Foundation invests $50,000 in NoBo Mrkt
TRAVERSE CITY — The Northwestern Michigan College Foundation (NMCF) and NoBo Mrkt are pioneering a new partnership that aims to bring a fresh wave of opportunities to NMC and its students.
For the first time, the NMCF 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 NMC students. Thanks to a specifically designated and generous gift, the NMCF 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 NMC 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 NMCF and NoBo Mrkt, the desired impact is increased innovation in northern Michigan and new community partnerships with benefits for NMC students, such as paid internships, business opportunities for NMC’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 NMC 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 NMC'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, NMCF Board chair.
About NMC Foundation:
The NMC 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 Northwestern Michigan College. Thanks to the generosity of our alumni and friends, the foundation is a leader in resourcing learning, innovation, and community transformation.
About GLCI:
NMC’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 NMC’s Great Lakes campus, GLCI’s facilities include baking, introductory and advanced kitchens, and Lobdell’s teaching restaurant.
About NoBo Mrkt:
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 NMC Foundation and AVP of Resource Development at NMC
jhricik@nmc.edu
(336) 264-0808