When Foremost Farms set out to build a new dairy processing facility in Greenville, Michigan in 2018, the goal was not simply to add another plant to its portfolio. The project was designed to strengthen a regional dairy economy, support farm families, and create long‑term community benefits through stable jobs and local investment. Seven years later, the Greenville facility stands as a clear example of how New Markets Tax Credit (NMTC) financing from CEI Capital Management (CCML) can unlock transformative rural development and deliver durable economic impact.

Foremost Farms is a member‑owned dairy cooperative representing farm families across seven states. When the cooperative first reached out to CCML in 2018, much of their manufacturing capacity was concentrated in Minnesota and Wisconsin. For their approximately 60 member-farms in Michigan, raw milk had to be transported long distances, increasing costs and reducing efficiency.

“Our mission is to add value to the hard work that our member-farmers are doing every single day, day in and day out. That’s our role as their cooperative of choice”, said Rachel Turgasen, VP of Member & Corporate Relations and Sustainability.

The Greenville facility was developed to address this imbalance by creating a modern, regional processing asset that allowed milk produced in Michigan to be processed closer to where it is sourced. The investment has paid off, reducing transportation costs and opening additional markets, allowing several of their member farms to grow and expand their operations.

This project really has fulfilled the promise the Cooperative made to our members back when we built this. It continues to add value, to reduce costs and engender a sense of pride around our presence in the region.

-Rachel Turgasen, VP of Member & Corporate Relations and Sustainability.

Strengthening the Local Community

In addition to the benefits to the Cooperative’s Michigan members, the Greenville facility has contributed to boosting the local economy through quality job creation. When the facility opened, Foremost Farms committed to creating 33 permanent, full‑time jobs for the local community. That commitment has been exceeded as the facility now employs 44 full‑time workers.

“We offer well paying, recession-stable positions with work-life balance that provides opportunities for professional growth and development,” said Jacob Kizer, Plant Manager, Operations.

The cooperative is particularly proud of their employee training and development opportunities, which include a maintenance mechanic apprenticeship in partnership with Montcalm Community College and the Foremost Farms Education Assistance Program, which has helped multiple employees finish college degrees.

Foremost Farms investment in the community goes beyond just their employees and members, in the past year 74% of their total purchases went to local vendors driving almost $3.5 million in economic activity.

NMTC Financing and CCML

The NMTC structure, made with an investment from Wells Fargo Bank, made the project financially feasible at a critical moment. The financing reduced barriers to investment and allowed the cooperative to move forward with a facility that might otherwise have been cost‑prohibitive.

“Back in 2017 when all this was coming together, it was a great opportunity for us to build a plant that would allow us to expand,” said Susan Rusch, Corporate Treasurer.

We couldn’t have expanded without the support from CCML and without the New Market’s Tax Credit. This was exactly what we needed to grow our business and create value for our members and the Greenville community.

– Susan Rusch, Corporate Treasurer

“The entire team at CEI Capital Management has been great to work with over the years,” Kizer added. “They have made this process easy to understand, and they have always been available to answer questions or help. We really felt CEI was our partner in this endeavor at every step.”

A Foundation for Future Growth

Looking ahead, the Greenville dairy campus offers continued opportunity. The site encompasses approximately 90 acres, leaving room for future expansion and additional manufacturing partnerships. Foremost Farms remains focused on identifying the right partners to further invest in the site, building on the strong foundation established by the original project.

Perhaps most importantly, the Greenville facility represents a promise kept. Cooperative leadership and farm families alike have expressed a deep sense of pride in what has been accomplished. The plant stands as a tangible symbol of how strategic financing, mission‑driven capital, and strong partnerships can translate into real, lasting impact. With NMTC financing and CCML’s support, Greenville gained more than a processing facility—it gained a durable economic asset designed to serve the community for decades to come.