Foundation provides Growing Chefs! with $50,000 line of credit

Aug. 02, 2017

Andrew FleetThis year, London Community Foundation provided its first line of credit guarantee in the amount of $50,000 to Growing Chefs! to support their recent plans for expansion. Acting as an emergency fund, the Line of Credit serves as insurance in the event that something unexpected is to happen. Rather than establishing a loan through a financial institution, the line of credit is an alternative low-risk option that provides the organization with flexibility and a financial cushion, should they require it.

β€œIt has been an invaluable opportunity to receive this line of credit from the Foundation. They are taking a big risk in helping local businesses like mine,” said Andrew Fleet, Executive Director Growing Chefs! β€œI felt more confident to take that leap of faith and open the food education center this past February, the first of its kind that we have been building towards for 10 years.”

 As the guarantor for Growing Chefs! the Foundation was able to secure a line of credit through a partnership with TD Bank providing for a much lower and affordable interest rate. With the help of London Community Foundation, Growing Chefs can further establish their credit rating so that in the future, they will have access to preferred rates without having a third party secure it. Our goal is to ensure that every person can have an impact while investing in their financial future.

Traditionally, London Community Foundation granted loans for affordable housing through the Social Loan Fund. Offering builders of affordable housing up to $500,000, the Social Loan Fund allowed donors to make a social investment that contributed to a resilient community.

Growing Chefs!In 2017 the Foundation has expanded the mandate to include increased funding available and financing options with the creation of the Social Impact Fund. The Social Impact Fund will replace the Social Loan Fund. This will allow not-for-profits and social entrepreneurs increased opportunity to unlock capital in order to excel or multiply the impact of their social enterprise. 

 By offering increased funding and finance options, such as this line of credit, we are able to help social enterprises grow by doing what makes most sense to them in that particular time frame. This allows us to support the expansion of local businesses while enhancing the positive impact of social good within the community.

To learn more about our Social Impact Fund contact vvenkatesan [at] lcf [dot] on [dot] ca (Vijay Venkatesan, Vice President, Finance and Operations)