New Opportunites to Invest in Louisville
The Community Foundation of Louisville invites fundholders to take part in our innovative program supporting high impact projects that are addressing some of Louisville’s most pressing challenges. Through CFL Impact Capital, the Community Foundation of Louisville invests in projects that are intended to earn a financial return while creating positive social change. This loan program allows the Community Foundation and our donors to increase the overall impact of our charitable dollars because, unlike grants, impact investing loans are intended to be repaid and then “recycled” back into the community. Together with our donors, the Community Foundation has made 11 loans to date. Our support extends the total investment of Impact Capital loans in our community, which today stands at $2.4M.
The Community Foundation of Louisville is extending a $150,000 loan to Access Ventures to support their Growth Loan Program. Access Ventures is an impact investment firm that invests in organizations and communities to help them flourish. Access Ventures’ Growth Loan Program provides loans of $25,000-$35,000 to small and minority-owned businesses that are not yet eligible for mainstream commercial lending. The $150,000 loan from CFL Impact Capital will allow Access Ventures to offer more Growth Loans to address small business needs in the Louisville community, including increasing their readiness for mainstream lending.
The Community Foundation’s loan to support Access Ventures’ Growth Loan Program will have an immediate social return by supporting small business growth and creating jobs. CFL funds will contribute to 6+ loans per year to Louisville-based businesses that are not yet eligible for mainstream commercial lending, in turn providing greater individual, family, and community stability. The $150,000 loan will bear interest at 2.0% annually over a 6-year term. Access Ventures will make monthly principal and interest payments, and the loan proceeds will be paid out at closing.
The Community Foundation is extending a $160,000 loan to Portland Works to support job training in Louisville. With this loan, Portland Works will complete the renovation of a portion of a 28,000 SF warehouse in the East Portland Warehouse District, which will house the Portland Job Training Center, a new automotive training facility. In conjunction with Jefferson Community and Technical College, the Portland Job Training Center will offer students a training location to receive an Associate in Applied Science Degree in Automotive Technology, as well as a System Technician certificate from Mercedes-Benz USA.
Portland Works is a for-profit entity formed to support the Portland Investment Initiative (Pii), an effort launched in 2013 to revitalize and enhance the quality of life in the Portland neighborhood. Pii’s objectives include bolstering Portland’s intellectual infrastructure, establishing job opportunities, historic preservation, building infrastructure, building community, and improving Greater Louisville’s perception of Portland. Portland Works supports Pii by incorporating job training centers into the Portland Neighborhood.
The Community Foundation’s loan to Portland Works is a significant investment in the revitalization of a neighborhood that has experienced longstanding disinvestment. This loan will help improve access to education and employment for some of Louisville’s most underserved populations; students gain part-time employment at auto dealerships while training and a pipeline to employment opportunities throughout the broader region after program completion. The $160,000 loan will bear interest at 4.5% annually over a 3-year term. Portland Works will make monthly principal and interest payments, with a balloon payment due at maturity.
Invest Funds to Make an Impact
The Community Foundation of Louisville invites fundholders to make a new gift to the Foundation or use your Donor Advised Fund or Charitable Checking Fund to participate in one of our Impact Capital loans. The minimum investment is $10,000. To learn more about CFL Impact Capital, or to join the Community Foundation in our support of these two projects, please contact Anne McKune, Director of Philanthropy, at [email protected] or 502.855.6948.