In March, IFF closed seven loans totaling $9,528,000 for community-driven projects in the Midwest. We’ve included below a roundup with information about several of the organizations that received the loans and what they’re doing with the capital. To learn more about IFF’s lending, visit our Capital Solutions page.
Cocina Compartida de Trabajadores Cooperativistas
The Cocina Compartida de Trabajadores Cooperativistas (CCTC) is a worker cooperative that was founded by a subset of members of the North Lawndale nonprofit Street Vendors Association of Chicago (SVAC). CCTC operates a shared kitchen (in the photo above) which serves and supports food vendors. CCTC continues to work in close partnership with SVAC, which serves as an advocacy organization for street vendors by hosting small business entrepreneurship training resources and workshops, which will also take place on site. IFF made a $150,000 loan to CCTC which facilitated their acquisition of a building CCTC and SVAC leased and operated out of for three years prior to the sale.
Intonation Music Workshop
Intonation Music Workshop, a nonprofit in Chicago that partners with schools, park districts, and community organizations to make music accessible to young people by providing instruments, instruction, mentorship, and performance opportunities, received a $50,000 loan from IFF to serve as a working capital line of credit. The line of credit provides the organization with cash flow stability as an emergency back-up should contributions from donors fall short of projections and/or when reimbursements to the organization are delayed. The loan is part of the MacArthur Arts and Culture program.
KidZone Learning Center of Wyandotte County
IFF closed a $220,000 loan for KidZone Learning Center of Wyandotte County (KZLCWC), a 12,000-sq-ft child care and early childhood education (ECE) center in Kansas City, KS, that is operated by the Olathe Wesleyan Church. IFF’s loan enabled KZLCWC to purchase and install playground equipment and to complete stormwater mitigation, and followed an initial $800,000 loan from IFF in 2019 to purchase the facility. Located in a childcare desert, 60-70 percent of the children served by KZLCWC qualify for free or reduced-price meals. The total cost to acquire and renovate the facility was $1,367,800, with additional funding for the project coming from Olathe Wesleyan Church and The Family Conservancy, a nonprofit in Kansas City that supports the ECE sector. The project created 90 ECE slots in Kansas City and 15 new full-time jobs.
Magnus Capital Partners
Magnus Capital Partners received a $1.7 million loan for a 240-unit multifamily affordable housing project in Grand Rapids, MI. The loan facilitated the acquisition of land for a 4% LIHTC development serving individuals and families between 40% and 80% AMI. After construction is complete, the property will consist of five, four‐story buildings containing 40 one‐ bedroom units (600 square feet), 102 two‐bedroom units (840 square feet) and 98 three‐bedroom units (1,000 square feet), along with extensive common area amenities. The development provides easy access to a rapid transit route to downtown Grand Rapids.
Seeds of Health
IFF closed a $5.6 million loan for Seeds of Health, Inc. to acquire and rehab a portion of building in downtown Milwaukee to create a charter high school. Part of a 60,000-sq-ft property and intended to serve 390 students, the school will be comprised of 10 classrooms, a lab room, special education rooms, space for a school counselor, five offices and a cafeteria. The property is located across the street from Milwaukee Area Technical College, which has partnered with Seeds of Health for 15 years to offer dual enrollment to students in the Seeds of Health school network. Additional funding for the acquisition and rehab of the facility was provided by Wells Fargo and Partners Advancing Values in Education (PAVE).
Tags: : Arts and Culture, Capital Solutions, Early Childhood Education, Housing, Loan Round-ups, Schools