Nonprofit Finance Fund Awarded $1 Million by Trinity Health to Support Michigan Nonprofits
Funds to Strengthen Financial Health of Local Community Organizations
DETROIT, Aug. 2 /PRNewswire-USNewswire/ -- Nonprofit Finance Fund (NFF) has been awarded $1 million from Trinity Health in Novi, Michigan, to improve the access to capital for Michigan nonprofits. NFF will use this investment to provide loans to nonprofit organizations in southeast Michigan, the home of seven of Trinity's 47 hospitals. The funds will be used to finance community facilities projects and organizations working in low-wealth communities, providing working capital for construction of buildings, facilities improvements, and equipment purchases.
The Michigan Nonprofit Association has reported that nonprofit organizations generate more than $108 billion each year in overall economic activity. More than $60 billion of it is in direct expenditures, which creates indirect economic effects of an additional $48 billion. Despite these economic benefits, many of the state's 47,000 nonprofit organizations struggle to meet their own working capital needs, which in turn enable them to effectively serve their communities.
"Gaining access to capital has always been challenging for nonprofits, but the situation has worsened significantly as a result of the economy, and the tightening credit markets," said Kevin Sweeney, Site Director for NFF's Detroit office. "Trinity Health's investment in our Michigan loan fund will strengthen our ability to support local nonprofits as they seek out lending as a strategic financing option."
As a not-for-profit health system, Trinity Health reinvests its profits back into the community through programs to serve the poor and uninsured, health education and promotion initiatives, and outreach for the elderly. Recognizing gaps in the health, economic, and educational development of communities, Trinity has partnered with community development financial institutions (CDFIs), including NFF, to invest in these communities through grants and lending.
"Trinity Health is dedicated to the well being of the whole person - body, mind, and spirit," said Daniel Hale, Executive Vice President, Trinity Institute for Health and Community Benefits. "We recognize the positive impact that healthy nonprofits have on our patients and the communities in which we operate, and believe that supporting their efforts will greatly enhance the quality of life for Michigan residents. A healthy and vibrant nonprofit sector is critical to Michigan's future."
Nonprofit Finance Fund is a nationally recognized leader in providing capital and consulting services for the social sector. Established in New York in 1980, NFF now has assets in excess of $80 million dollars and offices in eight cities. In 2000, NFF was invited by a group of public and corporate foundations to open a Detroit site to help strengthen the financial capacity of Michigan's nonprofit sector. To date, NFF Detroit has trained and consulted with hundreds of nonprofits and has provided over $15 million in lending. For more information about NFF's Michigan lending services, please contact: Detroit@nffusa.org.
About Nonprofit Finance Fund
A national leader in social sector finance, Nonprofit Finance Fund connects money to mission success through consulting, innovation, and direct investment. Founded in 1980, NFF (www.nonprofitfinancefund.org) provides services that build the capacity and durability of nonprofits. A leading community development financial institution with over $80 million in assets, NFF has provided over $200 million in loans and access to additional financing via grants, tax credits and capital in support of over $1 billion in projects for nonprofit clients nationwide. NFF has a staff of more than 75 serving nonprofits nationally from offices in New York City, Philadelphia, Newark, Boston, Detroit, Washington, D.C., San Francisco, and Los Angeles.
About Trinity Health
Trinity Health is the fourth-largest Catholic health care system in the country. Based in Novi, Mich., Trinity Health operates 46 acute-care hospitals, 379 outpatient facilities, 33 long-term care facilities, 20 Medicare-certified home health agencies and 15 Medicare-certified hospice programs in nine states. Employing more than 47,000 full-time staff, Trinity Health reported $7.0 billion in unrestricted revenue in fiscal year 2009. As a not-for-profit health system, Trinity Health reinvests its profits back into the community through programs to serve the poor and uninsured, manage chronic conditions like diabetes, health education and promotion initiatives, and outreach for the elderly. In fiscal 2009, this included nearly $400 million in such community benefits. In Michigan, Trinity Health provides the full continuum of care for Michigan's residents, with 15 hospitals, nine nursing homes, 19 senior housing facilities, eight home health care agencies and four hospices serving 35 counties. More than 27,000 associates provide care to one in 11 Michigan residents. For more information about Trinity Health, visit www.trinity-health.org or become a fan of the Trinity Health Facebook page at http://tinyurl.com/ylpm3np.
SOURCE Nonprofit Finance Fund