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Southwest Florida Impact Partners reports millions deployed, says private equity fund fell short
Summary
Southwest Florida Impact Partners told the Fort Myers CRA board it helped deploy private and philanthropic capital into Dunbar-area businesses and development but failed to close a dedicated $2 million equity fund; partners say more than $3 million in equity and $10 million in development value were deployed over five years.
Dan O'Berski, representing Southwest Florida Impact Partners, told the Fort Myers Community Redevelopment Agency board that the nonprofit partnership did not close a planned equity fund but helped channel capital into the Dunbar neighborhood and MLK corridor.
"Over the course of the five years, we have deployed with our partners and with other private partners in excess of $3,000,000 equity and over $10,000,000 of development value," O'Berski said, summarizing activity the group has tracked while working with banks and local partners.
The presentation said a preliminary $1 million commitment from Bank of America and additional private commitments brought the initiative near $2 million in preliminary equity pledges, but that an independent $2 million equity fund proved too small to sustain a stabilized operating organization and was not closed. O'Berski said the organization's work instead pursued a mix of bank lending and private investment. He described continuing relationships with PNC, Bank of America, FineMark, Edison Bank and others to make capital available for lending and development.
The group emphasized work on small-business stabilization and community engagement. O'Berski said Southwest Florida Impact Partners assisted with distributing more than $1 million in small-business assistance in partnership with the county and with placing businesses into the Enterprise Center. Board members pressed for examples of businesses helped; O'Berski said a list of 220 businesses that were assisted exists and that he could share it with the board.
Board members and staff asked whether any of the funds remain available for new investments. O'Berski said the money raised went directly into businesses and was not held by Southwest Florida Impact Partners, so there is not a standalone grant pool remaining under the group's control. He said the partners remain active in the community and that private ventures are pursuing additional capital for development projects, noting that two houses were starting construction as a result of the group's work.
The presentation covered technical supports used by the partners, including accounting and marketing assistance for businesses transitioning from home operations to formal storefronts, and mentoring through the Enterprise Center. Board discussion focused on obtaining the names of businesses served and whether the group's model could be revived or retooled. O'Berski said the original private-equity strategy had been adapted into different, more efficient formats and that the partners remain engaged with mentoring and referrals even after funding deployments ended.
The board did not take formal action on the presentation. The group closed its reporting period on Dec. 31, 2024, the presenter said, and thanked the CRA for its investment and partnership.
