Impact Investment Helps Local Nonprofit Purchase Building for Additional Services
- May 30, 2018
Lakes & Prairies Community Action Partnership held an open house and ribbon cutting on May 18 to celebrate the opening of their new office in south Moorhead. This is the first building Lakes & Prairies has ever owned; a major milestone for the organization.
The FM Area Foundation provided a $100,000 impact investment loan to help secure the down payment for the building, which now houses two full-day, full-year Head Start classrooms, Child Care Aware staff, and outreach and self-sufficiency services.
“I want to give a very special thank you to the FM Area Foundation and Tim Beaton. We were able to partner with them on an investment loan that tremendously helped make this dream come true,” said Lori Schwartz, Executive Director of Lakes & Prairies.
This was the first impact investment the Foundation has done.
“In 2015, our Board made a decision to do something that other community foundations are doing and that is to move into an area called local impact investing. We’ve given back to the community in our almost 60 years of service about $48 million dollars in the form of grants. Grants can only do so much. What you need to do is put capital into it, to invest in it. This project has given us the opportunity to do that. We are one of the participants. We are grateful for Bremer because we piggybacked off what they did in terms of due diligence,” said Tim Beaton, Executive Director of the FM Area Foundation.
Impact investments generate both a social and financial return. In this case, Lakes & Prairies now has the capacity to extend their services to help serve more families in the area. A few of their outreach and self-sufficiency programs include working with the homeless population to find housing, food support services, and guidance on MNsure. They are also housing eight Child Care Aware staff who will offer professional development and coaching for childcare providers.
This partnership is a great example of what can be done through the power of local impact investments.
Thank you Lakes & Prairies for what you do for the community!