November 2022 Loan Round-up

November 2022 Loan Round-up

In November 2022, IFF closed loans totaling approximately $16.8 million for six 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.

Covenant Community Care

IFF closed a $4.5 million loan for Covenant Community Care (Covenant) in Detroit that will enable the construction of a new, 9,900-square-foot Federally Qualified Health Center (FQHC) in the city’s Cody Rouge neighborhood. Founded in 2000, Covenant currently cares for more than 18,000 patients annually across several sites in the Detroit metro area, providing comprehensive primary and preventive medical, dental, and behavioral health care to patients of all ages regardless of their ability to pay or health insurance status.

After the new facility is opened, Covenant will relocate two of its existing health centers to the new location, which will provide the organization with three additional medical exam rooms, an additional room for behavioral health services, and nine new dental chairs – facilitating a 60 percent increase in services provided by Covenant. The facility will also provide Covenant with additional administrative space and exterior community spaces, and is expected to contribute to the revitalization of a key intersection in the neighborhood. Additional sources of funding and financing for the facility include agency equity, Health Resources and Services Administration grant funding, the State of Michigan, and six grants from private funders. 

Springville Community and Rural Foundation

IFF closed a $900,000 loan for Springville Community and Rural Foundation that will facilitate renovations to a 44,000-square-foot facility in Springville, IN, that houses Springville Community Academy. The capital will also enable the purchase of furniture, fixtures, and equipment for the K-8 charter school, which opened in August 2022 with more than 170 students. The charter school was launched through a grassroots effort by parents and educators after the public school district serving the rural community voted to consolidate its schools during the pandemic – mobilizing community members to ensure quality education for students in the area. Planned upgrades to the facility include the installation of a new septic system, updates to an existing gymnasium, cosmetic improvements, technology upgrades, and the purchase and installation of new lighting fixtures, bathroom fixtures, cabinetry, and security doors. In July 2021, IFF provided a loan to SCA’s sister school, Lawrence County Independent School, in nearby Fayetteville, IN, for a similar project.

True Believers Community Connections

IFF closed a $50,000 flex loan for True Believers Community Connections (TBCC), a nonprofit that provides supportive services to young people in the Auburn Gresham and Englewood neighborhoods on Chicago’s South Side. With a focus on violence prevention, TBCC empowers and equips emerging leaders between the ages of 11 and 24 through mentoring, leadership development, and workforce development. The loan will enable TBCC to purchase office equipment and supplies; paper, poster boards, art supplies, and other materials to support the nonprofit’s programming, and to invest in marketing its programs to achieve greater impact.

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