Related, Sterling Bay launch loan fund to assist minority- and women-run firms secure contracts

Don Biernacki, Related Midwest’s senior vice president and a map of Wells-Wentworth Connector (Credit: City of Chicago)

Don Biernacki, Related Midwest’s senior vice president and a map of Wells-Wentworth Connector (Credit: City of Chicago)

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

Recommend0 recommendationsPublished in Real Estate

Share this story with your network.

Share on facebook
Share on twitter
Share on linkedin
Share on email
Share on print

Responses

Recent Stories

Del Marie: locked down, but not out

The rapper-dancer-performance poet rolls with the pandemic punches. 2020 started off so well. January and February were great months for 27-year-old rapper, dancer, and performance

Read More »

Speak with a local expert now.

Learn more about this recent happening by speaking with an agent.