This is part of the $95-million NYC COVID-19 Response & Impact Fund, hosted by the New York Community Trust, which is also offering grants to help organizations pay for protective equipment, cleaning supplies, technological assistance, and support for financial losses. Financial and cash flow planning coaching will also be available to organizations that receive these loans.
Loans will be unsecured and have terms of either 12, 24, or 36 months.
Loans will range from $100,000 to $3 million and can be used for a variety of purposes, including covering delays in government payments for services delivered, postponed fundraising events, and increased expenses to deliver services which will be reimbursed in the future. With generous support from the Ford Foundation and a group of leading New York philanthropies, we are providing no-interest loans to New York City nonprofit organizations working in the human services, with particular interest in those supporting essential healthcare, food delivery, homeless services, workforce development, educational support, and early childhood education, and arts and culture, so you can cover your costs while waiting for revenue that has been delayed by the current crisis. We know you are doing everything possible to help your clients during this scary time. We will post new funding opportunities and other resources on our COVID-19 Tools and Resources for Nonprofits page. If we receive additional funds for NYC COVID-19 Response & Impact Loan Fund NYC, eligible organizations that applied to the Fund and did not secure a loan will be considered and will not have to re-apply.Ī huge thank you to all of you who are on the front lines during this unprecedented time. NFF continues working to identify other ways to meet the needs of a range of nonprofits. The NYC COVID-19 Response & Impact Loan Fund has provided much-needed capital to organizations across the health, human services, and arts and culture sectors that are meeting the critical needs of thousands of New Yorkers, and this work would not have been possible without the support of the funders listed below. We’re still finalizing the last of the approved applications, but when complete, we will have administered nearly 45 loans, ranging from $100,000 to $3 million, with an average loan size of $830,000. Since March 27, NFF has received hundreds of applications, and the need far surpassed available funds therefore, we are no longer accepting applications. Resilience & Resolve: NYC COVID-19 Response & Impact Fund Report now available.
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