Overview
What is Fortis Capital?
Fortis Capital is a nonprofit organization situated in Minneapolis, Minnesota, with a focus on economic development and supporting financially challenged businesses. They specialize in providing affordable debt capital through their Participation Loan Program, allowing them to assist borrowers who might not qualify for loans otherwise. This strategy reduces risk for their lending partners, enabling them to extend debt capital that would otherwise be unavailable. Fortis Capital prioritizes businesses owned by people of color and operates primarily within the Minneapolis-St. Paul metropolitan area in Minnesota, aligning with their mission to foster and promote economic growth in disadvantaged communities.
Official website here: www.fortiscap.org
Is Fortis Capital legitimate?
Fortis Capital is a legitimate nonprofit organization registered as a 501(c)(3) entity. Fortis Capital submitted a form 990, which is a tax form used by tax-exempt organizations in the U.S., indicating its operational transparency and adherence to regulatory requirements. Donations to this organization are tax deductible.
Heare are some key statistics you may want to consider:
Executive Compensation: $110,784
Professional Fundraising Fees: $0
Other Salaries and Wages: $0
For more financial information, click here
Official website here: www.fortiscap.org
What is the mission statement of Fortis Capital?
Fortis Capital is dedicated to supporting economic development in challenged communities and assisting disadvantaged individuals, primarily in the Minneapolis-Saint Paul metro area. Their charitable purpose and mission involve fostering economic growth in these areas by providing access to debt capital for businesses. They achieve this by participating in loans, purchasing up to 75% of partner-approved loans, which mitigates risk and allows their lending partners to offer affordable debt capital that would otherwise be unavailable to economically challenged businesses. Fortis Capital's activities consist of making participation loans and managing their portfolio, while collaborating with loan capital funders and other investors.
Official website here: www.fortiscap.org
Who is the CEO of Fortis Capital?
Brian K Smith is the CEO of Fortis Capital The CEO's salary of Fortis Capital is $50,000 and their total compensation is $53,320.
Official website here: www.fortiscap.org
What is the revenue of Fortis Capital?
Fortis Capital's revenue in 2023 was $1,392,728.
Official website here: www.fortiscap.org
Who are the executives of Fortis Capital and what are their salaries?
The average compensation at Fortis Capital during 2023 was $55,392. There are 2 employees and 4 volunteers at Fortis Capital.
Here are 4 key members and their salaries (Fortis Capital's CEO's salary is $50,000 and their total compensation is $53,320):
- Compensation: $50,000
- Related: $0
- Other: $3,320
- Compensation: $50,000
- Related: $0
- Other: $7,464
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
Official website here: www.fortiscap.org
Where can I find the form 990 for Fortis Capital?
Fortis Capital's most recent form 990 was submitted in 2023 and can be accessed here.
Official website here: www.fortiscap.org
Learn more at the official website: www.fortiscap.org
Mission Statement of Fortis Capital
Fortis Capital, a financial organization, is dedicated to fostering and supporting economic development in challenged communities and for disadvantaged individuals. Their charitable purpose and mission primarily focus on the Minneapolis-Saint Paul metropolitan area in Minnesota. The organization engages in economic development finance, with a specific emphasis on providing debt capital to businesses owned by people of color and situated in underserved communities.
To achieve this goal, Fortis Capital implements a Participation Loan Program. Through this program, the organization purchases up to 75% participation in partner-approved loans. This strategy mitigates risk, allowing Fortis Capital's lending partners to extend affordable debt capital to economically challenged businesses that might not qualify for loans otherwise. By doing so, Fortis Capital broadens its reach and contributes to the growth and sustainability of these businesses, ultimately promoting economic development in the communities they serve.
Shop smarter and support your favorite cause with the Give Freely browser extension. Save money with coupons and donate to charity with a single click. Download now!
Impact
October, 2024
Fortis Capital plays a crucial role in fostering economic development in Minneapolis, focusing on providing access to debt capital for businesses owned by individuals of color and those located in economically challenged communities. Through its Participation Loan Program, Fortis Capital assists borrowers who might not qualify for traditional loans, effectively bridging the gap for underrepresented entrepreneurs.
By purchasing up to 75% participation in loans approved by its lending partners, Fortis Capital mitigates risk. This strategy enables lenders to offer affordable debt capital to businesses that may otherwise struggle to secure financing. The organization not only makes participation loans but also actively manages its portfolio and collaborates with loan capital funders to enhance its impact.
Ultimately, Fortis Capital's efforts contribute to community improvement and economic empowerment, helping to create a more equitable financial landscape and fostering growth in disadvantaged neighborhoods within the Minneapolis-Saint Paul metro area.
This information is meant to be a general summary of Fortis Capital. Please take the time to review official sources before making any decisions based upon the content provided here.
Financials
This financial information is from Propublica.
Other financial information:
This information is from the most recently submitted tax form from this organization, which was in 2023.
- Investment Income: $7,247
- Program Service Revenue: $106,193
- Gross Receipts: $1,392,728
Assets and Liabilities:
- Total Assets: $2,549,545
- Total Liabilities: $2,469,941
- Net Assets: $79,604
Want to help this charity, for free? You can click here to learn more about Give Freely
Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
INTEREST ON NOTES
Revenue
$97,018
OTHER LOAN FEES
Revenue
$4,700
LOAN ORIGINATION FEES
Revenue
$4,475
Organization Details
Founding Year
2019
Principal Officer
Brian K Smith
Website
www.fortiscap.orgNTEE Category
Code: S30 - Community improvement
If you are a representative of Fortis Capital and wish to learn more about how Give Freely can help you raise funds, please click here: https://givefreely.com/nonprofits/. Our services are offered at no cost to your organization.