Central Minnesota nonprofits begin financial resiliency program
Leaders of seven area nonprofit organizations will participate in an Initiative Foundation program that builds their financial skills and creates a social enterprise business plan to create more resilient and sustainable mission-driven operations.
In the yearlong Thriving Organizations Partnership (TOP) Financial Resiliency through Social Enterprise program, nonprofit executives and board members will learn financial leadership, capitalization, financing and business planning strategies to create or expand an earned-income social enterprise business model. Each organization will develop a business plan and receive a $10,000 grant to help launch their social enterprise activities.
Organizations selected for the financial training are:
• Central Minnesota Habitat for Humanity
• Central Minnesota Sustainability Project
• Faith in Action of Sherburne County
• Lakes Area Restorative Justice
• Leech Lake Tribal College
• Pine River-Backus Family Center
• Seven County Senior Federation
According to the Minnesota Council on Nonprofits, during the prolonged economic downturn between 2007 and 2010, Minnesota businesses shed 6.9 percent of their employees, while the nonprofit workforce grew by 4.6 percent, adding stability to local economies.
“Nonprofit organizations not only provide critical support and services to central Minnesota communities, they also serve as a major employer in the region.” stated Linda Holliday, Vice President for Organizational Development, at the Initiative Foundation. “While it’s essential that they maintain a solid focus on carrying out their charitable mission, nonprofits must be keenly aware of their financial business model and be prepared to secure alternative sources of revenue when government and private funding sources are diminishing.”
Based in Little Falls and serving central Minnesota’s 14 counties, the Initiative Foundation offers grants, business loans and a variety of leadership programs that enable citizens to build stronger communities.