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E-CAP

Equity Capital Pool

Despite their potential, Chicago’s low- and moderate-income neighborhoods face persistent structural inequities that limit access to affordable, flexible, patient, and risk-tolerant equity capital needed to advance development. To address this problem, the Corporate Coalition and the Chicago Community Loan Fund will launch the Equity Capital Pool (E-CAP), a $100-million initiative designed to provide the equity and equity-like capital that developers need to bring mixed-use and commercial real estate projects to completion, while helping to shape more inclusive financing over time.

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Of nearly $50 billion in commitments to advancing racial equity made since 2020, large financial institutions have committed more than 90% in the form of debt.
The Washington Post
Corporate America's $50 Billion Promise
THE NEED

A gap in the financing marketplace.

Despite their potential, Chicago’s low- and moderate-income neighborhoods face persistent structural inequities that limit access to affordable, flexible, patient, and risk-tolerant equity capital needed to unlock resources and advance development.
Available public funding is highly-targeted, inflexible, and scarce
Philanthropic grants are essential but not routinely available on the scale significant projects require
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Projects need low-cost, patient, flexible, and risk-tolerant equity capital

Opportunity

E-CAP is a $100 million initiative with an initial $28 million Fund I, providing patient, affordable, equity and equity-like resources developers need to complete mixed-use and commercial real estate projects, building a bridge to a marketplace where equity capital is routinely available.

E-CAP envisions a future in which local communities have reliable access to sustainable financing sources of all types, enabling all communities to thrive and contribute to a prosperous, growing regional economy.

How it works.

Design
Projects
Leadership
Pathway to Impact
Design
E-CAP Fund I is structured with three investor classes, each tailored to different investor goals and risk tolerances. The structure is intended to attract institutional and corporate investors that do not traditionally invest equity capital in community real estate developments. E-CAP Fund I will operate over a 10-year demonstration period, with a project investment period of approximately 24 months.  Through a diversified portfolio, the fund will optimize financial return to both investors and developers while focusing on community impact.
E-CAP will invest in four types of projects:
  • Commercial developments of less than $5 million value, such as restaurant, strip mall, food co-op
  • Commercial developments of more than $5 million value, such as grocery store, entertainment complex
  • Mixed-use residential and commercial developments, such as apartments with ground-floor retail
  • Community projects prioritizing neighborhood and community impact, such as below market-rate office spaces, education center
E-CAP-supported projects are intended to benefit from and help ensure the success of other, existing projects (e.g. near points of interest that provide strong neighborhood foundation), existing private investments that boost housing and drive dollars to local businesses, or major public and private projects that provide jobs and amenities and increase foot traffic from the neighborhood and outside the area.  
Leadership
E-CAP is a partnership of the Chicago Community Loan Fund, with its extensive track record of community investing, and the Corporate Coalition of Chicago, which brings connections to businesses committed to ensuring that all neighborhoods in the region thrive.
Pathway to Impact
E-CAP’s pathway to impact: has four components EPIC is led by the EPIC Collaborative, which has been formed by leading community development financial institutions (CDFIs) in Chicago: Chicago Community Loan Fund (CCLF), IFF, and LISC Chicago. These organizations are industry experts. They have “boots on the ground” and deep knowledge of low- and moderate-income communities and communities of color and how to creatively structure deals that succeed.
  • Invest in underserved markets:
    E-CAP invests in projects that bring quality jobs, goods, services, and amenities directly to communities in Chicago’s underserved neighborhoods
  • Stimulate economic activity:
    The pace and volume of community projects increase, providing residents with greater access to jobs and services that lead to a better quality of life, attract new residents, and increase market confidence.
  • Improve market conditions:
    Projects supported by E-CAP, with other development, help diminish the perceived risk of investing in disinvested communities, over time supporting more conventional market-rate investment and other economic activity.
  • Contribute to regional growth:
    Because regions with shared prosperity grow faster than those with areas of economic disinvestment, communities with access to more equitable financial resources like E-CAP contribute to a thriving region for all.
Learning
Cohort members participate in a learning series twice per month, building skills and a foundational understanding of resilience practices.
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Multi User
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Unlimited Viewers
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Pro Insights
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Integrations with Figma, Jira, Dropbox
Whitelabelling
Sharing
Cohort members share their own experiences, challenges, solutions, and resources in meetings and smaller affinity groups to accelerate shared progress.
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Multi User
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Unlimited Viewers
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Pro Insights
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Integrations with Figma, Jira, Dropbox
Whitelabelling
Taking Action
Cohort members take action in ways that work for their organization, based on ideas in the learning series, a customized assessment, and a catalog of services and expertise.
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Multi User
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Unlimited Viewers
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Pro Insights
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Integrations with Figma, Jira, Dropbox
Whitelabelling
IMPACT

E-CAP offers an opportunity to help lay the foundation for a permanent change in the community development financing marketplace.

Establish powerful proof of concept.
The success of E-CAP will prove that patient, flexible, risk-tolerant equity and equity-like capital can unlock capital, advance projects, and build community wealth while supporting capital preservation and a modest return for impact-first investors.
Provide community benefits.
E-CAP will support projects that bring services, amenities, jobs, and economic activity to places that need them, fostering increased value, vitality, optimism, and confidence. 
Improve market conditions.
Catalytic projects supported by E-CAP, with other development, will help diminish the perceived risk of investing in undervalued and  disinvested communities, over time supporting conventional, market-rate investment and other economic activity.
Contribute to regional growth.
Because regions with greater equality grow faster than those with areas of economic disinvestment, communities with more equitable access to financial resources like E-CAP contribute to a more prosperous region.  
Contribute to a national effort.
The E-CAP experience will contribute to a national effort underway to extend the reach and impact of the community development finance industry. 

Leon walker

Managing Partner, DL3 Realty
"We want to see capital hit the streets and change lives—not just aspirational headlines."
The Corporate Coalition advances Leon's mission.
DL3 is committed to investing equity capital into high-impact real estate projects that create a ripple effect in Chicago's historically disinvested communities.

The Corporate Coalition provides a forum where we can connect with other like-minded stakeholders and source funding for projects that improve economic prospects and the lives of local residents.
DL3 supports EPIC.
EPIC will provide the necessary pre-development capital and gap funding so that South and West Side developers can close deals and move their communities forward. I am excited to help shape this timely initiative that can be implemented and scaled to connect Black and Brown entrepreneurs to impact equity capital.

This is just the beginning.

E-CAP aims to lay the foundation for a permanent change in the community development financing landscape.

Get Involved

Talk to Brian Fabes about E-CAP.
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