The Elk Valley Rancheria, California, received $1.7 million in equity through the New Markets Tax Credit (NMTC) program to increase the positive impact of a new fuel mart and convenience store.
The Elk Valley Tribal Fuel Mart in Crescent City, California, has generated 10 full-time positions, with an additional four anticipated by 2025. It provides salaries significantly above the local living wage, as well as paid leave, retirement benefits, and health insurance.
Additionally, the fuel mart offers customers healthy food options, including fresh fruits and vegetables, proteins, whole grains, and dairy products. First American Petroleum, a Native-owned fuel supplier, will provide fuel and ongoing support.
With the boost in NMTC funding, the Elk Valley Rancheria paid off debt needed to cover rising construction costs in the region. Construction on the fuel plaza was completed in March 2024.
Travois New Markets allocated NMTCs to support the project, and U.S. Bancorp Impact Finance, a U.S. Bank subsidiary, provided the equity investment.
At a Glance
- Native Organization: Elk Valley Rancheria, California
- Date Closed with Investor: 2024
- Date Completed: 2024
- Development Type: Business
- Project Status: Complete
- Total Investor Equity: $1,700,000