Portfolio Partner Profile
Greenline Ventures Small Business Capital Fund II
Greenline Ventures’ second Small Business Capital Fund (SBCF II) will provide loans to small businesses in the U.S. that create quality jobs and wealth-building opportunities for low-income populations in under-invested communities. SBCF II leverages the New Markets Tax Credit (NMTC) program to provide below market-rate loans to small businesses for working capital, business growth/expansion, business acquisition, and equipment financing. Greenline's impact objectives for SBCF II include job creation, training programs, enhanced benefits packages, minority or women-ownership, reductions in environmental impacts and other forms of assistance to low-income workers. Greenline Ventures is a financial services company that specializes in capital markets solutions for economic development activities nationwide. Since 2004 they have invested more than $2.5 billion in projects and businesses throughout the country.
Featured Impact Story
Everytable is a (B Corp-certified) social enterprise with a mission to make nutritious, fresh food affordable and accessible to all. From their Los Angeles base they create fresh and nutritious meals that are distributed to their various retail locations – many in food deserts or underserved communities. Everytable’s variable pricing model allows them to set affordable prices in each neighborhood they operate in.
With SBCF II’s financing, Everytable purchased additional Smart Fridges and furthered their expansion efforts. The innovative Smart Fridges work similarly to vending machines, with the added benefit of refrigerating meals.
A total of 112 jobs (80% for people of color and 63% women) are expected to be maintained at the business, and an additional 15 permanent jobs are expected to be created. 100% of the newly created jobs will be accessible to low-income individuals and will not require a 4-year college degree. Everytable hires from the underserved neighborhoods they build in, as well as from partners such as Homeboy Industries (an organization that works to improve the lives of former gang members and formerly incarcerated) whenever possible.
Sustainable Living Partners LLC
Sustainable Living Partners LLC (“SLP”) is an integrated real estate development platform formed as a 50/50 partnership between Sustainable Living Innovations (SLI) and Renova Capital Partners, a Denver based private equity firm specializing in the development of sustainable infrastructure. SLI was formed in 2008, when two Seattle architects developed a patent-protected building system and technology designed to deliver ultra-efficient mid- and high-rise residential towers in the city.
From an efficiency perspective, SLI buildings can be built in 50% less time, cost at least 10% less to build and perform with 20% to 30% lower O&M expense. SLI buildings are also sustainable; they are capable of economically achieving zero net energy requirements. SLP delivers a lower-risk, higher-quality asset at a significantly lower cost.
A major focus for the company is the development of affordable multifamily units in conjunction with urban housing authorities. Using SLP technology, affordable projects can easily be built on “orphan” lots — small lots that are otherwise difficult to develop economically with conventional construction techniques. SBCF II financing was used to support the infrastructure to transport SLP’s modular building components.
A total of 31 jobs (~80% for people of color and 13% women) are expected to be maintained at the business. SLP anticipates creating an additional 100 construction and 100 permanent jobs. 100% of the newly created jobs will be accessible to low-income individuals and 97% will not require a 4-year college degree. Most of the positions created will be in a factory and will pay more than $20/hour and offer benefits including medical, dental, and vision insurance.
FoodService Partners (“FSP”) designs, builds, and operates high volume central production kitchens that provide meals to hospitals, skilled nursing homes, and long-term care facilities. They focus on every aspect of the supply chain, including sourcing fresh local food, research & development, logistics, and transportation. A core belief of FSP is that healthy eating focused on sustainability is an essential ingredient in a healthy lifestyle.
Milledgeville, GA was previously home to the Central State Hospital System. But when the hospital closed down, Milledgeville experienced a large loss of jobs. FoodService Partners is working to bring jobs back to the city through its support of efforts to redevelop the hospital. Financing from SBCF II will be put towards FoodService Partners’ plan to outfit a 144,000 square foot commissary kitchen within the new hospital. The expansion plans include renovating the buildings into a food service production facility for healthcare and school meals. An existing greenhouse will also be updated for urban farm education.
It is expected that the new hospital will bring approximately 400 new jobs to the community, which is primarily African American and located in a historically underutilized business zone (HUBZone) as categorized by the US Small Business Administration. Nearly all of these jobs will include benefits and will not require a 4-year college degree. One of FSP’s goals is to improve the standard of living through opportunity by advancing employees from the bottom up. The facility will also give back to the surrounding community through a culinary training center, where the community can learn healthier ways of cooking for free, and a public cafeteria.