Today Mayor Michael Bloomberg announced a new program to support New York City nonprofits impacted by Hurricane Sandy. With $5 million in support from the Ford Foundation—as well as funding from the Mayor’s Fund to Advance New York City, Capital One and the Robin Hood Foundation—the NYC Nonprofit Recovery Loan Program will provide interest-free loans ranging from $5,000 to $100,000 to local nonprofits devastated by the storm. The loans will cover operating and capital costs to those nonprofits qualified for reimbursement.
“We’re proud to join the Mayor and the City in making this fund possible,” said Luis Ubiñas, president of the Ford Foundation. “By helping the nonprofits people rely on most get back on their feet, this fund will go a long way in restoring communities. If we learned anything from Katrina, it is that the road to full recovery is long, challenging and painful in the places that have been most severely affected. This fund represents a long-term commitment to that recovery.”
The loans will be administered by the Fund for the City of New York, and the program will serve not only to help renew the many nonprofits effected but also as a reminder that “their efforts to rebuild New York’s neighborhoods are acknowledged and appreciated by the larger City.” Other support efforts include pro-bono legal assistance, briefings for federal reimbursements and filing procedures, and support at the NYC Restoration Centers.
Emphasizing the critical need for the program, Mayor Bloomberg described how the City relies on nonprofit partners for support. “They are trusted by their communities, and their close relationships and local knowledge make them invaluable when it comes to rapid-response. But they, too, are struggling in the wake of this disaster, and the NYC Nonprofit Recovery Loan Program will help them rebuild as they help the city rebuild.”
Read the announcement about the NYC Nonprofit Recovery Loan Program.