NYC COVID-19 Response & Impact Fund

Fund Update - May 26, 2020

Since March 27, NFF has received hundreds of applications, and the need far surpassed available funds; therefore, we are no longer accepting applications. 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. 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
 
NFF continues working to identify other ways to meet the needs of a range of nonprofits. 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.

 


 

March 27, 2020

A huge thank you to all of you who are on the front lines during this unprecedented time. We know you are doing everything possible to help your clients during this scary time. We’re here to help you.

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.

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. Loans will be unsecured and have terms of either 12, 24, or 36 months. Full repayment is expected. Financial and cash flow planning coaching will also be available to organizations that receive these loans. 

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.

Your organization is eligible to apply for a loan if you:

  • Be a 501(c)(3) nonprofit organization

  • Provide health and human services, particularly those supporting essential healthcare, food delivery, homeless services, workforce development, educational support, and early childhood education, or be an arts and culture organization

  • Have a minimum five-year history of providing services or programs in any of the five boroughs

  • Receive New York City or New York State government funding

  • Have an annual operating revenue of at least $750,000

  • Have a maximum annual non-governmental revenue of $20 million

  • Have generated unrestricted operating surpluses in at least two of the last three fiscal years

  • Have experienced no late payments (over 30 days) on debt service within 12 months prior to the COVID-19 health crisis 

Check out our FAQ page if you have questions about eligibility, the application, or the review process.

 

Loan Recipients of the NYC Covid-19 Response and Impact Fund 

Below is a list of the first nonprofit organizations to receive no-interest loans through the Fund. For a list of Fund grantees to-date, visit The New York Community Trust website. More loans and grants will be made over the coming weeks.

  • Bowery Residents' Committee, Inc.
  • BronxConnect (Urban Youth Alliance International)
  • Bronx Council on the Arts
  • Children of Promise, NYC
  • Children's Museum of the Arts
  • East Side House, Inc.
  • Elevator Repair Service Theater
  • Gina Gibney Dance
  • Grand Street Settlement, Inc.
  • Hebrew Educational Society of Brooklyn
  • Housing Court Answers
  • Mosholu-Montefiore Community Center, Inc.
  • RISE Rockaway Initiative for Sustainability & Equity
  • Reach Out and Read of Greater New York
  • Sephardic Community Youth Center, Inc.
  • Settlement Housing Fund, Inc.
  • Socrates Sculpture Park, Inc.
  • South Asian Council for Social Services
  • Stuttering Association for the Young, Inc. 
  • Theatre Communications Group, Inc.

NFF is committed to providing capital to organizations that place their communities at the center of their work. These organizations have direct connections to the people they serve and are responsive to the communities' priorities. As such, they are often best placed to provide essential services to address critical community needs. When these organizations are led by people of color, they face a funding system still grappling with a legacy of racism. NFF is committed to equity, and we strongly encourage eligible community-centered organizations led by people of color to apply.

Funders of the loan fund housed at the Nonprofit Finance Fund include Ford Foundation, The Jennifer and Jonathan Allan Soros Foundation, The New York Community Trust, Altman Foundation, SeaChange Capital Partners (through the New York Pooled PRI Fund), and Trinity Church Wall Street.

We are also grateful to these organizations for creating the NYC COVID-19 Response & Impact Fund: Bloomberg Philanthropies, Carnegie Corporation of New York, Doris Duke Charitable Foundation, Ford Foundation, Griffin Fund, Joan Ganz Cooney & Holly Peterson Fund, The JPB Foundation, The Estée Lauder Companies Charitable Foundation, The Andrew W. Mellon Foundation, The New York Community Trust, Jennifer and Jonathan Allan Soros, Jon Stryker and Slobodan Randjelović, Charles H. Revson Foundation, Robin Hood, Rockefeller Brothers Fund, Laurie M Tisch Illumination Fund, UJA-Federation of New York, and Wells Fargo Foundation.

Click here for the complete list of grant funders for the NYC COVID-19 Response & Impact Fund. 

If you’re interested in contributing to the Fund to help NYC nonprofits, let us know.

NEWS