College Possible, a nonprofit that helps low-income students, announced Friday it has secured $1 million from Massachusetts-based venture philanthropy fund New Profit Inc.
College Possible, based in St. Paul, coaches and encourages low-income students to go to college. The nonprofit said the money will help it increase the annual number of students in its program to 20,000 as early as 2015.
Currently, College Possible is helping 8,700 students in Minnesota, Nebraska and Wisconsin this school year. Since it was founded in 2000, 98 percent of its high school seniors have been accepted to colleges. New Profit will give $1 million over four years to College Possible.
As part of the deal, College Possible also receives consulting services from Massachusetts-based The Monitor Group.
“This really is like getting called up to the big leagues within the nonprofit sector and we are thrilled to receive this sort of support from New Profit at such a critical time,” said CEO Jim McCorkell in a statement.