unable to prepare food for themselves. Meals on Wheels of Greenville served 2,569 unduplicated clients in 2024, enhancing their quality of life by addressing both their nutritional needs and reducing social isolation through regular visits from volunteers.
This investment marks The Innovate Fund’s 13th project in Greenville County, bringing the organization’s total allocation in the county to $160.5 million and total development costs to $245,206,915.
“The Innovate Fund is committed to supporting projects that reduce health disparities in our communities,” said Emma Wyatt, Chief Operating Officer of The Innovate Fund. “This investment in Meals on Wheels of Greenville aligns perfectly with that mission. We are proud to support an organization that not only addresses the critical nutritional needs of vulnerable individuals but also enhances their overall quality of life.”
Bogue Wallin, Board Chair of the Greenville Local Development Corporation, added, “The NMTC program is invaluable, not only for funneling investment directly into Greenville, but also because The Innovate Fund’s success across our service area directly allows the GLDC to be an active lender and grant maker in the city. It’s a powerful model for community development.”
Catriona Carlisle, Executive Director of Meals on Wheels of Greenville, expressed her gratitude for this investment. “We are deeply honored to receive this transformative New Markets Tax Credit allocation. This support allows us to expand our Meals on Wheels operations, reach more vulnerable individuals, and invest in a facility that reflects the dignity and care every person deserves. With this funding, we’re not just serving meals – we’re building a stronger, more resilient community.”
The new facility will enable Meals on Wheels of Greenville to expand its reach and impact, ensuring that more homebound individuals receive the support they need to thrive.
