The Otto Bremer Trust in St. Paul, Minnesota, has announced the launch of a $50 million emergency fund in support of organizations affected by and responding to the COVID-19 pandemic.
Established through OBT's Community Benefit Financial Company subsidiary, the fund will provide loans, lines of credit, cash, and other financial resources to organizations in Minnesota, Wisconsin, North Dakota, and Montana. CBFC is in the process of developing a streamlined application and approval process with the aim of providing frontline organizations with immediate financial assistance until longer-term solutions can be put in place.
During the 2008-09 financial crisis, OBT provided similar funding to nonprofits in the region, helping to stabilize organizations affected by the sharp economic downturn.
"During the Great Depression, Otto Bremer used his personal fortune to ensure the survival of banks and other organizations critical to their communities," said OBT co-CEO and trustee Charlotte Johnson. "OBT was created to continue the tradition of stepping forward in times of crisis and to build upon Otto's example."