In May, IFF closed loans totaling approximately $8.7 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.
African People’s Education and Defense Fund
IFF closed a $172,000 loan that provided the African People’s Education and Defense Fund (APEDF) with financing for the renovation of a 720-square-foot facility in St. Louis, MO, that the nonprofit will lease to a sister organization – Uhuru Foods & Pies (UFP) – to operate as Uhuru Bakery & Cafe. They will offer African comfort foods and pies in an area on the north side of the city that is currently classified as a “food desert.” The partnership between APEDF and UFP is longstanding and UFP is currently leasing commercial kitchen space from APEDF to operate an existing Uhuru Foods & Pies location in St. Petersburg, FL. APEDF was founded in 1994 to defend the human and civil rights of the African community and to end the disparities faced by African people in health care, education, and economic development by establishing institutions and programs that put African people in control of their own community life. Once opened, the Uhuru Bakery & Cafe in St. Louis will create full-time jobs with training in culinary skills and management through APEDF’s African Independence Workforce Program. It will also launch a food truck and a larger production facility and café in St. Louis.
Dream Builders 4 Equity
IFF closed a $55,250 loan that provided Dream Builders 4 Equity (DB4E) with the capital needed to purchase a new HVAC unit for the nonprofit’s headquarters in St. Louis, MO. DB4E was founded in 2016 to build social equity through financial equity, accomplishing this by acquiring vacant homes in St. Louis and employing local teens through the organization’s Summer Youth Academy and hiring minority-owned contracting businesses to complete renovations. The employment and compensation of local youth and contractors creates a continuous stream of wealth in the communities where DB4E works and helps teens develop transferable job skills. After renovations to houses are completed, the properties are sold and the revenue is reinvested into the organization’s youth program and into college saving funds for each student. DB4E also offers free services to community residents, particularly senior citizens.
Dream Center Evansville
IFF closed a $182,250 loan that provided nonprofit Dream Center Evansville with financing to acquire three homes on the block where the organization’s campus is located in Evansville, IN. Dream Center Evansville will continue leasing the homes to current and incoming tenants for affordable prices. Founded in 1998, the organization offers a variety of programs designed to strengthen the community, including after-school programs, summer day camp for K-6 students, wrap-around care for students and families, academic development services, and more.
NOVUS Health
IFF closed a loan of approximately $6.5 million for NOVUS Health that refinanced the organization’s debt to save $54,000 annually in payments and provided the nonprofit health care provider with the capital needed to continue the construction of a 25,153-square-foot health center in St. Louis, MO. The center will enable NOVUS Health to expand its services and to increase the number of clients it serves by 25 percent. Purchased in August 2022, the facility has approximately 5,000 square feet more space than NOVUS’ previous space – which it leased – and will have additional space for a food pantry, coffee shop, chiropractic and massage therapy, and behavioral health. As an FQHC look-alike, NOVUS will become eligible for reimbursement for services to Medicare and Medicaid and gain access to technical assistance and training.
The NOVUS story began more than 20 years ago when three medical practices around St. Louis collaborated to provide medical care and support to the LGBTQ+ community. The organization’s mission and vision evolved to include 360-degree work on ending biases in health care and ensuring access to all regardless of ability to pay. In 2022, NOVUS served almost 3,000 clients over a 75-ZIP code area around the St Louis metro area. In addition to IFF’s loan, the $13.1 million project is being funded with agency equity.
Tags: : Capital Solutions, Community Development, Health Care, Loan Round-ups, Youth Services