In December, IFF closed loans totaling approximately $14.4 million for eight community-driven projects in the Midwest. We’ve included information below about two of the loans and what the nonprofits that received them are doing with the capital. To learn more about IFF’s lending, visit our Capital Solutions page.
IFF closed a $1.5 million loan that provided the developer of a new, full-service grocery store in Waterloo, Iowa with working capital for the project. The store, All-In-Grocers, is located in a community the USDA considers a “food desert,” and will increase access to healthy foods, provide employment opportunities for returning citizens, and bring additional resources to the neighborhood. In addition to the grocery store, the 23,696-square-foot facility currently being constructed will include a restaurant, laundromat, and community room that houses a satellite location for the 1619 Freedom School – founded by Pulitzer Prize-winning journalist and Waterloo native Nikole Hannah-Jones. The project, which will create the first new grocery store in Waterloo in 35 years, is expected to create 50-60 permanent full-time, part-time, and seasonal jobs.
Segundo Ruiz Belvis Cultural Center
IFF closed a $100,000 loan that established a line of credit for Segundo Ruiz Belvis Cultural Center (SRBCC) under the MacArthur Foundation Arts and Culture Loan Fund. Based in Chicago, SRBCC preserves and promotes appreciation of the culture and arts of Puerto Rico and Latin America, with a focus on its African heritage, while also offering multi-disciplinary arts programming to youth. The line of credit is designed to offset potential delays in payment for public grants and contracts secured by the organization, providing financial flexibility for SRBCC that will enable growth.