July 17, 2020
Client: Boys & Girls Clubs of Manatee County
Client Location: Bradenton, Florida
CDFI: Florida Community Loan Fund
CDFI services provided: Financing with NMTC
Total Project Financing: $10.5 million
Date of Financing: June 2018
Since its establishment in 1946, more than 40,000 children have passed through the doors of the Boys & Girls Clubs of Manatee County (BGCMC). With the passing of time, one of its facilities, the 50-year old DeSoto Club was aging and its resources were becoming obsolete for 21st century education. With financing from Florida Community Loan Fund (FCLF) through its NMTC Program, BGCMC constructed a new 47,500 square-foot facility that opened in August 2019, doubling its former space and capacity to serve 2,400 children and youth annually, 75 percent of whom are low-income.
FCLF provided $10.5 million in NMTCs for the new DeSoto Club, alongside investor PNC Bank and with additional project capital from Synovus Bank. Without this support, BGCMC would have spent years fundraising to cover project costs, and many children would miss the opportunity to reach their full potential, increase their self-esteem and self-worth, and enjoy the world-class experience they deserve. The new facility includes an upgraded computer lab, an art workshop, a gymnasium, space for mentoring sessions with local elected officials and entrepreneurs, and a commercial kitchen for nutrition classes.
“Boys & Girls Clubs of Manatee County is proud to partner with Florida Community Loan Fund to provide hope and opportunity to thousands of young people in our area. Thanks to FCLF’s support, the children who need us most will benefit with high quality afterschool and summer programs in a state-of-the-art facility, assisting them to reach their full potential. This wouldn’t have been possible without our partnership and, for that, we’re truly grateful,” said Dawn Stanhope, President & CEO, Boys & Girls Clubs of Manatee County.
Learn more about the project in this video from FCLF.
Looking for a community development financial institution (CDFI) in your region?
Check out OFN’s CDFI locator.