Rotary Charities of Traverse City shared on social media that they have partnered with Northern Trust Corporation to make a low-interest loan to Goodwill Northern Michigan through Rotary Charities’ Community Investment Program.
Rotary Charities of Traverse City shared on social media that they have partnered with Northern Trust Corporation to make a low-interest loan to Goodwill Northern Michigan through Rotary Charities’ Community Investment Program. The loan is aimed at helping to close the gap in revenue that was created when retail stores closed during shelter in place and to ensure that Goodwill can continue providing vital services to those most vulnerable in the area.
“This project shows you what the power of partnership can bring,” Becky Ewing, executive director of Rotary Charities said. “The entire pool is a $3 million low-interest, at .25% interest for 5 years. And it really helped Goodwill. Northern Trust came in with that $2.75 million, then our board committed $250,000 to make up the $3 million loan.”
Goodwill told 9&10 News that the pandemic affected their store revenue. Goodwill also provides emergency shelter, Street Outreach and the Food Rescue Program.
“They are a critical organization in our region,” Ewing said. “They provide housing, not just food but healthy food through Food Rescue. We knew at this time when people are hurting the most, if Goodwill went away, a whole sector of the most vulnerable people would not be served. People will be homeless; people will go without food.”
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