A New Fund for Investing in Impact

The Community Foundation of Greater Dubuque has launched a new, innovative financing tool that provides low-interest, reimbursable funding for projects that address some of the Dubuque region’s greatest needs, such affordable housing, regenerative agriculture, environmental sustainability and community infrastructure like education and health care.

The Northeast Iowa Community Investment Fund blends philanthropy and investing to drive lasting, positive impact across the region. In the first round of funding, it has granted a total of $1.2 million to five local projects:

• C.A.R.E. Home, the rehabilitation of a building at 1739-1763 Central Ave. in Dubuque to create seven apartments for households below 30% of the area median income, along with a storefront for a local business.
• Boundless on Bluff, a new, six-unit apartment building to be constructed on a vacant lot on Bluff Street in Dubuque that will serve people with no income or are at risk of homelessness.
• ReEvolution Farm, a sustainable, urban farm located on a former North End playground in Dubuque that has added a new hydroponic growing facility that uses 80% less water than a traditional farm.
• Phelps Farm, a greenhouse farm in Clayton County that is adding new facilities to increase production and access to locally grown food.
• A new, onsite playground for the Dubuque Dream Academy, which currently does not have access to one nearby.

“We are thrilled to launch this fund and build on our 23 years of experience in community philanthropy to and expand opportunities for impact beyond traditional giving,” says Nancy Van Milligen, president and CEO of the Community Foundation.

The Dubuque region is home to many organizations and businesses committed to addressing critical community challenges. However, many cannot access or are ineligible for traditional funding streams, such as bank loans or government grants. In some cases, a traditional lender or grant maker might only cover a portion of the project.

The Community Investment Fund helps bridge the financing gap. It’s designed to re-invest capital into project after project – forever – ensuring each dollar is a catalyst for generational impact: measurable, regenerative and rooted in community priorities.

Nonprofit and for-profit organizations that have already secured a portion of financing for their project can apply for a low-interest loan of $100,000 to $500,000 from the Community Investment Fund to help fulfill the financial need.

Each potential project undergoes comprehensive review to ensure that it meets financial requirements of the fund and aligns with the Community Foundation’s mission and core values.

Once the project is complete, the loan is repaid, with interest, over one to five years. When the loan is repaid, the money is reinvested into new projects. While interest helps the fund grow, community members also can help increase the amount of funding available by making gifts to the fund.

“This fund is about more than investing in projects,” Van Milligen says. “It’s about investing in a strong future for Northeast Iowa communities.”

If you are interested in supporting the Northeast Iowa Community Investment Fund or applying for funding, please contact us.