Thursday, June 18, 2009

$75K emergency loans available to Nonprofits

Thanks to additional funding from The Meadows Foundation, the Center is now offering loans for agencies affected by the recent economy. 

To qualify for a loan, an organization must:

  • Be a 501(c)(3) organization, incorporated and operating in the state of Texas;
  • Have a Board of Directors with at least five unrelated members, and be empowered to borrow;
  • Be able to submit monthly financial statements and cash flow projections;
  • An applicant must be creditworthy.

Terms & Conditions for the Community Response Loan Fund:

  • Amount: Up to $75,000.
  • Interest Rate: Determined at the time of loan approval, but generally between 0% and 3%.
  • Maturity: Up to 4 years. Repayment schedule is flexible, based on the borrower’s projected cash flow.
  • Collateral: Unsecured.
  • Loan Administration Fee: No Fee.

Application Process:
Before submitting a formal application, complete the Pre-Qualification Scan to find out if you might qualify for a loan.

Loan requests are reviewed and approved by the Nonprofit Loan Committee, which meets monthly. In general, a loan request is reviewed by the committee approximately 20 business days after a complete loan application package is submitted.

For more information about the Community Response Loan Fund, contact Ryan Smith, Associate Director of Financial Services, at smith@cnmdallas.org or 214/826-3470, ext. 248.