While grant monies for the Fresh Food Financing Initiative were exhausted in 2010, The Reinvestment Fund does offer affordable, predevelopment, construction and permanent financing to grocers who are interested in opening stores in food deserts.
The requirements include the following:
Location Eligibility
• Located in a low- to moderate income census tract
• Located in or projected to serve an underserved community
Program Eligibility
• Provides a full selection of healthy, unprepared and unprocessed food, particularly fruits and vegetables
• Requires funding to move forward to create impact, or be competitive with similar projects in the region
• Promotes neighborhood revitalization and community development, while adhering to sound land use principles
Additional Requirements
• Customers: Supermarket operators or food cooperatives and developers of supermarket spaces where
the supermarket square footage exceeds 50 percent of the gross square feet of the shopping plaza
• Guaranty/Recourse: five to seven years; fully amortizing
• Equity Requirement: Real Estate - 10% min.; Other - 20% min.; Nonprofit - cash, grants or contributed real estate;
10 percent minimum
• Collateral: Mortgage or leasehold mortgage; security interest in personal property, including equipment financed
Loan Terms
• Predevelopment, acquisition or construction loans: Up to 12 months
• Equipment loans: five to seven years; fully amortizing
• Permanent loans: five to seven years; amortizations up to 25 years
• Leasehold improvement loans: Less than term of lease; 5 to 7 years is typical; full amortizing
For more information, visit www.trfund.com or call them at 215-574-5800.
The requirements include the following:
Location Eligibility
• Located in a low- to moderate income census tract
• Located in or projected to serve an underserved community
Program Eligibility
• Provides a full selection of healthy, unprepared and unprocessed food, particularly fruits and vegetables
• Requires funding to move forward to create impact, or be competitive with similar projects in the region
• Promotes neighborhood revitalization and community development, while adhering to sound land use principles
Additional Requirements
• Customers: Supermarket operators or food cooperatives and developers of supermarket spaces where
the supermarket square footage exceeds 50 percent of the gross square feet of the shopping plaza
• Guaranty/Recourse: five to seven years; fully amortizing
• Equity Requirement: Real Estate - 10% min.; Other - 20% min.; Nonprofit - cash, grants or contributed real estate;
10 percent minimum
• Collateral: Mortgage or leasehold mortgage; security interest in personal property, including equipment financed
Loan Terms
• Predevelopment, acquisition or construction loans: Up to 12 months
• Equipment loans: five to seven years; fully amortizing
• Permanent loans: five to seven years; amortizations up to 25 years
• Leasehold improvement loans: Less than term of lease; 5 to 7 years is typical; full amortizing
For more information, visit www.trfund.com or call them at 215-574-5800.
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