Developments > City Fresh Foods
The project consists of the purchase and renovation of a custom-designed production facility for City Fresh Foods, Inc., an MBE and producer of culturally tailored meals delivered to low-income seniors, charter schools, after-school programs, and child care centers, mostly in low-income neighborhoods. For the first time in its 27-year history, City Fresh will have an appropriately and efficiently designed production facility and will own, not rent this facility. City Fresh Foods recently was awarded the contract to provide meals for the students in Boston Public Schools, the largest contract awarded by the City ever to an MBE that is not a contractor. This loan, sourced with grants from a hospital and a foundation, enables MHIC to make a loan that is up to 100% forgiveable to reduce City Fresh Foods’ must-pay debt burden and increase cash flow available to produce social impact--creating quality jobs, raising wages, expanding employee stock ownership, investing in training and supporting career path development.
City Fresh Foods
Project at a Glance:
Location:
Boston
Development Type:
Ownership
Sponsor:
City Fresh Foods
Date Completed:
6/29/2023
The project consists of the purchase and renovation of a custom-designed production facility for City Fresh Foods, Inc., an MBE and producer of culturally tailored meals delivered to low-income seniors, charter schools, after-school programs, and child care centers, mostly in low-income neighborhoods. For the first time in its 27-year history, City Fresh will have an appropriately and efficiently designed production facility and will own, not rent this facility. City Fresh Foods recently was awarded the contract to provide meals for the students in Boston Public Schools, the largest contract awarded by the City ever to an MBE that is not a contractor. This loan, sourced with grants from a hospital and a foundation, enables MHIC to make a loan that is up to 100% forgiveable to reduce City Fresh Foods’ must-pay debt burden and increase cash flow available to produce social impact--creating quality jobs, raising wages, expanding employee stock ownership, investing in training and supporting career path development.