August 2022 Loan Roundup

August 2022 Loan Roundup

In August, IFF closed loans totaling approximately $8.7 million for seven community-driven projects in the Midwest. We’ve included information below about several of the loans and what the organizations that received them are doing with the capital. To learn more about IFF’s lending, visit our Capital Solutions page.

Chicago Children’s Museum

Located in Chicago’s Navy Pier, Chicago Children’s Museum (CCM) is where play and learning have connected for children and their caregivers for 40 years. A loan of approximately $3 million from IFF will enable CCM to refinance a loan from a bank lender, helping the nonprofit strengthen its long-term financial stability. Doing so will ensure CCM is able to continue providing the high-quality exhibits and programming the museum is known for – which has benefited nearly 15 million visitors since 1982. IFF previously provided CCM with a $1.3 million loan in October 2021 to support the development of the museum’s renovated “Water City” exhibit.

Greater Holy Temple Christian Academy

IFF closed a loan of $522,250 for Greater Holy Temple Christian Academy (GHTCA) that will facilitate the K4-8 non-denominational Christian educational institution’s move to a new location, as well as its purchase of desks, tables, whiteboards, chairs, and other equipment for its new facility. Housed in the same location since 2006, GHTCA is relocating to a 60,750-square-foot building in Northwest Milwaukee previously occupied by Milwaukee Public Schools. The nine-acre property has been vacant for more than a decade, and GHTCA’s move to the facility will revitalize a community asset.

Serving approximately 600 students, 100 percent of whom qualify for free lunches based on family income, GHTCA will have additional space in the new facility that will enrich the educational experience it provides to students. Working with its landlord, with whom the school has secured a long-term lease with an eventual option to acquire the building, GHTCA plans to update the building interior and outdoor playground areas, and to install a lighted basketball court that will be open to the community. Planned renovations in future phases of construction include the addition of an early childhood academy and a gymnasium/field house.

Kheprw Institute

IFF closed a $210,000 loan for the Kheprw Institute that will enable the Indianapolis-based nonprofit to acquire a 17.5-acre farm several miles south of the city’s downtown area. Founded in 2003, Kheprw Institute works to create a more just, equitable, human-centered world by nurturing youth and young adults to be leaders, critical thinkers, and doers who see the people in any community as the most valuable assets. Through its programming, the organization is committed to working with community assets to bring about change that leads to empowered self-reliant and self-determining communities.

Purchasing the farm will bolster the nonprofit’s Urban Agriculture Initiative, which equips participants with the skills needed to farm in urban environments, as well as the knowledge and practice needed to grow and sell the food they harvest. The property includes three residential structures, as well as a greenhouse and a market stand. Kheprw Institute has secured general operating support from a funder that will supplement the loan from IFF to acquire the property.

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