Press Releases
State Awards $10 million to TRF Fresh Food Financing Initiative
September 20, 2004
Philadelphia, PA – Governor Edward G. Rendell today awarded The Reinvestment Fund (TRF) $10 million for its newest program, the Fresh Food Financing Initiative. TRF’s $10 million award is part of the statewide development program designed to increase the number of supermarket and other grocery stores in underserved urban and rural areas.
State Representative Dwight Evans, who was instrumental in getting the State to create the provision in its economic stimulus package to finance supermarkets in underserved areas, describes the initiative as an important step towards improving community health. “Through the TRF Fresh Food Financing Initiative, we can begin to give communities in lower-income areas across Pennsylvania the choice of more nutritionally balanced diets at affordable costs,” says Representative Evans. “Additionally, this initiative will help create jobs and revitalize these neighborhoods.”
The TRF Fresh Food Financing Initiative will target fresh food retailers that plan to operate in underserved communities where infrastructure costs and credit needs are not usually filled by conventional financial institutions. Created in partnership with The Food Trust and the Greater Philadelphia Urban Affairs Coalition (GPUAC), the initiative will provide a range of financing resources from pre-development grants and loans, to land acquisition and equipment financing, to capital grants for project funding gaps and construction and permanent finance.
An innovative capitalization program, the TRF Fresh Food Financing Initiative will leverage the $10 million from the State with private funding as well as TRF’s New Markets Tax Credit allocation, to form a $40 million multi-faceted pool for fresh food retailers in underserved communities across Pennsylvania.
“TRF has a long history of working in disadvantaged communities as a lender and investor. The TRF Fresh Food Financing Initiative gives us the opportunity to extend our impact by financing fresh food retailers in these underserved markets,” explains Jeremy Nowak, President and CEO of TRF.
The initiative will also support those it finances with nutrition education outreach, workforce services and more traditional technical assistance. The Food Trust is serving as an initial point of contact for inquiries about the initiative and providing technical services as well as market analysis to interested parties. GPUAC will provide assistance to encourage the participation of minorities, women and disadvantaged businesses in this initiative. TRF will manage the initiative with the assistance of an Advisory Committee.
The Governor made this announcement at the Shop Rite at Island Avenue in Philadelphia, the first store to benefit from this new initiative.
About The Reinvestment Fund
The Reinvestment Fund (TRF) is a $210 million development finance corporation with a wealth-building agenda for low- and moderate-income people and places through the strategic use of capital, knowledge and innovation.
TRF has a wide array of finance, policy and service programs including affordable housing, community services, small business, private equity, workforce development, public policy and research, and sustainable energy.
With a primary service area that covers the 21 counties centered in the Philadelphia metropolitan area of Pennsylvania, New Jersey and Delaware, some TRF programs extend throughout Pennsylvania, New Jersey, Washington, D.C., Maryland and northern Virginia. For more information, visit the TRF web site at www.trfund.com. For more information on TRF’ Fresh Food Financing Initiative contact Lori Glass at lori.glass@trfund.com.
About The Food Trust
The Food Trust is a nationally-recognized nonprofit working to ensure that every child has access to affordable nutritious food. The Food Trust manages urban farmers markets, conducts nutrition education classes in public schools, and works to improve the connection between local farms and urban communities. For more information, visit the The Food Trust web site at www.thefoodtrust.com.
About Greater Philadelphia Urban Affairs Coalition
The Greater Philadelphia Urban Affairs Coalition (GPUAC) works with supermarket developers, operators and other clients to enhance contracting opportunities for disadvantaged, minority and women-owned businesses. GPUAC also helps our clients successfully employ females, minorities and community residents.
GPUAC's overall mission is to bring together business and community leaders to solve urban problems, operate programs, and support an array of government and private sector-sponsored initiatives to help the disadvantaged and working poor of the Metropolitan Philadelphia region. For more information, visit the GPUAC web site at www.gpuac.org.