Buying, Selling, & Leasing Can Help With Community Development Assistance
The Chicago Community Loan Fund provides low-interest loans for housing development that benefit Chicago’s disinvested communities. As a member of Investing In Communities®, the Chicago Community Loan Fund can receive funding from the real estate transactions of its supporters at no cost to the supporter or to the Chicago Community Loan Fund. They have already received $7,041, and the more supporters that use this free platform before engaging a real estate agent, the more capital the Chicago Community Loan Fund will have to provide development assistance to emerging businesses and nonprofits that benefit low to moderate-income Chicago residents.
History and Impact
Founded in 1991, the Chicago Community Loan Fund was started by a group of advocates for social enterprise financing. They have grown into a leading presence for community development in Chicago, managing a portfolio over $100 million. Their $210 million of financing has led to an additional $1.4 billion in investment, 5,622 new jobs, 9,538 units of housing, and over 4 million square feet of commercial and retail community facility space. For many community-driven projects, the initial capital needed to get off the ground is simply impossible to obtain from other lenders. The Chicago Community Loan Fund fills this credit gap and helps community development efforts by offering commercial retail financing, predevelopment loans, construction and rehabilitation loans, housing cooperative loans, mini-permanent and permanent mortgage loans, equipment and working capital loans, as well as valuable workshops, sustainability resources, and developmental assistance.
Commercial Retail Financing
The Chicago Community Loan Fund’s Activate Retail initiative supports new community businesses and job opportunities, healthy food options, and community spaces that strengthen the local economy.
It can be difficult for projects to get approved for loans before they have much more than simply a good idea. Predevelopment Loans are an essential early step toward turning great ideas into real community-boosting projects. The Chicago Community Loan Fund supports such efforts and accepts loan applications for projects still in the pre-development stage.
Construction and Rehabilitation Loans
The Chicago Community Loan Fund provides short term loans for construction and rehabilitation projects that benefit low to middle-income Chicago communities.
Neighborhoods and communities seeking to enhance and develop themselves can seek housing-cooperative loans from the Chicago Community Loan Fund. Their website contains an information hub with resources beyond just financing for those seeking to:
Mini-permanent and Permanent Mortgage Loans
Nonprofit organizations are on the front lines of community development, and the Chicago Community Loan Fund is there to help them secure properties by financing organizations engaged in:
- Community-Based Social Service; or
- Economic Development Projects.
Equipment and Working-Capital Loans
The Chicago Community Loan Fund provides loans for equipment to support the efforts of:
- Social Enterprises;
- Small Businesses; and
- Worker-owned Cooperatives.
Sustainability Resources and Development Assistance
While Community Development enterprises need capital, the Chicago Community Loan Fund realizes that they also need knowledge and other resources. They offer:
- Workshops – covering different topics relevant to community development efforts, including technical assistance and sustainability;
- Sustainability Resources – advocates for energy efficient, environmentally friendly building-projects and offers resources on the subject; and
- Development Assistance – offers referrals to authoritative resources such as government agencies or professional services on a wide spectrum of subjects, including: Accounting, Fundraising and Marketing, Management and Sustainability.
Your Purchase, Sale, or Lease Supports Community Development in Chicago
Anyone who cares about social enterprise financing can turn virtually any brokered real estate transaction into funding for the Chicago Community Loan Fund. Generate funding for the cause by using this free platform to choose among real estate agents that are appropriate for your residential or commercial real estate needs. Or use IIC to make arrangements with an agent you already have in mind. For example, the purchase or sale of $300,000 home can result in about $1,300 of free funding, which has a direct impact on our mission. Ready to start?
Total IIC Funding: