The Fort Worth Healthy Food Financing Initiative is between the city and PeopleFund, an institution offering reduced interest rate loans and business education for those in underserved markets. The initiative aims to offer low-cost loans to open, renovate, or expand mid-size and small food retail outlets within areas with few grocery options.
Low to moderate income communities within Fort Worth may soon see more choices for grocery shopping, all thanks to a new city partnership.
The Fort Worth Healthy Food Financing Initiative is between the city and PeopleFund, an institution offering reduced interest rate loans and business education for those in underserved markets. The initiative aims to offer low-cost loans to open, renovate, or expand mid-size and small food retail outlets within areas with few grocery options.
The program, modeled off similar programs in other cities, is designed to improve Fort Worth public health and facilitate economic growth. The program begins with $50,000 of public seed money to serve as an interest rate buydown for $500,000 in loans financed by PeopleFund.
Money will be given for a wide array of pre-development activities, like architectural and engineering work, construction, staff training, security, and inventory. Available loans range from $5,000 up to $250,000.
“Evidence is mounting that access to healthy food reduces the risk of diet-related diseases such as obesity, heart disease, and diabetes,” said Matt Dufrene, vice president of Blue Zones Project, Fort Worth, in a release. “Through this program, we’re making it easier to bring healthy options to underserved communities, and allowing all Fort Worth residents to improve their well-being.”
Eligible projects include regional grocery chain locations or individual grocery retail outlets; convenience stores; farmers markets; mobile markets; caterers; restaurants; and food trucks. “Proposals must demonstrate that the project is economically viable and will increase availability of fresh produce in areas that lack sufficient access to affordable, healthy food,” according to the release.
Entrepreneurs are invited to learn more at an open house, set for 8:30 to 10 a.m. Wednesday at the Business Assistance Center, 1150 South Freeway.
