Picture it: the freezer breaks and you’re scrambling to save all your frozen food. In a home, a big cooler or the generosity of a neighbor may solve your problem – but for a grocery store, the goods in a broken freezer cannot be housed at a neighbor’s house until the freezer is fixed.
The freezer, top of the line when it was purchased in the 1970s, was just one challenge faced by First Alternative Cooperative, a community co-op market in Corvallis, Oregon. Along with replacing equipment, including its critical point-of-sale system, which was past its prime, the grocery store needed to make some building improvements and consolidate debt to improve its cash flow.
There is no doubt that improving access to fresh, nutritious foods in low-income communities can help people improve eating habits and prevent diet-related diseases, such as obesity, high blood pressure, diabetes, and heart disease.
But the impacts for people and communities are even greater than that.
The Affordable Care Act (ACA) sets out to provide access to health care for all. The ACA will only be fully implemented in California when all people, including low-income residents in underserved communities, have local access to quality, affordable care.
Community health centers and clinics (CHCs) play a vital role in this effort by providing preventive and primary care to patients in California – and across the nation – regardless of their ability to pay. Since 2009, health centers have increased the number of patients served from 17 million to 23 million annually. With the ACA’s implementation, however, it is estimated that CHCs will need to serve 35 million patients in the coming years.
2015 was a year of optimism for post-bankruptcy Detroit.
We saw significant investments pour in, including the first projects due to the $100 million pledge from JP Morgan Chase. Combined with the $30 million Woodward Corridor Investment Fund, new and rehabbed buildings are getting developed at a fast clip. Thousands of new streetlights are on. Blight is being tackled at a faster pace than ever before. Detroit’s comeback story is replacing the apocalyptic headlines of recent memory.
For many of us, a weekend trip to the grocery store or farmers market to buy fresh produce is such a regular part of our routine that it hardly merits a second thought. But for many others, access to fresh produce may be an hour-long bus ride away. A balanced diet is necessary for health and wellness, but not everyone has access to good nutrition. More than 23 million Americans live in areas where fresh food isn’t easily accessible, and many are residents of inner city, underserved communities.
As a mission-driven lender, our core values of cooperation, leadership, commitment, diversity, innovation, and trust are the foundation of Capital Impact Partners’ work. They shape our culture. They underlie our decisions and actions. They help define our brand and strategy. They guide our relationships with borrowers, partners, investors, staff and the communities we serve. Simply put, our values inspire us to do our best every day.
Financing To Support Growth and Innovation at Community Health Centers and Clinics That Improve Health Care Access for Uninsured and Underserved Californians
Arlington, VA/Oakland, CA (February 17, 2016) – Capital Impact Partners today announced the launch of the Healthier California Fund, a new $20 million loan fund for projects that support growth and innovation at community health care centers and clinics in underserved, low-income California communities. This initiative, in partnership with The California Endowment, will help build the capacity of health centers and clinics throughout the state to deliver quality health care to an even greater number of patients in need, provide better interest rates for projects that support innovative health care approaches, and support health centers that need technical assistance to grow their operations.
Today we are launching Innovate for Impact, Capital Impact Partners’ new blog. Our newest communications venture comes at a pivotal time for the organization – with my upcoming retirement, the launch of our 2020 strategy, and transition to Ellis Carr as Capital Impact’s new president and CEO, 2016 is going to be an exciting year!
We are kicking off a period of growth and innovation – building on the work we are already doing, and looking at what’s next for Capital Impact. We look forward to using this forum to bring you with us on this journey.
Chief Financial Officer Ellis Carr Named to Replace Terry Simonette
Arlington, VA (January 12, 2016) – Capital Impact Partners today announced that Terry Simonette will retire after nearly three decades of serving as the organization’s president and chief executive officer. Ellis Carr, current chief financial officer, has been named as Mr. Simonette’s replacement beginning in the spring of 2016.
$4-million development brings much needed housing and retail to Detroit’s New Center
DETROIT, MI (November 10, 2015) – The Regis Houze, the first project of the Capital Impact Partners-managed Woodward Corridor Investment Fund (WCIF), held its ribbon-cutting ceremony today in a prime location just off Woodward Avenue in the New Center area of Detroit.
The $4 million development led by Barbat Holdings brings much needed workforce housing and retail space to an area where occupancy rates have hovered at 98 percent. Construction on the project has created 144 temporary jobs, and 17 permanent jobs are expected to be filled through the retail space on the bottom floor of the building.