The Loan Fund ensures that every loan it makes contributes to community development and positive social change. Borrower stories are all about what a difference a loan can make.
ATLANTIC GROVE PARTNERS, LLC
A $500,000 loan from the Loan Fund helped fund the construction of retail shops and offices as part of a loan participation with West Palm Beach LISC, Wachovia Bank and Fannie Mae. Atlantic Grove LLC is a partnership of the TED Center, Delray Beach CDC and New Urban Communities. The project is a part of a major revitalization effort in Delray Beach. To view more photos, click here.
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BLACK YOUTH ENRICHMENT ASSOCIATION, INC.
Black Youth Enrichment Association, Inc. received a loan of $19,713 for working capital for this new nonprofit to operate the second year of a summer youth job and training program in the Pleasant City area of West Palm Beach. Thirty-five low-income young people received technology training, work experience and an opportunity to earn wages and prevent summer learning loss.
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CENTRO CAMPESINO FARMWORKER CENTER
FCLF and Enterprise provided $1,000,000 to allow Centro Campesino to take-out seller financing of vacant land to be used for construction of 46 units of affordable single-family home ownership for low- and very-low income families in the Villa Lago subdivision in South Bay.
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FLAME
The Loan Fund's $10,000 loan provided bridge financing for the efforts of FLAME (Florida Association for Micro-Enterprise) to solicit local sponsorship of the first national micro-enterprise conference to be held in Florida. The Association for Enterprise Opportunity conference was held in April 2002.
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FLORIDA GREEN COMMUNITIES ™ INITIATIVE
FCLF and Enterprise Foundation have agreed to double their original commitment and will now supply up to $12 million in loan capital to help stimulate the development of affordable housing in Florida communities. In addition, FCLF’s financing will include special, lower-cost funding available through the Florida Green Communities ™ Initiative. The Initiative will also provide grant funding to qualified non-profits.
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NEIGHBORHOOD RENAISSANCE, INC.
Neighborhood Renaissance (formerly known as Northwood Renaissance) has worked in the Northwood area of West Palm Beach to revitalize the commercial district and to maintain affordable housing in the area. The Loan Fund provided $395,000 in pre-development financing and $15,000 in short-term working capital for the acquisition of land that is being used to construct 90 units of multi-family affordable housing and 14,500 sf of retail commercial space for local small businesses in West Palm Beach. The Village Centre project was funded in partnership with West Palm Beach LISC.
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OKEECHOBEE NON-PROFIT HOUSING, INC.
Okeechobee Non-Profit Housing has been working in both the farmworker and minority communities for over 20 years. FCLF funded a $375,000 Construction Line of Credit for development of single-family homes in and around Okeechobee. For more photos, click here.
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THE BUSINESS LOAN FUND OF THE PALM BEACHES, INC.
The Business Loan Fund of the Palm Beaches, Inc. provides access to capital and training necessary to open and operate businesses through micro-loan programs and small business loans. To date, 16 new businesses have been the beneficiaries of training and loans provided by this organization with Loan Fund capital. The Loan Fund made its first $50,000 loan to this organization in 1998. In 2000 the Loan Fund issued a second loan commitment of $100,000 to triple its investment in this borrower's small business loan pool, which serves Palm Beach County.
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