A major local nonprofit is getting a multi-million dollar boost to help fight hunger and help “transform lives” across the Chicago suburbs.
Leveraging federal funding
Loaves & Fishes Community Services secured about $2 million in net proceeds through a federal financing initiative called the New Markets Tax Credit. The program is designed to attract private investment to projects that serve low-income communities. The additional funds will go towards the organization’s $15 million “Nourish Together” campaign, which seeks to expand fresh food distribution and self-sufficiency programs across DuPage, Will, Kane, and Kendall counties.
Use the money to expand access to healthy food
The organization helps about 10,000 individuals each week through free grocery assistance and support services (known as its Cares programs). With the new federal funding, Loaves & Fishes plan to:
- Expand its Aurora Food Distribution Hub to store and process more healthy produce
- Build neighborhood access points, bringing healthy food options closer to families without easy access to transportation
- Strengthen regional partnerships to help clients access job training, financial support, and paths toward long-term stability
“Closing this New Markets Tax Credit transaction is an important milestone for Loaves & Fishes and for the communities we serve,” said Mike Havala, President and CEO of Loaves & Fishes Community Services. “This allows us to leverage a creative and powerful federal program alongside the generosity of our donors and partners. Nourish Together is about building the capacity that our region needs to respond to rising food insecurity with dignity, efficiency, and partnership.”
Qualifying for the tax credit program
In order to qualify for funding under the New Markets Tax Credit program, Loaves & Fishes worked over the past year through a “rigorous” underwriting and due diligence process with the help of several financial, advisory, and counseling institutions:
- BMO served as the Community Development Entity
- JPMorgan Chase represented the New Markets Tax Credit investors
- Crow Island Community Capital was the advisor
- Wintrust provided additional financing
“The New Markets Tax Credit program involves a competitive process and is highly complex, requiring a dedicated and focused team to execute it. We greatly appreciate the invaluable expertise of the teams at BMO, JPMorgan Chase and Crow Island who made this possible,” Havala said. “Their confidence in Loaves & Fishes affirms the role we can play in building a stronger, more responsive food access system for the region.”
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