In August, IFF closed loans totaling approximately $1.05 million for 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.
Near Northwest Neighborhood, Inc.
IFF closed a $50,000 loan that helped Near Northwest Neighborhood, Inc. (NNN) recoup out-of-pocket expenses for the nonprofit’s development of a six-unit affordable housing project in South Bend, IN. The project, completed in November 2023, was financed in part through a previous IFF loan closed in July 2022. NNN is a community development corporation (CDC) that works in the near northwest neighborhood of South Bend, and the most recent loan will enable the organization to receive the full amount of its developer’s fee for the project.
Power4STL
IFF closed a $196,600 loan that provided Power4STL with the capital needed to acquire a 12,815-square-foot facility St. Louis, MO, that the nonprofit previously leased. Purchasing the property will result in cost savings of $6,400 annually, protect investments in facility upgrades already completed, prevent the organization from being impacted by rising rents in the neighborhood, and enable an expansion of its services and programming. Founded in 2018, Power4STL is a community of health committed to reducing the impact of trauma from bullet-related injuries and is the home of The Bullet Related Injury Clinic, also known as “The BRIC.” The BRIC is a free, community-based clinic designed to serve patients and their families after they have been impacted by a bullet. This includes direct therapeutic care, mobile outreach, and community engagement and training. The BRIC creates a safe space for individuals and families to engage with responsive, trauma-informed, accessible, and culturally competent care, bridging fatal gaps in care.
Prairieland Market
IFF closed a $200,000 loan that enabled Prairieland Market (Prairieland) to purchase equipment for the grocery store’s new leased location in Salina, KS. Founded in 1978 as a food cooperative and now a nonprofit offering local and organic foods, Prairieland is relocating to a 4,525-square-foot facility in the community’s downtown that is triple the size of the grocery store’s previous location. With more space, Prairieland will be able to increase its grocery sales and expand its prepared food program, which includes local, seasonal produce and minimizes food waste at the store. Additional sources of funding and financing for the $1 million project include a Kansas Healthy Food Initiative grant, owner’s equity, and capital campaign contributions and/or an affordable loan from a partner organization.
United Methodist Children’s Services
IFF closed a $75,000 loan that will enable Rooted & Rising (R&R) to proceed with the construction of a 4,500-square-foot, nature-based playscape at the neighborhood nonprofit’s Growing Tree Children’s Center in Milwaukee, WI. The playscape will be designed in consultation with green infrastructure experts and diverse technical professionals to ensure an environmentally sustainable design, incorporating strategies to improve stormwater management and minimize runoff. By enhancing its outdoor space, the organization aims to enhance the attractiveness and competitiveness of the child care center, consequently assisting in staff recruitment and fostering retention among both staff and families with children enrolled at the child care center. Additional funding for the $225,000 project will be secured through grants and philanthropic support.
Tags: : Capital Solutions, Early Childhood Education, Health Care, Healthy Foods, Housing, Loan Round-ups