US (IL): $500,000 loan for Garfield Produce Company

A collaboration of The Chicago Community Trust, the John D. and Catherine T. MacArthur Foundation, and Calvert Foundation, Benefit Chicago was created to expand the pool of loans and investments available to mission-directed for- and nonprofit entities, which, due to the communities or populations they serve, often find it difficult to access capital from commercial sources.

Benefit Chicago Executive Director William Towns now announced loans totaling $12 million to six Chicago area organizations: AutonomyWorks, Chicago Neighborhood Initiatives (CNI), Garfield Produce Company, IFF, the Southwest Corridor Collaborative of LISC Chicago, and Sweet Beginnings, the for-profit subsidiary of the North Lawndale Employment Network.

“We are excited by the diversity of the borrowers and the initiatives they submitted for financing,” Towns said. “Some are established, well-known organizations; others relatively new, but all represent the opportunities for and commitment to development in every part of Chicago and to the well-being of residents.” Towns stressed that the announcement is just the first of many loans to come over the next months. “We’ve already received more than 80 applications. While not all can or will be financed, they underscore the creativity and energy of organizations throughout the region.”

One of the recipients, Garfield Produce Company is an indoor, vertical hydroponic vegetable farm that creates sustainable local employment and generates wealth in disinvested neighborhoods through the production and sale of high quality fresh produce year-round. Garfield Produce will use its $500,000 loan to expand production capacity and hire additional employees.

For more information:
www.BenefitChi.org
www.garfieldproduce.com