October 2022 Loan Round-up

October 2022 Loan Round-up

In October 2022, IFF closed loans totaling approximately $12.8 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.

Appleseed Childhood Education

IFF closed a $350,000 loan that provided Appleseed Childhood Education (ACE) with the capital needed to renovate a 7,500-square-foot facility that will serve as early childhood education center (ECE) on the Franciscan Health hospital campus in Rensselaer, IN. The center, which is expected to open in the first quarter of 2023 and will be known as Appletree, will provide 73 children ages five and under with quality child care and education five days a week, year-round, and will be the first licensed ECE option for families in the community since 2018.  In addition to bolstering the early learning ecosystem in the community, the center is also expected to strengthen Franciscan Health’s ability to recruit and keep highly qualified medical professionals in the area – addressing another need in the community.

IFF’s real estate team in Indiana also supported the project by conducting a site search and due diligence and by providing owner’s representation throughout the renovation process. To learn more about the project – which is receiving additional support from the Jasper Newton Foundation; Jasper County, IN; the Rensselaer Redevelopment Corporation, and a myriad of local businesses and individual donors – read our recent story, “A Nonprofit and a Health System in Rural Indiana Team Up to Solve Two Community Challenges with One Repurposed Facility.”

Little Black Pearl Workshop

IFF closed a $2.5 million loan for the Little Black Pearl (LBP) Workshop, a nonprofit headquartered in Chicago’s North Kenwood neighborhood that operates at the intersection of business and art. The capital will enable the organization, which is a Chicago’s Cultural Treasures grantee, to refinance and consolidate third party obligations. Through its programs, LBP creates employment, training, and cultural enrichment opportunities for more than 7,000 Chicagoans each year. Strengthening the organization’s financial position will ensure the continuation of programs that include the LBP Art & Design Academy, the Carver 47 Food and Wellness Market, and the C47 Work and Experiment Lounge 

The Outreach House

IFF closed a $100,000 loan for The Outreach House (TOH) that will facilitate the rehab of the nonprofit’s 4,500-square-foot, leased headquarters space in Lombard, IL. The organization recently merged with two other entities, and the project will enable TOH to operate all programs under one roof moving forward, including a food pantry, financial assistance, an infant and toddler supply distribution center, and clothes closet. Serving nine municipalities in Chicago’s western suburbs, TOH served 3,480 families during its last full program year. Additional sources of funding for the renovation project include the Mission Sustainability Initiative at Forefront, Northern Illinois Food Bank, and DuPage Foundation.  

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