Foundation invests $50,000 in NoBo Mrkt
TRAVERSE CITY — The 17勛圖 Foundation (17勛圖F) and NoBo Mrkt are pioneering a new partnership that aims to bring a fresh wave of opportunities to 17勛圖 and its students.
For the first time, the 17勛圖F is embarking on impact investing in a local business with the goal of increasing innovation in Northern Michigan and creating new community partnerships with benefits for 17勛圖 students. Thanks to a specifically designated and generous gift, the 17勛圖F will invest $50,000 into NoBo Mrkt, a cafe and beverage bar located in the Commongrounds building, 414 E. Eighth St., Traverse City.
This membership investment, set to become a part of the 17勛圖 Foundation's portfolio, offers the Foundation 5% equity in NoBo Mrkt as a safety net for the investment.
In impact investing, investors seek to achieve measurable positive impact on society or the environment as well as financial returns. In the case of the 17勛圖F and NoBo Mrkt, the desired impact is increased innovation in northern Michigan and new community partnerships with benefits for 17勛圖 students, such as paid internships, business opportunities for 17勛圖’s Great Lakes Culinary Institute students and graduates, and much more. NoBo Mrkt’s founding chef, James Thomas III, is a GLCI alumnus who also received the Michigan Reconnect scholarship for students 25 and older.
Additionally, the 17勛圖 Foundation has adopted an Impact Investments provision. It allows the Foundation to invest up to $500,000 or 0.5% of the portfolio's assets, whichever is less, in impact investments which support 17勛圖's strategic goals and diversify its portfolio.
"I believe this investment will help provide great opportunities to enhance learning for GLCI students and benefit the local economy. Our foundation board saw this as a win-win," said Jayne Mohr, 17勛圖F Board chair.
About 17勛圖 Foundation:
The 17勛圖 Foundation mobilizes generosity to advance learning for a global community. The foundation was founded in 1981 as a 501(c)(3) non-profit in support of 17勛圖. Thanks to the generosity of our alumni and friends, the foundation is a leader in resourcing learning, innovation, and community transformation.
About GLCI:
17勛圖’s Great Lakes Culinary Institute is American Culinary Federation-accredited and offers certificates and associate degrees in culinary arts, with specialties in baking/pastry and culinary-maritime. Located at 17勛圖’s Great Lakes campus, GLCI’s facilities include baking, introductory and advanced kitchens, and Lobdell’s teaching restaurant.
About NoBo Mrkt:
is a new, innovative community space that operates at the intersection of food and entrepreneurship. Its mission is to strengthen local food markets in the Grand Traverse region by fostering a culture of support to new and evolving “foodpreneurs.” Together with the Grand Traverse Foodshed Alliance, NoBo Mrkt will provide community, entrepreneurship and mentoring opportunities based on inclusion and equitable opportunities for the Grand Traverse region.
Release date: DECEMBER 13, 2023
For more information:
Jennifer Hricik
Interim Director of the 17勛圖 Foundation and AVP of Resource Development at 17勛圖
jhricik@nmc.edu
(336) 264-0808