Started May 11, 1977, the Beverly Local Company was formed to offer small business loans for business owners to purchase, working capital, and small real estate improvements. For 30 years, the agency has been operating in the Beverly/Morgan Park neighborhoods on Chicago’s far south side. In 2007, the Board of Directors decided to expand the services of the agency to include neighborhoods east of Interstate 57 (I-57).With the expansion, the Board of Directors changed the name to Far South Community Development Corporation (Far South CDC). Since 2007, the agency has:
- Assisted in the development of 488,000 square feet Marshfield Plaza
- Established 10-year Special Service Area #45 Business District Agreement along South Halsted Street
- Assisted in the development and opening of the 34-acre Ray & Joan Kroc Recreation Center
- Established and implemented the $3M Micro-Market Recovery Program (MMRP) in joint-venture with Chicago Neighborhood Initiatives
- Completed the 119th Street Corridor Plan, which is a comprehensive corridor development plan for 30-acres of former industrial land
- Acquired Special Service Area #49 Business District- South Shore Exchange
- Acquired 6-acres of commercial property valued at $2.4M along 115th Street & Halsted through the Cook County Land Bank Forfeiture Program
- Established the Illinois Small Business Development Center (IL SBDC) funded by the Department of Commerce & Economic Development (DCEO)
- Service Provider for the South Halsted and 79th Street Retail Thrive Zones (RTZ) and Neighborhood Opportunity Fund (NOF)
- Hosted the South Halsted Neighborhood Market through the acquisition of the Greater Roseland/West Pullman Food Network.
- Acquired Genesis Housing Development Corporation as a subsidiary HUD-certified housing agency.
- Signed a Memorandum of Understanding (MOU) as an economic development agency with the Roseland Community Medical District (RCMD)
- Funded by J.P. Morgan Chase Bank Foundation to form the Transportation, Distribution, Logistics (TDL) Career Pathway Consortium with Olive Harvey Community College and Calumet Area Industrial Commission
- Certified as a Community Development Entity (CDE) by the U.S. Department of Treasury