Minority Developer Uses Small Change Crowdfunding Platform to Establish Food Markets in Underserved Detroit Neighborhoods
Purpose8 Real Estate Seeks to Raise Capital for New ‘Kornr Store’ Concept
DETROIT – July 20, 2022 – Purpose8 (P8) Real Estate, LLC, a black-woman-owned development company, is raising capital through Small Change, a mission-driven crowdfunding platform for real estate development, to establish a new concept called Kornr Store. Plans call for the stores to sell groceries and essentials in Detroit neighborhoods considered “food deserts.”
The funds raised through the offering will support the renovation of a two-story building, already purchased by P8 Real Estate, at 6224 16th Street in the NW Goldberg neighborhood, supplementing a bank loan and owner equity. The renovated building can accommodate the first Kornr Store on the ground floor and a two-bedroom rental on the second.
Brinda Devine, owner of P8 Real Estate, looks forward to bringing healthy food and drink options, along with personal and home goods, to neighborhoods that have long lacked these “life essentials.” She says: “We could have a long discussion on the why, but I would rather focus on a solution and create a why not.”
The project earned high scores on the Small Change Index™, which rates developers and developments according to social impact and assesses their commitment to ESG principles. Notable features include community green space and activities planned in partnership with NW Goldberg Cares, a community development organization.
“Brinda is challenging the status quo in so many ways,” says Eve Picker, founder of Small Change. “She’s bringing her 25 years of experience in real estate development to a zip code where it’s most needed,” noting that retail options in the neighborhood are scarce.
About Small Change
Small Change is a crowdfunding platform that enables developers to raise capital for real estate projects with social impact. Since its inception in 2016, Small Change has helped 36 developers raise over $10 million for projects in 20 cities, big and small, across the United States.
Small Change evaluates each project listed on its platform using its proprietary Small Change Index™, which employs a broad array of factors to determine social impact. Nearly 60% of the deals funded via the Small Change platform have either a minority and/or female sponsor, and all of them score above 60% on the Small Change Index. To date, 68% of the projects on the platform have included affordable housing and 74% have been located in underserved communities.
In 2020 U.S. News & World Report named Small Change one of the top seven real estate crowdfunding platforms.
Small Change - Rachel Antman, Saygency (212) 362-5837 [email protected]
NSSC Funding Portal, a SEC registered Funding Portal and member of FINRA, offers investments under Regulation Crowdfunding or Title III, per Section 4(a)(6) of the Securities Act. These investments are offered to everyone 18 or over.
This is not a solicitation of an offer to buy or sell any securities. The projects illustrated above may not be indicative of all projects on the platform. All investing is risky and includes the risk of loss. Securities are subject to liquidity risk and cannot be easily converted to cash. *Past returns do not guarantee future returns. If you are interested in learning more, please visit Small Change for educational material and detailed offering information. You can always say [email protected].