Chicago Community Loan Fund Bridges SBIF Funds to Help Renovate Uptown’s Preston Bradley Center
April 19, 2013 SBIF
The Preston Bradley Center is a historic six-story building in Chicago’s Uptown neighborhood. The Center houses art groups, social services and religious groups, including the Peoples Church of Chicago. Reverend Dr. Preston Bradley of the Peoples Church constructed the building in 1926 and it continues to serve as a valuable community resource today.
A 2010 inspection of the historic building necessitated replacing interior and exterior doors, windows and some mechanical equipment. The Preston Bradley Center (PBC) applied for and received funds through the City of Chicago’s Small Business Improvement Fund (SBIF). As the SBIF is a rebate grant, PBC needed to bridge these funds until the SBIF reimbursement came through.
To bridge the SBIF grant, the Preston Bradley Center turned to the Chicago Community Loan Fund (CCLF), a nonprofit revolving loan fund with a strong history of providing predevelopment, gap and bridge financing. CCLF was able to provide PBC with a bridge loan in addition to a miniperment loan to help complete the first phase of renovations on the building.
“We are a nonprofit, so the additional funds we received from CCLF helped us in other fundraising efforts for the renovations,” said PBC Board President William Boulware. “In addition, the CCLF staff was extremely diligent, cooperative and helpful in assisting us through this process.”
Since 1991, CCLF has been financing projects across metropolitan Chicago that revitalize neighborhoods, promise high positive social impact, incorporate sustainable design practices, and have the potential to leverage additional investments from other sources. See CCLF’s website at www.cclfchicago.org or contact firstname.lastname@example.org for more information on loan products and other project profiles.
Credit: Photo by Jim Frazier