Making the Magic Happen Sooner Through Philanthropic Bridge Loans
At a time when more people than ever are accessing food banks, a larger warehouse will expand Emergency Food Network’s (EFN) ability to distribute food to Pierce County people in need. However, financing the capital project meant overcoming barriers nonprofits face to flexible funding. A pilot bridge loan program from Elevate Health and Greater Tacoma Community Foundation aims to support the timely completion of projects, like EFN’s warehouse, that make a major impact in Pierce County.
Elevate Health is funding and administering the loan through its investment initiative, called OnePierce. Gena Morgan, Elevate Health’s Executive Director, explained that support for the warehouse project through the bridge loan program provides her organization with opportunities to engage with communities across the region while helping to address a basic human need.
“We are pleased to invest in one of the most vital conditions any community has, which is adequate nutrition,” said Morgan. “This project allows essential community organizations to access flexible capital in a timely manner, thanks to the support of the philanthropic guaranty. Collaborating with EFN, GTCF and others through this OnePierce funding initiative aligns with Elevate Health’s commitment to identify and work in genuine partnership toward solutions that improve whole-person health, advance health equity and contribute to the well-being of Pierce County’s residents.”