Enterprise Supports Honor Capital's Newest Save-A-Lot Store
More than a thousand customers shopped at Wichita’s new Save-A-Lot grocery store during its Grand Opening on Wednesday. Some even braved freezing temperatures for more than 90 minutes to join us as we cut the ribbon with our partner Honor Capital. Community members expressed gratitude for the new store as they navigated the aisles. The Save-A-Lot will expand healthy food access to nearly 1,500 low-income families and seniors and will create 12 new jobs.
Enterprise Community Loan Fund leveraged a Healthy Food Financing Initiative award from the CDFI Fund to invest in Honor Capital’s efforts to fight food deserts. Honor Capital was formed by five Naval Academy classmates who, after serving overseas, returned home wanting to remain part of something larger than themselves.
Enterprise provided Honor Capital a $500,000 working capital loan to support the business’ growth and expansion and $844,000 in financing to support the construction of the Wichita store. Since 2014, Honor Capital has opened four Save-A-Lot grocery stores across the nation in an effort to improve health and economic outcomes for those living in food deserts. In Wichita, for example, the recent closing of three Walmart stores has reduced access to healthy food in a city with over 44 square miles of food deserts.
Fresh Food Improves Health Outcomes
Enterprise believes that Honor Capital’s work matters. Greater access to healthy food has been shown to decrease risk for obesity and diet-related diseases such as diabetes. Communities of color are disproportionately challenged, as counties with higher-than-average percentages of residents of color have fewer healthy food retailers like Save-A-Lot. By partnering with Honor Capital to create more grocery stores, we hope to improve the health of residents and increase economic opportunity in these communities.
For more information on partnering with Enterprise Community Loan Fund to create opportunities for those in need, contact Rachel Reilly Carroll at email@example.com.