"It is a pleasure to work with NAF, who knows and understands your organization. It takes the anxiety out of dealing with finances."

Janet Ludden, President, Momentum Enterprises

Momentum Enterprises is not a typical business.  The result of a merger between Rebuild Resources and Project for Pride in Living Enterprises, Momentum operates three businesses - Custom Manufacturing, Second Chance Recycling and Furnish Office & Home – with a variety of green services, from mattress recycling to safe disposal of hospital materials, battery recycling and a second-hand furniture store.  More importantly, though, as a nonprofit social enterprise Momentum has a mission to hire those without much work experience or many marketable skills.  “Most businesses,” says Janet Ludden, President, “hire the most skilled people they can find, invest in them, and keep them for as long as they can.  We do the opposite.”  And while Momentum provides an invaluable experience for its employees/clients, it can be difficult to secure financing with such an atypical way of running their business.  “Your average banker will need a long conversation to be convinced that we know what we’re doing--and even then, it’s a bit wacky,” Ludden says.

Fortunately, Ludden knew about Nonprofits Assistance Fund from her previous nonprofit experience. Momentum’s contracts with the City of Minneapolis and other customers are paid 30 – 45 days after providing their services, so they watch the ups and downs of cash flow carefully. They turned to NAF for a line of credit, and again for a bridge loan to improve their building. “Truly, I think that it’s just a pleasure, a real pleasure, to walk into that office, know that we’re going to sit down with Allison [Wagstrom], who knows and understands us.  She’s so positive, she’s so encouraging, it’s just a joy to do business with them.”

What’s next for Momentum?  More growth, in every way they can.  They hope to increase the number of jobs for people facing employment barriers, strengthen their relationship with current business partners, find new business partners, and even create new business ventures.  “Growth is the goal,” Ludden told us, “and everything is on the table.”

Photo credit: Momentum Enterprises