Sweet Street Desserts is one eight companies operating in South Carolina to receive a combined $73 million in new markets tax credit (NMTC) allocations over the past 18 months, according to Greenville New Markets Opportunity II, a community development entity managed by taxadvantagegroup and Greenville Local Development Corporation in Greenville, S.C.

The funds supplement $194.5 million in total combined project costs. Upon stabilization, GNMO II's portfolio is projected to support 1,815 quality jobs and serve 5,230 clients through its nonprofit investments.

The federal NMTC program, which targets stimulating investment and economic growth in low-income communities, permits taxpayers to receive a tax credit against federal income taxes for making equity investments in community development entities. Those CDEs, in turn, use the capital raised to make investments in low-income communities.

The allocation is provided by the U.S. Treasury Department's Community Development Financial Institutions Fund.

GNMO II's mission is to offer capital to organizations that either create and sustain quality jobs and support health and wellness outcomes.

Sweet Street is a leading innovator in the dessert industry and is headquartered in Reading, Pennsylvania. The company supplies desserts to restaurants in over 60 countries and operates a manufacturing facility in Greenville, S.C.