If you work at a nonprofit, you know there are periods when government and foundation funds don’t arrive before bills and payroll are due. This can be anxiety-provoking, but no need to panic: Keep payments steady with the help of a cash flow loan.
Cash flow loans are a type of bridge loan that fill financial gaps until funding can be secured. The Fund for the City of New York operates a Cash Flow Loan program that 200-300 nonprofits rely on annually. The loan carries no interest and no origination fee–there’s only a one-time 2% service fee when loan funds are disbursed. Additionally, applications only take 3-5 days to process. Once secured, these loans have a profound impact on nonprofits.
“The Fund for the City of New York has been responsible for sustaining our organizational work since 2012,” said Larry Jayson, the Executive Director of Housing and Family Services of Greater New York (HFSGNY). “Without loans from the Fund, our staff and bills would not have been paid for many months during these 11 years. Had the Fund not extended us these loans, our organization would have gone out of existence no later than 2013.”
FCNY has long been a trusted source of loans for nonprofits like HFSGNY.
“Cash Flow Loans was established in 1976,” said Andrew Walrond, the Vice President of Loan Programs. “Since the inception of this small, little-known program, we have made over 16,500 loans, totaling $1.52 billion dollars.”
All 501c3 nonprofit organizations providing services in the New York City metropolitan area are eligible. Learn more and apply today for a bridge loan that will help you keep calm and carry on covering your costs.