FCLF Joins National ReFresh Program to Spur Growth of Healthy Food Businesses in Underserved Communities
$2 million grant from JPMorgan Chase Foundation to help expand and create new efforts to reach more communities under the program
Florida Community Loan Fund is pleased to announce it has joined ReFresh, a national initiative by The Reinvestment Fund (TRF), designed to improve access to healthy foods in urban and rural communities across the U.S. FCLF will focus on efforts to improve healthy food access in Florida. JPMorgan Chase Foundation is the initiative's first investor.
The goal of ReFresh is to share expertise and pursue opportunities so that its members can finance more food access projects that benefit low-income communities. Millions of Americans, in both urban and rural communities, face long-standing barriers that make it difficult for them to live healthier, more stable lives. In many cases residents have to travel long distances to get to and buy fresh food. These barriers and distances often lead to higher rates of diet-related health issues.
"FCLF's strategic plan has established a focus on food access as a priority over the next five years," said Ignacio Esteban, CEO of Florida Community Loan Fund. "Joining the ReFresh initiative brings FCLF additional resources to help ensure access to healthy foods for all of Florida's communities."
As the initiative's first investor, JPMorgan Chase has awarded TRF a $2 million grant to launch new and expand existing food access financing efforts in targeted geographies. The Refresh inaugural partners are:
- The Reinvestment Fund (TRF), a national leader in improving the healthy food landscape in low-income communities;
- The Finance Fund Capital Corporation (FCAP), promoting economic revitalization and community development throughout Ohio;
- The Florida Community Loan Fund (FCLF), providing capital and expertise to improve conditions and help projects succeed in low-income communities throughout Florida;
- The Northern California Community Loan Fund (NCCLF), promoting economic justice and alleviate poverty in 46 northernmost counties of California; and
- The Colorado Enterprise Fund (CEF), fueling economic opportunity across Colorado by providing financing and support to entrepreneurs and small businesses statewide.
By joining together through the ReFresh initiative, these five CDFIs (Community Development Financial Institutions) will conduct market assessment studies, develop mapping of food access areas using PolicyMap, deliver technical assistance to borrowers, and provide direct loans – all areas that will improve access to foods in the communities served by each of these partner organizations. FCLF's initial steps will be market studies in Florida, with a goal to develop a financing plan for healthy food access.
"The JPMorgan Chase Foundation is proud to help CDFIs build capacity and increase collaboration in order to better support local economic growth, through its new CDFI Collaboratives program. This collaborative, led by The Reinvestment Fund, will support healthy food businesses and enable more residents of underserved communities to access fresh, healthy foods," said Janis Bowdler, Senior Program Director for Financial Capability and Affordable Housing, JPMorgan Chase Foundation.
JPMorgan Chase has a long-standing relationship with FCLF. Since 2009, the firm and its Foundation have awarded more than $2.6 million in grants to the CDFI, seeking to improve conditions in urban and rural low-income communities by providing financing to community development focused organizations.
