Michigan Good Food Fund Tops $10 Million Milestone in Statewide Good Food Investments

Michigan Good Food Fund Tops $10 Million Milestone in Statewide Good Food Investments
Projects span state and sectors featuring retail and processing projects

Detroit, MI (MAY 17, 2017) – Six food enterprises in Grand Rapids, Kalamazoo, Southeast Michigan, and the Upper Peninsula received financing from the Capital Impact managed Michigan Good Food Fund. This marks more than $10.5 million in investments since its launch two years ago.

The $30 million fund was created to finance projects that increase healthy food access and spur economic opportunity in underserved communities in Michigan. It is a collaborative effort of Capital Impact Partners, Fair Food Network, Michigan State University Center for Regional Food Systems, and the W.K. Kellogg Foundation.

“These investments create jobs and provide access to healthy food in the Michigan communities that need it most,” said fund spokesperson and manager Mary Donnell. “It’s fueling entrepreneurship in our state while benefiting Michigan growers and building healthier communities.”

Investments include:

GRAND RAPIDS

• Diamond Place – $3,645,600 Financing: This $42 million mixed-use project brings together 100+ affordable housing units plus 22,000 square feet of retail space anchored by a community grocery store. Slated for completion in summer 2018, it will create an estimated 200 construction jobs and 150 permanent positions.
• Ken’s Fruit Market – $445,000 Financing: This multi-site family-owned grocery store features high-quality food at low prices. The focus is on fresh produce with strong local sourcing. Financing was provided to improve operational efficiencies. Together the three stores support 30 part-time and 40 full-time jobs.

KALAMAZOO

• Park Street Market Market – $6 Million Financing: As part of an $8 million New Markets Tax Credit transaction, this project will open a second Park Street Market location. The store will offer fresh, affordable food and anchor a revitalized retail plaza, which will create an estimated 13 construction jobs and 165 permanent positions.

SOUTHEAST MICHIGAN

• FEAST—Detroit – $180,000 Financing: This project establishes a new commercial kitchen and processing center. Located in Inkster, it will be co-owned and serve as a home base for three established companies—Marcia’s Munchies, Scotty O’Hotty, and Premier Foods—and provide a critical processing resource for other area food entrepreneurs. FEAST will create six new full-time positions.

UPPER PENINSULA

• Flying Moose – $68,128 Financing: This healthy food outpost opened a second location in the downtown Marquette public library, creating two new part-time jobs. The café sells healthy prepared foods featuring locally sourced produce, products, and meats.
• Little Owl’s Organic Grocery – $86,000 Financing: This Menominee-based grocery store provides nutritious produce at a competitive price spotlighting locally grown fruits and vegetables. When it opened in August 2016, it created the sole outpost of organic goods within a 50-mile radius. It has created five new full-time jobs in this rural community.

About Us:

Michigan Good Food Fund is a $30 million public-private partnership loan fund that provides financing and business assistance to good food enterprises that benefit underserved communities across Michigan.

Capital Impact Partners: Through capital and commitment, Capital Impact Partners helps people build communities of opportunity that break barriers to success. We deliver strategic financing, incubate new social programs, and provide capacity-building to help ensure that low-to-moderate income individuals have access to quality healthcare and education, healthy foods, affordable housing, and the ability to age with dignity. A nonprofit community development financial institution, Capital Impact Partners has disbursed more than $2 billion to revitalize communities over the past 30 years. Our leadership in delivering financial and social impact has resulted in Capital Impact earning S&P ‘AA’ and Aeris Four Star-AAA-Policy Plus ratings. Headquartered in Arlington, Va., Capital Impact Partners operates nationally, with local offices in Detroit, Mich., and Oakland, Calif. Learn more at www.capitalimpact.org