CCLF E-NEWSLETTER OF COMMUNITY DEVELOPMENT PROJECTS, ISSUES & FEATURES 3rd Quarter /2011
Salsedo Press: CCLF Borrower Spotlight
In This Issue Salsedo Press NSP Update CCLF Noteworthy
Save the Date November 3rd CCLF will be celebrating our 20th Anniversary on the evening of Thursday, November 3rd. The celebration will take place on the 57th floor of Chase Tower, from 5:30pm - 8:30pm. More details will be forthcoming - we hope to see you there! Salsedo Press, a CCLF borrower for more than a decade, recently paid off their fifth loan. Their business model is an example of the kind of community development that relationship-based lending achieves. Salsedo was founded in the late 1960s by students in Champaign-Urbana when no one would print their materials without censorship. Once moving to Chicago, they started out at the Industrial Council of Nearwest Chicago's small business incubator, another CCLF borrower. In their own building in Humboldt Park since 1995, Salsedo Press is working to adapt to the swiftly-changing printing business environment. One of Salsedo's co-op members, Chris Burke, recalls that in the early 1990s, they needed financing for updated equipment. No traditional financer would take their request; as Burke put it, "No one could see the sweat equity we had put into the business." CCLF was able to recognize this, and made the first of 5 loans to Salsedo Press, which have totaled more than $600,000.
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