Majority Black Owned Firm Yellow Banana is set to expand access to quality, affordable, healthy food options in underserved communities in Chicago.
In a groundbreaking move, Yellow Banana, owner of eight Save A Lot locations in Chicagoland, teamed up with the City of Chicago to combat food deserts. The collaboration began in July 2022 when Yellow Banana, under the umbrella of the majority Black-owned firm 127 Wall Holdings, secured a $13.5 million Community Development Grant from Mayor Lori Lightfoot and the City. This generous grant, combined with Yellow Banana's funding, will result in a total investment of approximately $26 million. The aim? To revitalize six locations in underserved communities across the City's South and West Sides.
Yellow Banana's impactful journey is steered by the exceptional expertise and vision of its founders, each contributing a distinctive set of skills and experiences.
Michael Nance, one of the co-founders of 127 Wall Holdings, is a legal luminary with a profound commitment to creating positive societal change. Armed with a Juris Doctor (JD) from Yale Law School, Nance brings a wealth of legal expertise. His passion for social justice and community development is deeply rooted in his experiences, making him a driving force behind Yellow Banana's mission to combat food deserts.
"My legal background fuels my dedication to making a tangible impact in underserved communities. Yellow Banana is not just about business; it's about creating a sustainable and positive change in the lives of those we serve."
Ademola Adewale-Sadik, another co-founder with a JD from Yale Law School and an MBA from Harvard Business School, brings a unique blend of legal understanding and business strategy. His educational journey showcases a dedication to mastering the legal intricacies and the strategic vision required to lead 127 Wall Holdings. Adewale-Sadik is a key architect in shaping Yellow Banana's holistic approach to addressing food deserts.
Quote from Ademola Adewale-Sadik: "Our commitment goes beyond boardrooms and courtrooms. It's about leveraging our legal and business skills to foster positive change. Yellow Banana is our platform for making a real difference."
Walker Brumskine, the third co-founder with a JD from Yale Law School and an MBA from Harvard Business School, brings strategic foresight to the team. His dual expertise in law and business positions him as a key strategist within 127 Wall Holdings. Brumskine's ability to navigate legal complexities while envisioning long-term business success makes him an integral part of Yellow Banana's transformative journey.
"In our journey, we're not just navigating the legal landscape; we're sculpting a future where communities thrive. Yellow Banana's impact is about strategic, forward-thinking solutions."
Together, Michael Nance, Ademola Adewale-Sadik, Walker Brumskine, and Joseph Canfield form a dynamic leadership team steering 127 Wall Holdings towards its mission of transforming communities and combating food deserts through the impactful work of Yellow Banana.
1. July 2022: Yellow Banana, under the umbrella of 127 Wall Holdings, secures a $13.5 million grant from the City of Chicago, setting the stage for transformative changes.
2. December 2022: Yellow Banana partners with FlashFood, a digital marketplace providing discounted food nearing its best-by date, expanding its impact to Dallas and Jacksonville. This move aligns with Yellow Banana's commitment to affordable nutrition and reducing food waste.
3. April 2023: Yellow Banana closes a $26.5 million investment, combining the 2022 grant, New Markets Tax Credits, third-party financing, and its own funding. This marks a crucial step in their mission to enhance grocery stores on Chicago's South and West Sides.
Yellow Banana's commitment to battling food deserts goes beyond monetary investments. The $26.5 million will be utilized for comprehensive upgrades, including acquiring real estate, internal and external remodels, new flooring, lighting, HVAC, and more. These efforts will revive a closed Save A Lot location in Auburn-Gresham and breathe new life into five existing stores.
"We know how critical access to high-quality food at affordable prices is in many of these neighborhoods, and we, as a majority Black-owned company, are honored to be able to serve them." - Michael Nance.
Yellow Banana's strategic approach involves a combination of grants, tax credits, third-party financing, and its resources. This multifaceted funding strategy, led by a majority Black-owned company, ensures a holistic and sustainable impact on the communities they serve.
In summary, 127 Wall Holdings are not merely grocery store operators; they are catalysts for positive change in communities facing food deserts. They are transforming Chicago's food landscape one store at a time through strategic partnerships, innovative solutions, and a steadfast commitment.
