New Loan Closings: Bowery Residents' Committee, Mandela Partners, Monument Impact, Sacred Heart Community Services
Bowery Residents’ Committee: A caring response to homelessness in upper Manhattan
$5.7 million loan to support acquisition and predevelopment
The mission of Bowery Residents’ Committee (BRC) is to restore hope and dignity by offering opportunities for health and self-sufficiency to vulnerable New Yorkers. BRC serves more than 10,000 individuals each year through dozens of programs spanning outreach to unsheltered New Yorkers experiencing homelessness, transitional housing and shelter, permanent housing, substance abuse treatment, mental and physical health services, workforce development, and senior services.
NFF’s loan will facilitate BRC's development of a 120-bed shelter in the Inwood neighborhood of Manhattan that will support mentally ill men experiencing homelessness through a person-centered, clinically sound model. This new residence will provide safe, emergency shelter and assist clients as they transition into more independent, permanent housing.
Partners: Citi Community Capital, Leviticus Fund
Mandela Partners: A space where food entrepreneurs can thrive
$93,000 working capital loan
Mandela Partners was established in West Oakland to fill a gap in access to healthy food, good jobs, and ownership opportunities that was created through deeply rooted inequities – legacies of redlining and economic disinvestment and long-standing barriers to opportunities for entrepreneurs. They do this by weaving together several areas of work: sourcing from sustainable family farmers, creating accessible and affordable healthy food access points, supporting local food business creation and expansion, and increasing capital for BIPOC entrepreneurs. They envision a future where small sustainable farmers are invested in, local food enterprises are central to community wealth building, and residents are thriving.
In looking toward future opportunities to better serve local entrepreneurs and community residents in a post-COVID-19 environment, Mandela Partners developed plans for a community kitchen that would increase the production capacity of current vendors and local food business owners, allow for test kitchen and hands-on workshop opportunities for burgeoning food entrepreneurs, and provide much-needed space for community-building events. Financed through NFF's zero-interest CARE Fund, this loan will be used for renovations and kitchen equipment for the new space – investments that will support Bay Area food entrepreneurs and thriving communities.
Monument Impact: A comprehensive response to COVID-19
$250,000 working capital loan
The mission of Monument Impact is to ensure that immigrants, refugees and low-income residents of Concord, CA and surrounding communities have the voice, tools, and relationships they need to achieve an equitable share of the region's social and economic wealth. To this end, they offer programs that include workforce development (technology classes, training for small business owners), Healthy Community (bilingual Spanish-English programming that promotes physical activity and healthy living), and community engagement (leadership development courses, legal support for immigrants, and a free shuttle).
In response to increased demand from the communities it serves during the COVID-19 pandemic, Monument Impact expanded some programs and established entirely new ones, including financial aid and assistance for renters who had seen lost or diminished income. As the pandemic has continued, this demand has kept growing. Offered through NFF's zero-interest CARE Fund, this loan will support Monument Impact as it grows its financial aid, vaccine outreach, and new civic engagement work; it will also give them needed flexibility as they seek out a larger space. These programs respond directly to the unique needs of the communities Monument Impact serves, offering critical services at a time when these communities can benefit from them most.
Sacred Heart Community Services: Decades of service to South Bay Area communities
$1.75 million participation in a $5 million acquisition loan
Sacred Heart Community Services (SHCS) has provided essential services to individuals and families across California's South Bay Area for nearly 60 years. They envision a community united to ensure that every child and adult is free from poverty. From an organization founded specifically to provide food for those who were going hungry, SHCS has grown into an innovative and well-respected nonprofit that both responds directly to the needs of the community it serves while advocating for policies and action that address the root causes of poverty. Their programs include food and clothing drives, rent and utility support, employment assistance, youth education, and support with taxes and applications for government benefits.
SHCS has experienced substantial growth in the past several years, and its current facility can no longer accommodate its staff and programs. NFF partnered with Community Vision and Partners for the Common Good to provide a $5 million loan to SHCS. Along with over $2 million of its own capital and approximately $2.74MM in New Markets Tax Credit (NMTC) equity from US Bank and Partners for the Common Good, this financing will allow SCHS to renovate and own a larger space for its use and the 60+ organizations in its growing network. With a larger home base, SCHS can support its current expansion as well as future growth – ensuring that even more community members can access their services and supporting thriving communities for decades to come.
Partners: Community Visions, Partners for the Common Good, US Bank
Learn more about our lending products on the financing page of our website.