Chicago Community Loan Fund – 2021 Annual Report

“Hard times show what we’re made of. The CCLF community was made for this.
Calvin L. Holmes, President

The Chicago Community Loan Fund was created to catalyze equitable growth in disinvested communities across Chicagoland. It is a mission we have upheld for three decades, and it is just as relevant today as when we first opened our doors.

When the COVID-19 pandemic, social unrest and economic uncertainty threatened to upend the hard work of our communities, CCLF and our partners were ready to act. Hard times show what we’re made of, and it’s clear that the CCLF community is made to advance our mission and vision even in the most challenging of times, made to be there for each other, made to overcome any roadblock—made for this moment in time.

With our robust strategy, solid investment portfolio, stable financial performance, and strong network of partners, CCLF was well-positioned to respond to the multiple unfolding crises of 2020. Whether it was helping small businesses navigate Paycheck Protection Program applications, administering nearly $21 million in government loans and grants, helping customers secure PPE, working with borrowers to weather the crisis, or creating the Chicagoland COVID-19 Community Development Resource Guide, we used our flexibility, creativity, and strong community relationships to ensure no members of the CCLF family were left behind.

But 2020 was not only about response efforts. We also continued lending to social enterprise, community facility, affordable housing and commercial retail projects in the midst of a constantly changing environment, and we delivered a new strategic plan that charts a course to lend at least $100 million and nearly double our assets to $200 million over the next four years. At year’s end, we were honored to be one of 384 organizations across the nation to receive a contribution from philanthropist MacKenzie Scott. This unexpected, incredibly generous gift was a powerful and humbling affirmation of CCLF’s vision and approach.

While many unknowns remain, we know that with your support, there is nothing we cannot accomplish together. The CCLF community is not only made for this moment, but, with your help and partnership, for anything that comes in the way of those we serve!

Calvin L. Holmes
President

Matthew R. Reilein
Chair

Year in Review CCLF headed into 2020 with the strength, the strategy, and the stability to weather the storm.

See more of 2020

When the world changed, we...

Pivoted to remote work without disrupting operations

Deferred borrowers’ payments to help organizations and businesses stay afloat

Personalized our service delivery to meet unique borrower needs during the pandemic

Delivered technical assistance to help small enterprises and nonprofits navigate the crisis

Made for stability Preserving homes and hope

For almost 20 years, a small real estate developer has been making a meaningful difference in communities on Chicago’s South Side. In 2020, an emergency grant from CCLF made a difference for her.

Lita Scott exemplifies how one person can truly make a difference.

Since 2002, Scott, an information technology project manager, has been acquiring properties on Chicago’s South Side and Southland, fixing them up, and renting to members of the community. But this side business isn’t just about generating a return—it’s part of Scott’s larger mission to provide safe, affordable housing in communities that sorely need it.

“I looked around and saw that there was affordable housing here, but it wasn’t safe,” Scott says. “I realized that, as an African-American woman, if I hadn’t had the supports I was lucky enough to have been born with, I might have been in a situation where I had to live in these conditions. And that wasn’t acceptable to me at all.”

Today Scott’s real estate development company, ILRE LLC, owns and manages 42 units in nine buildings located in Oak Lawn, Auburn Gresham, Greater Grand Crossing, South Shore, and East Garfield Park. For many of the hundreds of tenants she’s rented to over the years, Scott has been much more than a typical landlord: she gets to know renters and their needs; stops for a chat or a game with their children; and even shares career advice.

“It’s so rewarding when I see youngsters who have been in my buildings for years graduate from school and start working and raising children. They’ll contact me every now and again to check in and say hi, ask me a question, or share a picture of a newborn. That is a good feeling right there, like I’ve been able to reach a couple of people,” Scott says.

When COVID-19 hit, Scott was concerned because a number of her tenants’ jobs were eliminated or scaled back, and many had difficulty coming up with rent. To make matters worse, the costs of utilities and maintenance were soaring due to tenants sheltering in place.

Scott reached out to CCLF, with whom she has worked since 2015 to refinance mortgages on several of her properties. CCLF allowed Scott to defer her loan payments and also gave her a $5,000 emergency grant using funds from the Federal Home Loan Bank of Chicago. These measures provided relief for Scott and her tenants until the tenants’ unemployment benefits could kick in and they could begin making payments again.

“CCLF is not just business-focused—they’re also very realistic and in tune with what’s happening in the world. Their flexibility during COVID-19 was such a blessing to me and my tenants.”
Lita Scott, President, ILRE

Now Scott can continue doing what she was made for: ensuring South Side and Southland residents have safe and affordable living options, with a landlord who cares deeply about them and their wellbeing.

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On to 2021

Celebrating 30 years of partnerships and investments for a more equitable Chicago region