Community Foundation of Louisville's $3.9MM Fund Has Made a Major Social Impact in Louisville
This is an excerpt from an article on Community Foundation of Louisville that was published in Louisville Business First. See below for a link to the full article.
Community Foundation of Louisville's Impact Capital fund was created in 2014. Since then, the fund has made impact investments worth $2.6 million to businesses and organizations through 13 loans. The loans that the Impact Capital program has made have been tied to the creation of 478 jobs and 61 new businesses, notes Mary Grissom, the Foundation's Senior Program Officer for Mission and Impact. More than 240 people have been housed as a result of this program as loans were made to build or preserve 138 affordable housing units in the city. And finally, 75,000 square feet of space in the city has been remodeled as a result of this program.
“This is helping provide catalytic support," says Trisha Finnegan, Senior Vice President and Chief Strategy Officer at Community Foundation of Louisville. The loans the Foundation make can lead to more money from traditional banks and investors. "We can help de-risk later follow-on investment,” she said.
Community Foundation of Louisville's Impact Capital program is getting set to make two new loans — one of which will be its largest to date: a $400,000 loan to Harbor House of Louisville in support of its Intergenerational Life Center, a facility that will expand the organization's ability to serve seniors, children and individuals with disabilities on a single campus in Southwest Jefferson County. It also plans to make a $125,000 loan to Jewish Family & Career Services to continue and expand small business lending through its Navigate Enterprise Center. The micro-lending program benefits entrepreneurs facing barriers to accessing mainstream capital.
Both of these loans have been approved by Community Foundation of Louisville, but they have not closed yet. Read the full article at the link below.