The Returnable Grant Fund (RGF) was created in 1992 in a collaboration among the Mayor's Office, the Office of Management and Budget and the Fund for the City of New York in an effort to get contract money to nonprofits as soon as a contract is signed.

Since its inception, the RGF has made over 3,000 loans totaling more than $170 million. RGF loans have no interest or service fee, and are typically available within 24 hours of approved loan request. An RGF Loan is typically one-twelfth of the total contract, for rent, utilities and payroll. Vendors are required to repay loans within 90 days.

Eligibility:
All New York City 501(c)(3) nonprofits with unregistered contracts with City agencies are eligible for a Returnable Grant Loan. The amount of the loan must be authorized by the New York City Mayor's Office of Contracts (MOC).

Process:

•  As soon as a contract has been submitted to the Comptroller's Office, a nonprofit may submit a "Statement of Need for Cash Flow Loan" to their Agency Chief Contracting Officer (ACCO).
• When approved, the ACCO will send the "Statement of Need" request form and agency approval to the Mayor's Office of Contracts (MOC) for its approval.
• Once MOC approves the need for a returnable grant, it asks the Fund to make the loan.
• Within 24-48 hours of receiving the request from MOC, the Fund has a loan agreement to be signed and a check ready to be picked up by the nonprofit.