New grocery opens in the old Kroger location on Terry Road after receiving fnancing through HOPE
The Mississippi Link Newswire
HOPE (Hope Enterprise Corporation/Hope Credit Union) and Jackson Cash & Carry owner Greg Price joined local leaders and community members May 5, to celebrate the ribbon-cutting of the new fresh food market in south Jackson.
Jackson Cash & Carry recently opened at 3520 Terry Road, the site of a former Kroger store that closed in 2015, leaving the area with limited access to fresh food options. HOPE provided Jackson Cash & Carry with $1.25 million in financing for acquisition, renovation and working capital through its Mid South Healthy Food Initiative, a program that increases access to nutritious food in communities that lack these options. The Healthy Food Initiative receives support from the U.S. Treasury Department’s Community Development Financial Institution Fund and private investors.
“The Jackson Cash & Carry Fresh Food Market is a great example of how public-private partnerships can catalyze investment in underserved communities” said HOPE CEO Bill Bynum. “We would like to thank Senator Cochran and our Congressional delegation for supporting this important program. Without their leadership, projects like this would not be possible.”
According to the U.S. Centers for Disease Control and Prevention, only 9.9 per cent of Mississippians consume the recommended level of fruits each day, and 5.5 per cent meet vegetable recommendations. In addition to increasing access to healthy food, the project and will bring 25 jobs to the area.
“Together, we can make a difference in our community,” Price said. “We saw a need in south Jackson and made the move to address it. We’re hopeful this business can be an economic spark. There is no way we would have had this opportunity without our partners at HOPE.”
Jackson Cash & Carry has been in business since 2005, operating in the inner city of Jackson on Capitol Street. In December 2016, Price completed the deal with Kroger through the Mid South Healthy Food Initiative. To be eligible for the program, a store must be located in a food desert or distressed area.
HOPE has financed and leveraged more than $45 million in financing for approximately 180,000 square feet of grocery store space, significantly expanding access to healthy food in underserved communities across the Mid South.