When the Quad Cities Child Abuse Council (CAC) decided to own its next home after decades of renting, an incredible boon came from the building owners. Supporters of the agency’s mission, the owners were willing to sell their property in downtown Moline, IL, for almost half the market value.
A CAC board member pledged $20,000 for the down payment, but the agency still needed a loan to buy the building. IFF has a long history of helping nonprofits because they often don’t fit the requirements for traditional loans, and in this case provided CAC with $380,000 to finance the property purchase. CAC has been in its new home since June.
“The building is a significantly better environment for our hard-working staff,” CAC Executive Director Mark Mathews said. “We also now have much-needed room to expand. The need for child abuse prevention services continues to increase, and CAC has been the leader in preventative services for over 35 years.”
“The new building has been a blessing,” CAC Board President Jeff Waller agreed. “IFF’s experience with lending to nonprofits was critical to getting the deal done. Our loan officer, Lanie Wasserman, was fantastic throughout the process. Working with IFF on our loan felt like a collaboration, not an application.”
IFF’s loan allowed CAC to greatly improve its financial position by refinancing existing debt as part of the transaction. Each year CAC will grow net assets by using the $42,000 in funds previously applied to rent.
CAC is a regional agency with one location in the Quad Cities, a group of five cities straddling the Mississippi River: Davenport and Bettendorf in Iowa, and Rock Island, Moline, and East Moline in Illinois. The agency offers child abuse prevention, education, and treatment services to about 1,800 low- to moderate income children and families annually through direct services and collaborative efforts in local school systems.