Nourish Together is about building the capacity for community needs, responding to rising food insecurity with dignity, efficiency and partnerships. (Photo courtesy Loaves & Fishes)
Loaves & Fishes Community Services Report
Loaves & Fishes Community Services has closed a New Markets Tax Credit transaction that will generate approximately $2 million in net proceeds to help expand healthy food access and connect more neighbors with programs that support self-sufficiency. This work is part of the organization’s $15 million Nourish Together Campaign, which will build the capacity, partnerships, and infrastructure needed to serve more neighbors across DuPage, Kane, Kendall, and Will Counties.
The New Markets Tax Credit program is a federal community development tool designed to attract private investment to projects serving low-income communities and populations. By successfully leveraging this program, Loaves & Fishes is bringing additional resources to the Nourish Together Campaign and helping local philanthropic support go further in building the capacity, partnerships, and infrastructure needed to serve more neighbors.
“Closing this New Markets Tax Credit transaction is an important milestone for Loaves & Fishes and for the communities we serve,” said Mike Havala, President and CEO of Loaves & Fishes Community Services. “This allows us to leverage a creative and powerful federal program alongside the generosity of our donors and partners. Nourish Together is about building the capacity that our region needs to respond to rising food insecurity with dignity, efficiency, and partnership.”
Through Nourish Together, Loaves & Fishes will expand its Aurora Food Distribution Hub, strengthen regional partnerships, and increase its ability to serve more neighbors with fresh, nutritious food closer to home. The campaign is designed to support Loaves & Fishes’ continued growth as it serves approximately 10,000 people each week through grocery assistance, CARES programs, and a growing network of community-based access points.
Over the past year, in order to qualify for funding under the New Markets Tax Credit program, Loaves & Fishes worked through a rigorous underwriting and due diligence process whereby a number of financial institutions, advisors, and tax and legal counsel reviewed all aspects of our organization.
In this New Markets Tax Credit execution, BMO served as the Community Development Entity and JPMorgan Chase represented the New Markets Tax Credit investors. Loaves & Fishes was advised by Crow Island Community Capital. Wintrust provided additional financing.
“The New Markets Tax Credit program involves a competitive process and is highly complex, requiring a dedicated and focused team to execute it. We greatly appreciate the invaluable expertise of the teams at BMO, JPMorgan Chase and Crow Island who made this possible,” Havala said. “Their confidence in Loaves & Fishes affirms the role we can play in building a stronger, more responsive food access system for the region. Just as importantly, this progress builds on the generosity of donors across our community whose gifts at every level are helping bring Nourish Together to life.”
“The strength of a community is measured by how it supports its neighbors. Loaves & Fishes is creating lasting impact for families across the region, and we’re proud to support its mission. At BMO, building stronger communities is central to who we are, and we’re honored to contribute to an effort that will help more people thrive,” said Carl Jenkins, Managing Director and Group Head, Community Capital Solutions, BMO Commercial Bank.
“We’re proud to invest $4.6 million in New Markets Tax Credit equity in Loaves and Fishes, an organization that has been a lifeline for families facing food insecurity in the Aurora region for over 40 years,” said Melissa Pillars, Executive Director, J.P. Morgan Community Development Banking. “As food insecurity increasingly affects working families, this investment helps expand critical infrastructure and supportive services, empowering thousands of families to access healthy food and build pathways to stability and self-sufficiency.”
“Wintrust was excited by the opportunity to work with Loaves & Fishes in their expansion, as it represents far more than a traditional banking relationship, it reflects our commitment to strengthening the communities we serve,” said Jason Nagel, Senior Vice President, Wintrust. “By partnering with Loaves & Fishes, Wintrust is helping advance their mission of ending hunger and transforming lives.”
To learn more about the Nourish Together Campaign, visit loaves-fishes.org/nourish-together.
Loaves and Fishes Community Services growing to serve since 1984
Loaves & Fishes Community Services is a registered 501(3) organization serving about 10,000 people a week by providing healthy food and impactful programs for self-sufficiency. It is the largest food pantry in the state of Illinois. Clients receive a healthy variety of food, including fresh fruits and vegetables, milk, and eggs.
The Loaves & Fishes CARES programs help clients become more self-sufficient through programs focusing on Physical Health, Financial Health, Employment Health, and Mental Health. Loaves & Fishes serves DuPage, Will, Kane, and Kendall counties. Loaves & Fishes Grocery Market and administrative offices are located in Naperville, and their Food Distribution Hub is located in Aurora.
For more information, visit loaves-fishes.org.
