In August, IFF closed seven loans totaling $6,265,000 for community-driven projects in the Midwest. The loans will create affordable housing in Ohio and Wisconsin, support arts and culture in Illinois, and help facilitate the renovation of a new facility for a nonprofit business accelerator in Chicago. We’ve included information below about two of the the organizations that received loans in August, along with an overview of what they’re doing with the capital. To learn more about IFF’s lending, visit our Capital Solutions page.
Entrenuity
IFF closed a $480,000 loan for Entrenuity that is being used to reimburse the organization for renovation costs associated with the buildout of an 8,033-square-foot facility in the South Loop neighborhood that the organization owns and will use as its headquarters. Doing so helped replenish the organization’s cash after funding capital expenditures from its operating budget.
Entrenuity is a nonprofit business accelerator based in Chicago, IL, that offers small business coaching, coworking space, and access to capital and business development to Chicago entrepreneurs. The organization also owns two community-based coffee shops that create employment opportunities and provide skills training for aspiring entrepreneurs. By offering experiential entrepreneurship training to clients who are predominantly Black, Latinx, and/or women, Entrenuity’s services facilitate generational wealth building by equipping clients with the necessary tools and resources to run successful businesses.
Remy Bumppo Theatre Company
IFF closed a $75,000 loan in August 2021 to provide the Remy Bumppo Theatre Company with an operating line of credit through the MacArthur Foundation Arts and Culture Loan Fund (ACLF). The line of credit will be used to fund upfront expenses for its productions, as allowed by public health directives. The Theatre Company has produced award-winning shows in Chicago, IL, since 1996, while also offering classes for theatre lovers and professional actors. ACLF is a program designed to help small- and medium-sized arts and culture organizations in Chicago manage uneven cash flows stemming from factors like the timing of production costs, ticket sales, and grant and government revenue. The program has been expanded during the pandemic to forgive interest on loans to further support arts and culture organizations impacted by public health measures.