In September, IFF closed loans totaling approximately $5 million for 10 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.
Chicago Mahogany Foundation
IFF closed a $317,063 loan that facilitated Chicago Mahogany Foundation’s (CMF) purchase of a new bus that will be used to provide Chicago neighborhood tours. Owning a bus will enable CMF Founder Shermann “Dilla” Thomas to offer more tours of Chicago neighborhoods and feature his signature logo. CMF’s mission is to highlight Chicago’s people, architecture, and impact on the world. A native of Chicago’s South Side, Dilla founded the organization after creating a series of videos on social media exploring the history of Chicago that have since been featured extensively by Chicago media and in national media by the Today Show, among other examples. In 2022, Dilla was named the Chicago Tourism Ambassador of the Year by Choose Chicago, which promotes tourism opportunities in the city.
Male Mogul Initiative
IFF closed a $50,000 loan to Male Mogul Initiative (MMI) through the Flex Loan Program that provided the organization with the capital needed to bridge grant funding as the organization scales up. Headquartered on Chicago’s South Side, MMI provides leadership and entrepreneurial training to young people of color and citizens returning from incarceration. Currently serving 120 young people each year, MMI is progressing toward its goal of owning its own space and increasing the number of young people it can support as a result.
Murphy Mentoring Group
IFF closed a $480,000 loan to the Murphy Mentoring Group (MMG) to enable the nonprofit’s purchase and renovation of a single-family home in Indianapolis that will serve as a respite house for young people who have been diagnosed with severe emotional disabilities. Founded in 2009, MMG provides services to young people ages six to 18 that include one‐to‐one mentoring/life coaching, group mentoring, motivational speaking, character and self‐esteem building workshops, specialized mentoring/life coaching for parents, community supervision, parenting classes, and habilitation and respite care services for youths with severe emotional disorders.
West Point School of Music
IFF closed a $500,000 loan for the West Point School of Music (West Point) that provided the organization with financing to acquire a 24,500-square-foot permanent facility. The facility, which was formerly occupied by Chicago Public Schools, will enable West Point to significantly increase the number of young people enrolled in its programs. West Point’s mission is to engage youth on Chicago’s South Side through music instruction and performance, cultivating artistically connected, socially conscious, and productive adults.
Tags: : Arts and Culture, Capital Solutions, Loan Round-ups, Youth Services