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, which is described below. To learn more about IFF’s lending, visit our Capital Solutions page.
IFF closed a $480,000 loan for Entrenuity that is being used to reimburse the organization for renovation costs associated with the buildout (in the photo above) 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.