CHICAGO, May 12, 2020 (GLOBE NEWSWIRE) -- Renovo Financial, one of Chicago’s largest real estate investment private equity lenders, today announced that it is the recipient of a $20,000 grant, through a partnership with Federal Home Loan Bank of Chicago, for COVID-19 neighborhood relief. With this funding, Renovo will award four grants of $5,000 to local client organizations through Renovo’s CDFI C3Fund.
As a local real estate developer operating as entrepreneurs in low to moderate Income (LMI) areas, Renovo established its C3 Fund to address the lack of access to affordable working capital for reinvestment into the community.
Through Renovo’s CDFI’s C3 Fund, it will award $5,000 to each of the following client organizations to support their COVID-19 neighborhood relief efforts:
*Historic Homes, LLC, focused on purchasing and restoring historic properties on Chicago’s West Side, will use the grant from Renovo to support its community development efforts. These programs include hiring previously incarcerated people from the neighborhood and training them in construction and landscaping skills. In addition, the funds will be used to support the community gardens that they provide to enable tenants to grow fresh food and the honeybee hives in several community locations.
*L&MC Investments LLC, a major developer and investor in Humboldt Park, plans to use the funds to donate masks, hand sanitizer and gloves to police officers, senior citizens, nurses and kids in need. In addition, they will host a toy drive for those tenants with children to help keep their spirits up.
*Sherman Investment Group will use the funds to provide a range of products and services for its community including: sanitation items for senior citizens (Lysol, hand sanitizer, toilet paper and paper towel baskets) along with groceries and face masks for families in need. It will also provide grass cutting and clean up assistance for seniors.
*5th Group Realty Management plans to use its $5,000 grant to support Action for a Cause, a not-for-profit that is focused on providing housing solutions to veteran’s families and homeless individuals, with this donation focused on helping to provide housing for the homeless.
“We are proud to support the important work these client organizations are doing, and to provide funding that will truly make a difference in the communities they serve in the midst of this COVID-19 crisis,” said Kevin Werner, CEO of Renovo. “This effort together with our C3 Fund reflects our mission to serve our clients and support the neighborhoods where they live and work.”
Through the Federal Home Loan Bank of Chicago COVID-19 Relief Program for its member institutions in Illinois and Wisconsin, Renovo received $20,000 in funds that allowed it to provide grant funds to these four small businesses impacted by the COVID-19 pandemic. The COVID-19 Relief Program opened on Monday, April 27th, with funding available through Friday, May 22.
About Renovo Financial
Founded in 2011, Renovo Financial is a fast-growing Chicago-based private lender for real estate entrepreneurs who rehab or build investment properties. Renovo uses local market expertise, real-world underwriting, and a service-driven approach to create a financing relationship that delivers more than simply working capital.
It was cofounded by Granite Creek Capital Partners, and has become one of the largest regional private lenders serving real estate entrepreneurs. Renovo Financial was recently recognized by CRAIN’s CHICAGO BUSINESS as a FAST 50 company, a list of the fastest growing companies in Chicago.
For more media information, contact:
Lisa Hendrickson, LCH Communications for Renovo Financial
lisa@lchcommunications.com/516-767-8390