Since 1988, IFF has grown from a small lender serving Chicago nonprofits into the Midwest’s largest Community Development Financial Institution (CDFI) to serve exclusively nonprofits in Illinois, Indiana, Iowa, Missouri and Wisconsin.

From concept to incorporation to expansion into real estate services, research and public policy, IFF has made great strides in advancing the services available to nonprofit corporations serving low-income communities.

Milestones

2009: IFF opens a Milwaukee office

2008: IFF innovative financial model is awarded both a $5.5 million Wachovia NEXT award for Opportunity Finance and Fast Company’s 2008 Social Capitalist Award • IFF creates a Public Policy and Communications Department • IFF opens a St. Louis office

2006: IFF receives the Wachovia Award for Innovation in Finance for the design and impact of its Charter Schools Capital Program (CSCP)

2005: IFF is awarded an $8 million grant from the U.S. Department of Education’s Credit Enhancement for Charter School Facilities grants, allowing CSCP to begin providing tax-exempt, credit enhanced bond financing for charter schools

2004: IFF creates a new Research Department and releases the first-ever comprehensive statewide Child Care Needs Assessment

2003: IFF awarded $10 million in New Markets Tax Credits

2001: IFF Loan Department closes its 200th loan

2000: Mayor Daley announces the Children’s Capital Fund, a $42 million IFF program – based on IFF research – to build or renovate licensed child care centers in low-income Chicago neighborhoods

1998: Publication of the first-ever study on the financial health and stability of the nonprofit sector in Illinois Nonprofits: Building Capacity for the Next Century

1997: IFF establishes Real Estate Services

1996: IFF is certified as a CDFI and awarded $900,000 through the U.S. Treasury’s Community Development Financial Institutions (CDFI) Program

1995: Six banks join the Bank Consortium to invest $10 million in IFF’s Loan Program

1994: As part of the Child Care Facility Development Program, IFF becomes the construction manager for six child care centers

1993: IFF closes on a $1 million loan from Continental Bank, its first borrowing for the loan program

1992: Launch of the Child Care Facility Development Program, a $21.7 million innovative public private partnership developed to build seven child care centers throughout Illinois

1990: IFF becomes an independent organization with $1.7 million in initial support, two staff and a $2.7 million loan portfolio by year end.

1988: IFF files incorporation papers, operating under the umbrella of Chicago Community Trust

1987: Release of concept memo outlining the need for and feasibility of a nonprofit lender