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Social Investments Made

A database of all social investments made since 2009. We update this listing several times a year as new investments are confirmed.

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Community Reinvestment Fund

Geography Served: Detroit, Michigan

Project: Paycheck Protection Program loans for nonprofits

This program-related investment loan supported Community Reinvestment Fund's efforts to extend Paycheck Protection Program (PPP) Loan application support and oversight to Detroit-area nonprofits. The PPP is a newly created loan guarantee program funded through the 2020 CARES Act. View Website

Amount

$2 million loan

Year

2020

Location

Minneapolis, Minnesota

Program

Detroit, Social Investment Practice

Focus Area

Coordinated Investments and Technical Assistance

IFF

Geography Served: Detroit, Michigan

Project:

This 15-month guarantee will permit the Marygrove Conservancy to obtain an unsecured line of credit of up to $3 million from IFF, a community development financial institution working in the Midwest, to serve as a bridge to cover the initial capital payments for construction of a new early childhood center, part of the cradle-to-career campus at Marygrove.   View Website

Amount

Up to $3 million guarantee

Year

2019

Location

Chicago, Illinois

Program

Detroit, Social Investment Practice

Focus Area

Transformative Project/Marygrove

East Jefferson Development Corporation

Geography Served: Jefferson Chalmers

Project: East Jefferson Redevelopment

East Jefferson Development Company (EJDevCo) is a for-profit development subsidiary of Jefferson-East Inc. All revenues from EJDevCo are donated back to Jefferson East Inc. to support its ongoing neighborhood revitalization work. This program-related equity investment will provide patient equity to EJDevCo to acquire key vacant and blight buildings in the Jefferson Chalmers neighborhood, all of which are part of a larger development finance plan known as a Targeted-Redevelopment Area. This locally designated tax-increment finance district composes a cluster of parcels eligible under the Michigan Brownfield Redevelopment Finance Act. The tax capture from the TRA can be used for public-area improvements and support for predevelopment activities such as environmental assessments and remediation. This will be the first active TRA in the state of Michigan. View Website

Amount

Up to $2 million equity investment

Year

2018

Location

Detroit, MI

Program

Detroit, Social Investment Practice

Focus Area

Detroit Development Fund

Geography Served: Detroit

Project: Detroit Entrepreneurs of Color Fund 2.0

The community development financial institution assists in revitalizing economically distressed areas of Detroit by providing loans and technical assistance to small-business owners, developers, building owners and contractors. This guarantee supported the second-round funding for the Detroit Entrepreneurs of Color Fund. Though the proposed expansion, DDF sought to increase the fund’s total capacity to at least $19 million. The goal of the EOC Fund is to provide loans between $25,000 and $150,000 to 300 businesses owned by people of color or employing predominantly people of color based in Detroit.   View Website

Amount

$1.4 million guarantee

Year

2018

Location

Detroit, Michigan

Program

Detroit, Social Investment Practice

Focus Area

Community Reinvestment Fund

Geography Served: Detroit, Michigan

Project: Detroit Home Mortgage

CRF is a CDFI servicer for nontraditional loan portfolios that include small business loans, residential mortgages and financing for community facilities. This guarantee supports Detroit Home Mortgage 2,0, a mortgage product directed at minority developers who are expected to acquire and rehabilitate multiple properties in the city of Detroit. View Website

Amount

$1.2 million guarantee

Year

2017

Location

Minneapolis, Minnesota

Program

Detroit, Social Investment Practice

Focus Area

Eastern Market Corp.

Geography Served: Detroit

Project:

Eastern Market has supplied Detroit-area residents with fresh food since 1891 and currently draws more than 2 million market visitors annually. The Market has an ambitious plan to both expand and preserve its historic food-centered economy. Our program-related investment loan will support the first round of acquisition and facilitate the relocation of two existing production businesses from the old market into the new district. View Website

Amount

$750,000

Year

2017

Location

Detroit, Michigan

Program

Detroit, Social Investment Practice

Focus Area

Marygrove College

Marygrove College is a 90-year-old private Catholic school in Northwest Detroit with a mission to train the next generation of urban leaders. This program-related investment allowed Marygrove to repay a loan from Wayne County through the federal Neighborhood Stabilization Program to acquire and rehabilitate the Immaculata building for use as a community facility.  View Website

Amount

$500,000

Year

2017

Location

Detroit, Michigan

Program

Detroit, Social Investment Practice

Focus Area

Enterprise Community Loan Fund Inc.

Geography Served: Detroit, Michigan

Project: Kresge Community Finance

A CDFI that works to create opportunities for low and moderate-income people through fit, affordable housing in diverse, thriving communities. This loan will support equitable and inclusive revitalization efforts in Detroit's Jefferson-Chalmers neighborhood. View Website

Amount

$3 million loan

Year

2016

Location

Program

Detroit, Social Investment Practice

Focus Area

Capital Impact Partners

Geography Served: Detroit, Mich.

Project:

This guarantee supports the Detroit Neighborhoods Fund, which invests in projects that accelerate opportunity, job growth, density and a higher quality of life for all local residents. The fund provides loans to multifamily residential, mixed use and healthy food retail real estate projects in Midtown, the greater Woodward Corridor (New Center, North End and Eastern Market) and other specifically identified distressed Detroit neighborhoods. JP Morgan Chase modeled the fund after the Woodward Corridor Investment Fund, of which Kresge was the key architect, demonstrating the foundation’s ongoing influence on real estate development and finance in the city. View Website

Amount

$2 million

Year

2015

Location

Arlington, Virginia

Program

Detroit, Social Investment Practice

Focus Area

Capital Impact Partners

Geography Served: Arlington, Va.

Project:

The Michigan Good Food Fund (MGFF) is a public-private partnership fund created to finance healthy food production, distribution, processing and retail projects that benefit underserved communities throughout Michigan. It is designed to provide flexible capital and grant investments to healthy food enterprises often overlooked by traditional financial institutions. MGFF also offers business assistance to help entrepreneurs grow their ventures and prepare for financing. View Website

Amount

$800,000

Year

2015

Location

Arlington, Virginia

Program

Detroit, Health, Social Investment Practice

Focus Area

IFF

Geography Served: Detroit

Project:

This loan allows IFF to provide capital to high-quality early childhood centers in Southeast Michigan and other community facilities. Sixty percent of the funds are to be spent in Detroit. This loan supports a new initiative, KEYS (Kresge Early Years for Success): Detroit, which seeks to improve the early childhood system in Detroit and ensure all children are ready for kindergarten. IFF opened its Detroit office in 2014 and to date has made more than $10 million in loans to a range of community facilities. View Website

Amount

$3 million

Year

2015

Location

Chicago, Illinois

Program

Detroit, Social Investment Practice

Focus Area

Invest Detroit

This loan guarantee to the community development financial institution Invest Detroit supports a $5 million loan from Goldman Sachs Group Inc., the private investment bank. That capital is being used to make loans to small-business borrowers in underserved areas of Detroit, advancing the community’s revitalization. View Website

Amount

$1 million loan guarantee

Year

2014

Location

Detroit, Michigan

Program

Detroit, Social Investment Practice

Focus Area

Calvert Foundation

Calvert is a community development financial institution that connects investors to the causes they care about. Calvert is among the partners in the Kresge-supported Woodward Corridor Investment Fund. This guarantee helps launch that fund, a $30.25 million fund designed to support Detroit’s revitalization by financing projects that are mixed-use, mixed income, transit-oriented and promote density, diversity, vibrancy and walkability in the city’s core. View Website

Amount

$1.25 million loan guarantee

Year

2013

Location

Bethesda, Maryland

Program

Detroit, Social Investment Practice

Focus Area

Woodward Corridor Investment Fund

Capital Impact Partners, a certified nonprofit community development financial institution, convened local and national partners to launch the Woodward Corridor Investment Fund. This investment helps launch the fund, a $30.25 million fund designed to support Detroit’s revitalization by financing projects that are mixed-use, mixed income, transit-oriented and promote density, diversity, vibrancy and walkability in the city’s core. View Website

Amount

$5 million

Year

2013

Location

Detroit, Michigan

Program

Detroit, Social Investment Practice

Focus Area

Kresge staff is working remotely, and our offices are closed until further notice.  See our promise to partners during COVID-19.
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