Mayor Bloomberg Announced NYC Nonprofit Recovery Loan Program for Nonprofits Impacted by Hurricane Sandy

Mayor Michael R. Bloomberg announced several efforts to support New York City’s nonprofit organizations in the wake of Hurricane Sandy. Building on a strong commitment to support and strengthen the nonprofit sector, the initiatives include the NYC Nonprofit Recovery Loan Program, a $26 million bridge loan program, pro-bono legal assistance dedicated to nonprofits, briefings regarding federal reimbursements and filing procedures, updated nonprofit assistance information on NYC.gov and support for nonprofits at the NYC Restoration Centers.

The NYC Nonprofit Recovery Loan Program is supported by funders including the Mayor’s Fund to Advance New York City, the Ford Foundation, Capital One Bank, the Robin Hood Foundation and The New York Community Trust. It will be administered by the Fund for the City of New York. The program will provide interest-free loans ranging from $5,000 to $100,000 to New York City nonprofits impacted by Hurricane Sandy and will cover losses associated with the disruption of operations and property damage.

The NYC Nonprofit Recovery Loan Program will include the following criteria:
Priority will be given to those nonprofit organizations that have suffered the most severe losses and/or are operating in the worst affected areas. The loans will be made against expected claims to be filed with the nonprofit’s own insurance company and with FEMA, as well as against committed government contracts and grants, and foundation/corporate grants.

  • Loans may be used to cover both operating and capital costs that appear to qualify for reimbursement.
  • Loans will be in the range of $5,000 to $100,000.
  • Anticipated repayment will be within eight to 15 months.
  • Loans will be interest-free.
  • There will be no origination fee.

For more information and to apply for the NYC Nonprofit Recovery Loan Program please visit www.fcny.org.

Administration of the NYC Nonprofit Recovery Loan Program:

The NYC Nonprofit Recovery Loan Program will be administered by the Fund for the City of New York and will be modeled after its highly regarded Cash Flow Loan Program. Since that program began in 1976, hundreds of New York City-based organizations have depended on the Fund for its timely, efficient, and low- cost response to their need for bridge financing. The Fund currently lends up to $60 million annually to more than three hundred organizations. Since its inception, the program has made over 11,000 loans, totaling over $550 million.

Contact: Marc La Vorgna/Samantha Levine    (212) 788-2958

As part of the support to NYC’s nonprofits, a pro-bono legal initiative has been created with 1,400 volunteer attorneys from the Lawyers Alliance for New York City will assist nonprofits in real estate; employment law; government grants and loans; operating disaster relief programs; and insurance coverage. Legal assistance can be accessed by dialing (212) 219-1800 ext 224. All calls will be responded to within 24 hours.

Materials for the Arts, the City’s reuse center for non-profits with cultural programs, is providing impacted organizations with donated supplies and furniture. For more information go to http://www.mfta.org.

Additionally, the Mayor’s Office, in partnership with the City Office of Emergency Management, State Office of Emergency Management and FEMA, has conducted FEMA applicant briefing sessions attended by more than 500 nonprofits to understand critical information on being reimbursed for costs related to Hurricane Sandy. Nonprofits can also register for FEMA assistance at the Restoration Centers established by the City in Red Hook, Gravesend, Fort Tilden, Staten Island, Averne, the Rockaways and the Bronx. The deadline for applying to be eligible for FEMA compensation is December 2. For more info go to FEMA (http://www.fema.gov/apply-assistance).  Nonprofit Assistance on www.nyc.gov has been updated to reflect the many supports available to nonprofits.

Detailed information can be found here Non Profits Loan Fund.

Advertisements

Tagged: ,

%d bloggers like this: