February 26, 2025
The California Statewide Communities Development Corporation (CSCDC) has provided $9,250,000 of New Markets Tax Credit (NMTC) allocation for the expansion of Torani’s manufacturing facility in San Leandro, California.
Torani is a California-based, family-owned company with a 100-year history of manufacturing syrups and sauces for cafes, grocery stores, restaurants, and home kitchens. Since its initial founding in 1925 with five syrup flavors, the company now produces more than 150 syrup flavors and is sold in 35 countries worldwide. Torani is famous for introducing the Italian soda to American consumers, and for inventing the world’s first flavored latte.
The NMTC financing will support the purchase and installation of equipment to build out Torani’s hot fill sauce production line. Torani currently only produces cold fill syrups at its main plant, while co-manufacturing partners produce Torani’s hot fill sauces offsite. The project is expected to result in 193 permanent jobs. Torani provides outstanding employee benefits, employee stock ownership, and competitive wages.
Torani’s purpose statement is “Flavor for all, Opportunity for all,” representing its belief that businesses can be a powerful force for good. As a Certified B Corporation, Torani is committed to investing in its employees and in its community.
In addition to the $9,250,000 in NMTC allocation from CSCDC, the project also received NMTC allocation from Mid-City Community CDE, LLC and Stonehenge Community Development, LLC. Chase served as NMTC equity investor for the financing.
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