Community Asset Builder Program
Nonprofits are trusted community resources and assets. The Community Asset Builder program provides nonprofits access to capital they need to achieve financial stability, serve more people, and invite them into their spaces. Each nonprofit facility project would also serve as a statement in a community that has been underinvested in—operating in that property, on that street.
Ready to apply?
Please contact Propel’s Loan Fund Director, Hibo Abdi if you are interested in applying. As part of your application process, we will confirm you are in an eligible area.
The process of acquiring and managing a facility is complex and requires careful planning, access to resources, and flexible financing. That’s why Propel has developed this product and program to help nonprofits acquire community facilities. In addition to loan capital, feasibility grants may be available to borrowers to support project planning. Here’s what we’re offering:
- A partner who can advise on project finances, with a deep insight into nonprofit business models
- Technical assistance
- Feasibility grants
- Our success in leveraging dollars
Our goal is to help BIPOC-led nonprofits acquire or renovate their own facilities and provide long-term, stable, and quality services to their communities.
Eligibility
- Funds must be used for acquisition or renovation of nonprofit community facilities
- Nonprofit must be located in Minnesota and border communities
- Facility must be located in Equitable Recovery Areas as defined by CDFI fund. As part of your application process, we will confirm you are in an eligible area.
- Organizations whose board is comprised of at least 50% of individuals who identify as BIPOC
- Organizations with annual operating budget under $10 million
Terms and Rates
- Max term 7 years amortized over 20 years
- Rate 6.5%
- Loans up to $1.2 million with the opportunity to leverage debt with other lenders
- Feasibility grants up to $10k may be available to support predevelopment costs
How to Apply
Please contact Hibo Abdi if you are interested in applying:
Loan Fund Director, Propel Nonprofits
612-249-6678
As part of your application process, we will confirm you are in an eligible area.