Contact: Neal Spinler, Communications and Development Associate

Phone: 612.278.7187

Fax: 612.278.7181

Email: nspinler@nonprofitsassistancefund.org

Web: www.nonprofitsassistancefund.org

Wells Fargo Makes $1M Investment in Nonprofits

Minneapolis, MN – NONPROFITS ASSISTANCE FUND (NAF) has received a commitment of one-million dollars from the WELLS FARGO COMMUNITY DEVELOPMENT CORPORATION (WFCDC).  The funds are a capital investment in the Minnesota Nonprofits Assistance Fund to be used to make loans to nonprofit organizations.

WFCDC has made an investment of $750,000 and has committed to an additional $250,000 to be provided later in the year.  The one-million dollar investment marks the second time that WFCDC has provided long-term capital for NAF loan funds.

“Wells Fargo has once again proven that they are a leader in Minnesota communities with their latest capital investment to the MNAF,” states Kate Barr, NAF Executive Director.  “Wells Fargo has a strong understanding of how important nonprofit financial health and growth is to the vitality of the state.  These funds will help nonprofits to thrive and enhance their communities.”

For over 25 years, Nonprofits Assistance Fund’s loan funds such as the MNAF, have been providing loans to nonprofits across the region to assist with program expansion, equipment purchases, facility projects, and cash flow shortages.  In 2006, NAF approved 76 loans totaling over $4.7 million.  76% of the loans were to nonprofits that primarily serve low and moderate-income clients.  NAF loans have supported a number of projects including the Ritz Theatre renovation, Hiawatha Commons Housing Project, Payne-Phalen Living at Home-Block Nurse Program, and West Side Community Health Services’ new building.

Kate Barr adds, “Thanks to the support of companies like Wells Fargo, we will be able to continue our mission of fostering community development and vitality by giving nonprofits the tools and funds they need to become financially healthy.”

Nonprofits Assistance Fund is a nonprofit community development organization that fosters vitality by building financially healthy nonprofits. Nonprofits Assistance Fund provides financing for working capital, cash flow, equipment and facilities projects with a focus on strengthening the operation and mission of nonprofits. They also offer financial management workshops and advice that improve nonprofits’ capacity to carry out their mission.

 
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