EDINA, Minn.--(BUSINESS WIRE)--Minnesota Bank & Trust (MBT) has announced the result of their partnership with the Charter Schools Development Corporation (CSDC) and Nonprofits Assistance Fund (NAF). MBT led the financing project that will enable Hiawatha Academies to build a new public charter school in South Minneapolis. The new school will initially serve high school students before becoming a middle school in the 2018-19 academic year.
This financing package is the third time MBT, CSDC and NAF collaborated for continued improvement in the community. In 2013, financing was made possible for the school’s first elementary school, Morris Park, and the acquisition and renovation of its second elementary school campus, Northrop. “We could not be more pleased with the partnerships we’ve built with Hiawatha, CSDC and NAF,” said Kelly Elkin, Senior Vice President of Nonprofit Services at Minnesota Bank and Trust. “MBT’s role in providing bank qualified tax-exempt financing for Morris Park, Northrop and now Hiawatha Collegiate High School, demonstrates our belief in Hiawatha’s work of educating students.”
“CSDC’s role as nonprofit owner and landlord to Hiawatha Academies at three of its four campuses would not have been possible without the financial support from MBT and NAF,” said Michelle Liberati, Executive Vice President of the Charter Schools Development Corporation. “CSDC’s relationship with Hiawatha has been an incredibly rewarding journey, and we’re impressed with the impact the school has had, and will continue to have, on so many deserving students. Access to lenders like MBT and NAF is critical to the ability of Hiawatha to scale its impact in the South Minneapolis community.”
NAF Executive Director Kate Barr commented: “Our partnership with MBT helps us meet our mission of strengthening community by investing in nonprofits. We’re able to leverage financing from the bank with our expertise working with charter schools to have an important impact on kids and families. This project needed a creative, committed bank to make it work, and the team at MBT was exactly what was needed.”
Hiawatha Academies is an organization dedicated to empowering students of all ages. “We are deeply grateful for the ongoing support we have received from MBT, CSDC, and NAF,” said Sean Elder, Chief Operating Officer of Hiawatha Academies. “At Hiawatha, we believe in the full potential of every scholar and are preparing a pathway for them to graduate from college and serve the common good. Thanks to the collaborative partnership with MBT, CSDC, and NAF, even more scholars will have the opportunity to fulfill that potential. We couldn’t be more thrilled about the strong community partnerships that have made the new school facility possible.”
About Minnesota Bank & Trust
Minnesota Bank & Trust, a subsidiary of Heartland Financial USA, Inc., (NASDAQ: HTLF), is a state-chartered community-invested bank with offices in Edina, MN. With a focus on business, nonprofit, personal lending and deposit services, we are dedicated to making Great Things Happen!™ for our customers. Visit www.mnbankandtrust.com to learn more. Minnesota Bank & Trust is a member of the FDIC and an Equal Housing Lender.
About Nonprofits Assistance Fund
Nonprofits Assistance Fund strengthens the community through the investment of capital and expertise in nonprofits. The organization works with various nonprofits and offers loans, training and financial management advice and resources to help address unexpected events, finance opportunities, and realize strategic goals. Within the past year, the Fund made 98 loans totaling $13 million for facilities and working capital to nonprofits. www.nonprofitsassistancefund.org
About Charter Schools Development Corporation
Charter Schools Development Corporation, a 501(c)(3) nonprofit corporation and Community Development Financial Institution (CDFI), promotes innovation and excellence in education by helping charter school entrepreneurs and leaders finance, build and expand their school models, with the goal of ultimately improving student achievement by increasing school choice within the American public education system. www.csdc.org
About Hiawatha Academies
Hiawatha Academies is a network of high-performing college preparatory charter schools located in South Minneapolis. Our mission is to empower all Hiawatha scholars with the knowledge, character and leadership skills to graduate from college and serve the common good. www.hiawathaacademies.org