Minneapolis, Minnesota—Dec. 9, 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 that it is now offering long term, affordable loans for facilities and real estate projects to nonprofits thanks to a new partnership with IFF, based in Chicago. This expansion of NAF’s loan capacity will complement its long history with working capital loans for nonprofits.
The first loan of this type has been made to the International Spanish Language Academy (ISLA). ISLA is a Spanish immersion school in Minnetonka, Minn. that recently received the Blue Ribbon School award from the U.S. Education Department in 2013. ISLA is one of the highest performing schools in its community. The school’s facilities are currently equipped to support a maximum of 334 students, K-6. This $1.2 million loan, financed this fall by Nonprofits Assistance Fund, will allow the school to own its own building through a nonprofit building company.
“We are excited to support ISLA as they expand their ability to positively impact families, children, and their surrounding communities,” says Kate Barr, Executive Director at NAF. “True to our mission, our commitment to providing financial support and expertise to nonprofits continues to grow as we expand our offering to help nonprofits acquire and improve the best quality facilities for their programs.”
“While ISLA was able to secure the majority of the necessary funding with their primary lender, Minnesota Bank and Trust, there was a gap they needed to fill,” commented Phil Hatlie, Loan Officer at NAF. “In partnership with IFF, we were able to help ISLA secure the additional loan they needed to complete their building purchase, which in turn allows them to provide a valuable education to students in a high achieving Spanish immersion charter school. It is very rewarding to be able to help them achieve their goals.”
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 102 loans totaling $13 million for working capital and facilities to nonprofits in Minnesota. For more information, please visit www.nonprofitsassistancefund.org or call us at (612) 278-7180.
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Nonprofits Assistance Fund