Recovery Loans for Nonprofits in NYC Impacted By Hurricane Sandy

Posted on: December 21, 2012

Mayor Michael R. Bloomberg has 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.

Priority will be given to organizations that have suffered the most severe losses and/or are operating in the worst affected areas, and 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, foundation and corporate contracts and grants.

Nonprofit Assistance on nyc.gov has been updated to reflect the many supports available to nonprofits.

Posted December 21, 2012