MINNEAPOLIS (AP) -- Nearly $4 million in loans will soon flow to Minnesota nonprofit groups thanks to a new, bank-sponsored fund.
The loans will help address the "triple threat" that nonprofits face from state, corporate and individual budget cuts, said Kate Barr, executive director of Community Loan Technologies, which provides loans and business education to nonprofits across the state.
"This is a unique moment where the banks have stepped up as nonprofits are facing their greatest hurdles," she said.
Participating banks include Wells Fargo, U.S. Bancorp and TCF Financial, which loaned $1 million each. American Bank, Western Bank, and the Otto Bremer Foundation, which owns Bremer Bank, kicked in $800,000 combined.
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