HARAHAN, La.– ASI Federal Credit Union is reporting that a Healthy Food Financing Initiative it helping to address “food deserts” in a market famous for its cuisine.
Using a $3-million grant it received in 2011 as a community development financial institution, it has now created a revolving loan fund that has provided more than $1.5 million low-interest loans to local businesses working to eliminate food deserts, or areas that lack healthy food options, in their communities. The credit union said its HFFI program seeks to increase the availability of nutritious food choices in Orleans, Jefferson and St Tammany parishes, and that it is currently looking for more opportunities to partner with businesses that are helping provide nutritious food choices for underserved communities.
Projects that can be funded by ASI’s HFFI Loan Program can include, but are not limited to, community gardens with market stands, supermarkets, farmers’ markets, co-ops, urban farms, healthy corner store initiatives, bakeries, or healthy food restaurants with an emphasis on locally sourced or organic foods. The funds can be used for inventory, equipment, property purchase or renovation, construction, land acquisition and refinancing of business debt, the credit union said.
The New Orleans Food Co-op, located in the New Orleans Healing Center on St. Claude Ave., was one of the first businesses ASI partnered with.
“We couldn’t be more pleased with the great work that the New Orleans Food Co-op is doing and we are proud to be a partner in their success,” explained Mignhon Tourné, president of the $310-million ASI FCU. “ASI’s mission is to strengthen the financial health of underserved communities through financial services and education. When we can strengthen the financial health of our communities through partnerships with businesses that are improving residents’ quality of life, it’s a win-win for everybody.”
According to the USDA, an estimated 23.5 million people live in food deserts.