Related Midwest and other large-scale real estate companies have created a diversity-enhancement loan fund meant to help minority- and women-run firms compete for contracts.
It is partnering with Magellan Development, Sterling Bay, Clayco and the Chicago Federation of Labor, according to the Chicago Sun Times, which first reported on the program.
The fund will offer lines of credit for the minority- and women-run firms, to compete for work on Related’s massive “The 78” megaproject and others around the city, according to the report. The $7 billion “The 78” will be a sprawling mixed-use development said to create about 15,000 construction and 24,000 permanent jobs, and take 15 to 20 years to complete.
Lenders including CIBC, Chicago Neighborhood Initiative, Liberty Bank, and Wintrust Bank agreed to provide low-interest loans rates, from $10,000 to $500,000, according to the Sun-Times. [Chicago Sun-Times] — Gregory Cornfield