Applications are now open for loans as part of the $75-million NYC COVID-19 Response & Impact Fund, hosted by New York Community Trust and administered by the Nonprofit Finance Fund (NFF).
No-interest loans are available to human services and arts and culture nonprofits that are based in New York City. The loans are made possible by a cohort of leading New York-based funders, including Ford Foundation, Bloomberg Philanthropies, Robin Hood, Rockefeller Brothers Fund, UJA-Federation of New York, and a host of others.
The purpose of the fund is to cover costs while waiting for revenue that has been delayed by the COVID-19 crisis. Delays could include government payments for services delivered, postponed fundraising events, and increased expenses to deliver services which will be reimbursed in the future.
The NYC COVID-19 Response & Impact Fund also is offering grants to help organizations with protective equipment, cleaning supplies, technological assistance, and support for financial losses.
Loans will range from $100,000 to $3 million and will be unsecured, with terms of 12, 24, or 36 months. They are geared toward nonprofits with annual revenue of at least $750,000. Full repayment is expected and financial and cash flow planning coaching will be available to those organizations that receive them.
To be eligible to apply for a loan, organizations must be a 501(c)(3) nonprofit, based in New York City, have annual non-governmental revenue of $20 million or less, receive New York City or New York State government funding, and “have a track record of delivering effective programs and services equitably for New York City residents.”
The application, which can be found here, is the first step in requesting a loan from NFF. A short survey designed to determine whether an organization meets eligibility requirements for the loan program takes about 15 minutes to complete. The survey includes requests for information about an organization’s service area, sector, indicators of financials, and how the loan intends to be used.
If you have any questions or need assistance, you can contact [email protected]