Article Archives: Iowa
HFFI Serves Up Community Development Opportunities in the Midwest
IFF, a nonprofit lender and real estate consultant in Chicago, Ill., was among the recipients of funding from the Healthy Food Financing Initiative (HFFI) in September 2011. IFF received a $3 million grant and is using the award to leverage more than $25 million in additional capital. The lender will invest the combined funds in food-related projects in Illinois, Indiana, Iowa, Missouri, and Wisconsin. The initial emphasis will be on full-service, for-profit grocery stores in “food deserts” in the metropolitan areas of Chicago; Milwaukee, Wis.; Dubuque and Des Moines, Iowa; St. Louis, Mo.; and East St. Louis, Ill., where IFF has developed a pipeline of potential projects. Over time, IFF will finance and, where appropriate, directly develop a range of both for-profit and nonprofit retail food outlets as well as other types of food-related businesses, including rural business models.
IFF intends to work with one or more national community development financial institution (CDFI) partners to establish a fund for grocery-store lending across the Midwest. To share risk and stretch its capital further, IFF will seek the participation of other CDFIs, community banks, its regional and national bank partners, and foundations. Banks and foundations will be able to invest in the fund, and local or regional investors will be able to target funds geographically.
If you are interested in learning more about the fund, please contact Trinita Logue at (312) 596-5117 or firstname.lastname@example.org.
Expanding Day Care and Early-Childhood Education
First Children’s Finance (FCF) is a nonprofit community development financial institution working to increase the availability of quality early-childhood education and day care for low-income families in Iowa, Kansas, Michigan, Minnesota, Missouri, North Dakota, South Dakota, Texas, Washington, and Wisconsin.
The nonprofit provides expertise and capital to other service organization and businesses. FCF offers services, including training and support for people interested in starting child-care businesses; strategic planning support for nonprofits; and consulting.
The FCF Loan Fund has made 281 loans totaling $8.1 million to small child-care businesses and nonprofit organizations. To date, nearly 50 banks, foundations, and businesses have invested in the FCF Loan Fund. Bankers can help FCF by investing capital in its loan fund; volunteering to serve as board and loan committee members; serving as advisors to the FCF Growth Fund; and making financial contributions to FCF.
For more information, contact Jerry Cutts, FCF President and CEO, at (612) 338-3023, or e-mail email@example.com, or visit www.firstchildrensfinance.org.
Developing High Growth Small Businesses in Iowa
The Midwest Assistance Program Loan Fund
Established in 2003, MAPLF has closed seven loans totaling $105,000, has $250,000 more in process, and has sustained no losses. Loans have been made in four of the nine states in MAPLF's service region. MAPLF is an affiliate of the Midwest Assistance Program, which provides engineering, training, and other consulting services to help small rural communities plan and implement water and wastewater improvement projects. MAPLF typically funds projects that have multiple layers of funding, including grants and loans from a variety of sources. Originally capitalized with $100,000 from the Midwest Assistance Program, MAPLF also funds its loans with the proceeds of a federal grant, and is actively seeking new investors. Banks can participate by investing directly into MAPLF, by referring prospective borrowers that do not meet conventional credit criteria, and by structuring MAPLF into financing packages in which the banks would like to participate.
For more information, visit www.map-inc.org or contact Tom Kopp at (952) 758-4334 or firstname.lastname@example.org.
Iowa Equity Fund Investing in Low Income Housing Tax Credits
For additional information, please contact Iowa Equity Fund at (515) 280-6000.
Cooperative Financing in the Upper Midwest
For more information, contact Margaret Lund at (612) 331-9103 or at email@example.com. NCDF's web site is www.ncdf.org.
[Published in News from the Districts, Community Developments, Summer 2004]