CHICAGO, IL--(Marketwired - September 20, 2016) - With the close of its 15th Investor Consortium note sale last week, Midwest nonprofit lender IFF has now raised $227 million in capital from financial institutions and religious or socially-motivated investors since 2004.
The $10.3 million note includes real estate loans to nonprofits in Illinois, Michigan, Missouri, Ohio, and Wisconsin that focus on community development, health and human services, early childhood development, and charter schools.
With the current note sale IFF also welcomes its second St. Louis-based financial institution, Reliance Bank. During a note sale this past spring, Scottrade Bank was the first St. Louis-based bank to join IFF's innovative investment vehicle.
Reliance Bank, along with 12 other financial institutions, are participating in the recently closed Investor Consortium note sale. They are:
- BMO Harris Bank
- Crystal Lake Bank & Trust, Wintrust
- First Bank & Trust
- First Eagle Bank
- Hinsdale Bank & Trust, Wintrust
- MB Financial Bank
- Mission Investment Fund of the Evangelical Lutheran Church in America
- Northern Trust
- PNC Financial Services Group
- Reliance Bank
- Urban Partnership Bank
- Wheaton Bank & Trust, Wintrust
- Wintrust Bank
"IFF's Investor Consortium gives our investors the community impact they want, with the security they need," IFF President and CEO Joe Neri said. "I'm grateful to all of our bank partners for making the Consortium such a success and such a dependable source of capital for low-income communities in the Midwest. It has become an essential component of IFF's work of transforming communities."
The Consortium is the primary source of long-term debt capital for IFF, supporting the nonprofit lender's work throughout the Midwest and its strong financial position. IFF remains one of the few mission-driven lenders nationally to maintain a top-level AERIS® AAA+1 rating for its financial performance and impact.
IFF is a mission-driven lender, real estate consultant and developer that helps communities thrive by creating opportunities for low-income populations and individuals with disabilities. From child care to senior housing, IFF works closely with clients from every sector, offering affordable, flexible financing; full-scale real estate consulting; and community development services. Since 1988, we have made over $620 million in loans, leveraged $1.7 billion in community investments and grown our total managed assets to $498 million.