August 19, 2019
Related Midwest and other major players in Chicago’s development and construction industry have joined to create a first-of-its kind, cross-industry loan fund guaranteeing capital for minority- and women-owned firms.
Partners including Magellan Development, Sterling Bay, Clayco and the Chicago Federation of Labor recently got the ball rolling with a fundraiser for the fund, which will offer lines of credit to help women- and minority-owned firms compete for work on projects such as Related Midwest’s $7-billion The 78.
“The genesis of this has been the initiatives we began at The 78,” Related Midwest’s Don Biernacki told the Chicago Sun-Times. “As we talked more and more about our goals with developers, contractors and labor, it became very clear that this is something we need to do as an industry.”
With the fund providing a guarantee, lenders including CIBC and Wintrust Bank have agreed to provide the loans at low interest rates.
Pictured: A rendering of The 78
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