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CDFI-AwardRelease 8-29-12 Copy

CDFI-AwardRelease 8-29-12 Copy

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Published by Rand Wilson
LEAF Receives $100,000 from U.S. Treasury Department CDFI Fund to Support LEAF’s Work to Increase Access to Healthy Food Options and Stimulate the Local Economy in Low Income Neighborhoods through Loans to Community-Based Food Co-Ops
LEAF Receives $100,000 from U.S. Treasury Department CDFI Fund to Support LEAF’s Work to Increase Access to Healthy Food Options and Stimulate the Local Economy in Low Income Neighborhoods through Loans to Community-Based Food Co-Ops

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Published by: Rand Wilson on Oct 16, 2012
Copyright:Attribution Non-commercial

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05/13/2014

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(more)'
NEWS'
Local Enterprise Assistance Fund1330 Beacon St. Suite 355Brookline, MA 02446Phone 617 232-1551Fax 617 232-9545E-mailleaf@leaffund.org  
FOR$IMMEDIATE$RELEASE$
Contact:$Caroline$Grossman$$781.771.5579$•$caroline.grossman@gmail.com$
LEAF$Receives$100,000$from$U.S.$Treasury$Department$CDFI$Fund$to$Support$LEAF’s$Work$to$Increase$Access$to$Healthy$Food$Options$and$Stimulate$the$Local$Economy$in$LowIncome$Neighborhoods$through$Loans$to$CommunityBased$Food$CoOps$
 
New$study$on$social$&$economic$impact$of$food$coops$finds$that$every$1,000$spent$at$a$local$food$coop$generates$1,604$in$economic$activity$in$the$local$economy—239$more$than$1,000$spent$at$a$conventional$grocer$$
BROOKLINE,'Massachusetts'(August'2012)'–'Local'Enterprise'Assistance'Fund'(LEAF),'a'nonprofit'national'investment'fund'that'provides'financing'and'development'assistance'to'communitybased'social'and'cooperative'enterprises,'announced'that'it'received'$100,000'in'technical'assistance'funding'from'the'U.S.'Department'of'Treasury’s'Community'Development'Financial'Institutions'(CDFI)'Fund—the'maximum'technical'assistance'(TA)'award.
 
TA'grants'are'unusual'in'that'recipients'have'significant'flexibility'in'how'they'can'be'used.'In'this'case,'the'funds'will'help'strengthen'and'expand'LEAF’s'capacity'in'financing'cooperative'grocery'stores'that'bring'wholesome,'healthy'food'to'inner'cities'and'other'underserved'communities.'LEAF’s'project'was'one'of'only'33'selected'in'the'Technical'Assistance'category'after'a'competitive'review'of'116'applications'received'in'2012'by'the'CDFI'Fund'from'organizations'across'the'nation.'“The'United'Nations'designated'2012'as'The'International'Year'of'Cooperatives'to'raise'public'awareness'of'the'invaluable'contributions'of'cooperative'enterprises'to'poverty'reduction,'employment'generation,'and'social'integration,”'said'LEAF'Director,'Gerardo'Espinoza.'“This'latest'CDFI'award,'the'fourth'competitive'CDFI'grant'that'we'have'received'over'the'last'three'years,'is'a'testament'to'the'important'role'that'LEAF'and'LEAFfunded'cooperative'grocery'stores'play'in'building'healthy,'strong,'and'economically'vibrant'communities.'Indeed,'a'recent'study,'completed'on'behalf'of'the'National'Community'Grocers'Association'by'our'sister'organization,'The'ICA'Group,'highlights'the'significant'social'and'economic'contributions'that'coops'bring'to'local'communities.'For'example,'every'$1,000'spent'at'a'local'food'coop'generates'$1,604'in'economic'activity'in'the'local'economy—$240'more'than'$1,000'spent'at'a'conventional'grocer.”''The'report,'
Healthy(Foods(Healthy(Communities:(Measuring(the(Social(and(Economic(Impact(of(Food(Co<Ops,
'includes'the'following'comparison'of'coops'and'conventional'grocery'stores'(To'access'the'full'report,'visit:'http://strongertogether.coop/wpcontent/uploads/2013/07/Healthy_Foods_Healthy_Communities.pdf')'
Food$CoOp$Facts
'(Average'members'per'coop:'6,400)'Impact'Per'Coop:'Annual'Sales'$10'Million;'60%'Sales'from'Members'
$Coop$Conventional$Store$Size$
Total'square'feet'15,000'33,300'Staff'/'$1'million'sales'9.3'5.6'Sales'/'square'foot'$10.37'$8.55'
Compensation
'Average'hourly'wage
$
$14.31'$13.35'%'Eligible'for'benefits'68%'56%'
Local$Impact$
Purchases'locally'sourced'20%'6%'Local'suppliers'157'65'Economic'multiplier'1.60'1.36'Donations,'%'of'income'(cash)'13%'4%'

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