Recently, CCLF was honored with a financial award from the ShoreBank Alumni Planning Committee after the 50th Anniversary Celebration of ShoreBank’s founding. In conjunction with ShoreBank’s donation, Faith-Walk Church International and Senior Pastor, Dwayne D. Brown, bestowed upon CCLF an additional contribution.

According to ShoreBank Alumni Planning Committee member, Kim Jones, Vice President Director of Partnerships & Community Engagement – Midwest Self-Help Federal Credit Union, the donation was awarded because CCLF’s mission has continued to be in alignment with ShoreBank’s mission of community development in low-to-moderate income areas. “The committee wanted to donate their money to a nonprofit that was following in ShoreBank’s footprints, still doing good work in the community,” explained Jones.

Hundreds of former employees, including the remaining founders, Ron Grzywinski and Mary Houghton, came together on Chicago’s South side to commemorate the 50th Anniversary of its founding and celebrate the legacy of ShoreBank, the nation’s first community development bank.

In 1973, ShoreBank was founded in Chicago by Ron Grzywinski, Milton Davis, Mary Houghton, and Jim Fletcher with the idea of changing the financing world hence its motto “Let’s Change the World.

Founded with the mission to finance underserved, low-income communities that mainstream financial institutions neglected on the South and West sides of Chicago, ShoreBank knew that changing the funding model to be more focused on lending to create economic develop and social impact in neighborhoods and not as much on increasing profits, the communities would thrive. This triple bottom-line institution, people, planet, profits, realized there was more to lending than handing out money. The founders understood that being a steward of the community meant knowing the community beyond their financial needs. Many projects that ShoreBank funded are still around today because they listened to the communities and supported what the residents wanted.

Many former ShoreBank employees took what they learned there and have gone on to do great work at other CDFIs and financial institutions including Allies for Community Business, IFF (CDFI), Self-Help Federal Credit Union, CCLF and many others.

CCLF continues to follow the principles laid down by ShoreBank, a predecessor to our current Community Development Financial Institutions (CDFIs).

“ShoreBank left an indelible legacy for those of us with a mission of developing and growing communities,” stated Calvin Holmes, President, Chicago Community Loan Fund. “The gifts given to CCLF from ShoreBank Alumni Committee and Faith-Walk Church International are not only thoughtful, but symbolic.”

We at CCLF applaud ShoreBank for recognizing, 50 years ago, that all neighborhoods are important and by providing access to capital and creating economic development in underserved communities, the residents’ quality of life will improve and a more vibrant city for everyone will be created.

ShoreBank continues to be recognized for its groundbreaking work. Last October, ShoreBank was recognized by Opportunity Finance Network (OFN) with the 2023 Ned Gramlich Lifetime Achievement Award for Responsible Finance at its annual conference in Washington, D.C.

ShoreBank set the model for other CDFIs to follow and refine to ensure access to capital for all communities in Chicago and across the United States.