FFL offers bridge loans to nonprofits in times of need
Our bridge loans offer nonprofit organizations the working capital they need to continue providing critical services to communities and individuals. For nonprofits waiting for committed funds from government agencies and foundations or other contracts, our loan can help your organization continue operating.
As a statewide group that invests in leadership, public policy and community development finance, Foundation for Louisiana, as part of its Community Investment Fund, provides bridge loans to help nonprofits deliver services and complete projects.
Our bridge loans offer nonprofit organizations the working capital they need to continue providing critical services to communities and individuals. For nonprofits waiting for committed funds from government agencies and foundations or other contracts, our loan can help your organization continue operating such as paying staff, purchasing supplies, and launching programs until funds are received.
With its quick processing time, minimal application fee and low interest rate, the Bridge Loan Program plays a vital role in allowing nonprofits to continue to function.
If your nonprofit needs this kind of temporary financial support, consider applying today. Loans can be provided up to $20,000 for up to 12 months. Limited funding is available.
Some conditions for the loan include:
• Applicants must apply and pay an $500 application fee
• Applicants must provide evidence of committed grants or contracts for which the loan proceeds will be used to bridge receipts
• Minimum loan terms and covenants will apply
Only nonprofits are eligible to apply for bridge loans.
These loans have a proven track record of success among state nonprofits.
“We started using the loan fund to help us bridge the reimbursement gap on our Baton Rouge Community Development Block grant, which funds almost all of our training programs and operations in Baton Rouge,” said Darcy McKinnon, executive director of the New Orleans Video Access Center (NOVAC) for New Orleans and Baton Rouge. “We applied for the bridge loan, which we have used three times to help us weather the cash-flow gap. Essentially, the bridge loan has been responsible for our ability to open and sustain our Baton Rouge office, which has then resulted in us being able to train over 700 low-income adults for creative industry jobs, offer summer camps through the East Baton Rouge Public Libraries that served over 75 students as well as other projects.
“We can say that the bridge loan has been essential to helping ground NOVAC in fiscal sustainability.”
For more information about Foundation for Louisiana’s Community Investment Fund, please contact Lydia Cutrer, Director of the Fund, at [email protected]