Two behind-the-scenes organizations that help thousands of Minnesota nonprofits figure out their finances, obtain loans, set up good governance and train employees have merged into a one-stop shop called Propel Nonprofits.
Propel's President and CEO Kate Barr on Monday unveiled the new name and the group's new offices near downtown Minneapolis.
Propel is the result of a merger between two Minneapolis-based nonprofit resource groups: MAP for Nonprofits, which focused on nonprofit leadership and board training, and the Nonprofits Assistance Fund, which offered loans, financial advice and consulting.
"We are now a comprehensive resource for nonprofits regarding finance, governance and their strategy," said Barr, who had led the Nonprofits Assistance Fund. "We love the new name because it gives a hint of what we do and it's really aspirational. It sums up why we exist."
Propel has 27 employees, a 20-member volunteer governing board and a new 9,300-square-foot office on the Minneapolis riverfront at SE. Main Street and Hennepin Avenue.
Propel oversees a $28 million capital loan fund that annually issues up to 130 loans ranging from $20,000 to $1 million to nonprofits. The loans often require less collateral than a conventional bank loan and are tailored for nonprofits.
"We are unique in our role nationally — bringing together the loan fund and all the other supporting services in one place," Barr said. "The only reason we exist is for nonprofits to be successful."