California FreshWorks Fund FAQ
What is the California FreshWorks Fund?
The California FreshWorks Fund is a $264 million public-private partnership loan fund that
will finance grocery stores and other forms of healthy food retail and distribution in
underserved California communities. It was created specifically to incentivize healthy food
retail in California food deserts; goals include increasing access to healthy food in underserved communities, encouraging economic development, and inspiring innovation in
healthy food retailing.
How does the California FreshWorks Fund work?
The Fund will provide a combination of loans and in some limited cases grants to grocers
and distributors to help overcome the high cost of entering food deserts and to support
innovations in healthy food retailing. The Fund will provide flexible capital that will allow
for longer breakevens so operators have the opportunity to generate the kind of sales they
need to cover expenses and be sustainable over the long run.
When will this fund be available for use?
The California FreshWorks Fund is open for business. Those interested should contact
NCB Capital Impact or Emerging Markets Inc. Both can be located through
www.CAFreshWorks.com.
What neighborhoods in California will most likely be impacted by this new fund?
According to our partner Social Compact, the cities in California that have the greatest
market opportunity include: Modesto, Stockton, San Bernardino, Huntington Beach, Rancho
Cucamonga, Fremont, Santa Rosa, Sacramento, Pomona, Fresno, San Francisco, Garden
Grove, San Jose, San Diego, Los Angeles, Ontario, Santa Ana, Oceanside, and Irvine.
Who are the partners in this effort?
Current partners include investors such as The California Endowment, NCB Capital Impact,
NCB FSB, JPMorgan Chase, Morgan Stanley, US Bank, Bank of America, Kaiser Permanente,
The Calvert Foundation, Dignity Health (formerly Catholic Healthcare West), Citibank,
Charles Schwab, Met Life, and Opportunity Finance Network; industry leaders such as
Unified Grocers and California Grocers Association; non-profit organizations such as
PolicyLink, Community Health Councils, Emerging Markets, Inc. and Social Compact; and
government entities such as the State of California, USDA California Office of Rural
Development, and CRA/LA.
Healthy Food. Closer To Home.
Scott Sporte
Chief Lending Officer
California FreshWorks Fund
NCB Capital Impact
1333 Broadway, Suite 602
Oakland, CA 94612
510.496.2222 o
510.496.0404 f
Veronica Saldaña
Business Development Officer
Emerging Markets, Inc.
1024 North Orange Drive
Suite 120
Los Angeles, CA 90038
323.465.0406 o
323.465.0225 f
Tina N. Castro
Director, Impact Investing
The California Endowment
1000 North Alameda Street
Los Angeles, CA 90012
213.928.8635 o
213.253.0968 f
© 2012 California FreshWorks Fund
REV: 013012, FILE: CFWF_FAQ_9.A
California FreshWorks Fund FAQ
Are you accepting new investors?
Yes, we are interested in expanding the California FreshWorks Fund partnership.
Interested parties should contact NCB Capital Impact through www.CAFreshWorks.com.
Individuals can also provide capital to support healthy food access in lower-income
communities across California by investing through the Calvert Foundation, by visiting
www.calvertfoundation.org. Investment amounts begin at $20.
What is The California Endowment’s financial commitment to FreshWorks?
The Endowment has committed up to $30 million in debt capital and $3.25 million in
grant dollars to support the California FreshWorks Fund. We continue to invite other
funders and/or investors to join us as partners in this effort.
Are there other Healthy Food Financing Initiatives around the USA?
The California FreshWorks Fund model is based on the successful Pennsylvania Fresh Food
Financing Initiative with some important modifications to address the specific needs of
California as well as today’s very different economic environment. While in PA the initiative
was initially funded with a $30 million grant from the State of Pennsylvania, the California
FreshWorks Fund was seeded with a $30 million investment and a $3 million grant from
The California Endowment and subsequently fully capitalized by a cohort of banking and
philanthropic investors.
So why did The Endowment create the California FreshWorks Fund?
Nutritious eating is a strong indicator of and closely linked to the reduction of risk for
chronic disease, specifically diabetes, cardiovascular disease and cancers. Further, the
availability of healthy foods where we live has been shown to influence what we choose to
eat as well as the prevalence of obesity and diabetes. Research has found that the presence
of a supermarket in a neighborhood is linked to higher fruit and vegetable consumption;
for each additional supermarket, the likelihood of residents meeting nutritional guidelines
increases by 33 percent. For these reasons, we knew that a fund similar to the Pennsylvania
Fresh Food Financing Initiative was critical to the overall health of California residents.
How does a grocery store support health?
You can’t eat healthy food if you can’t buy healthy food. In addition, health happens in a
variety of environments, including where we live, learn, work and play. When the necessary
health supports are present in a community - grocery stores, safe parks, sidewalks, bike
paths, good schools, community safety, opportunities for youth, living wage jobs, and
more - the health of its residents reflect that. Though a grocery store is but one piece of
the puzzle, it is an essential health component as it provides access to healthful food.
Healthy Food. Closer To Home.
Scott Sporte
Chief Lending Officer
California FreshWorks Fund
NCB Capital Impact
1333 Broadway, Suite 602
Oakland, CA 94612
510.496.2222 o
510.496.0404 f
Veronica Saldaña
Business Development Officer
Emerging Markets, Inc.
1024 North Orange Drive
Suite 120
Los Angeles, CA 90038
323.465.0406 o
323.465.0225 f
Tina N. Castro
Director, Impact Investing
The California Endowment
1000 North Alameda Street
Los Angeles, CA 90012
213.928.8635 o
213.253.0968 f
© 2012 California FreshWorks Fund
REV: 013012, FILE: CFWF_FAQ_9.B