Minneapolis, Minnesota—Jan. 20, 2014 — Today, Nonprofits Assistance Fund (NAF), a nonprofit organization providing loans, financial training and management assistance to nonprofit organizations in Minnesota and the adjacent communities, announced an expanded focus on creative placemaking in support of the communities they serve. The Kresge Foundation recently awarded NAF a $500,000 grant for a two-year period to deepen work in creative placemaking by providing loans and management and planning assistance to organizations who are using arts and culture as assets to build stronger communities in Minneapolis and St. Paul.
Creative placemaking places art at the center of the planning, design and development of community spaces to drive improved social and economic capital. When arts and culture is integrated into a common public space, people and communities bond together in meaningful ways and economic diversity drives more opportunities for people to live, work, and thrive.
As one of the first nonprofit loan funds in the country to recognize the value of investing capital in creative placemaking projects, NAF has worked with organizations such as Juxtaposition Arts, TU Dance, and Park Square Theater with financing and management assistance to bring their visions for community and creative impact to reality. Over the next two years, NAF will also share their experiences and best practices with peers and partners by developing and sharing case studies.
Community leaders and public officials recognize the role of arts & culture and artists in creating vital communities. In an interview with Minnpost, St. Paul Mayor Chris Coleman said, “Integrating art and culture into a community creates a place where, when you walk down the street, you can feel the ‘pulse’ of the city. Art brings a sense of exploration and a sense of care. When you find those unique pieces of art, you say, this is a community that cares about itself.”
“The Kresge Foundation grant supports our ability to spend more time working with arts and culture nonprofits, community development organizations, and local government to invest in arts and culture as community assets,” commented Kate Barr, Executive Director at NAF. “This work will have a significant impact in building stronger communities, and we are excited to be able to expand our ability to make loans and provide financial guidance to such worthy organizations. We are also honored that we are recognized for our experience and knowledge in this area, and we look forward to sharing our experiences for others to benefit from.”
About Nonprofits Assistance Fund
Nonprofits Assistance Fund strengthens the community by investing capital and expertise in nonprofits. The organization works with nonprofits in all fields of service by offering loans, training, and financial management advice and resources to help them address unexpected events, finance new opportunities, and realize strategic goals. In the last year the Fund made 97 loans totaling $13 million for working capital and facilities to nonprofits. For more information, please visit www.nonprofitsassistancefund.org or call us at (612) 278-7180.
About The Kresge Foundation
The Kresge Foundation is a $3 billion private, national foundation that works to expand opportunities in America's cities through grantmaking and investing in arts and culture, education, environment, health, human services, community development and our place-based efforts in Detroit. See more at: http://kresge.org/
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Nonprofits Assistance Fund