A $5 million revolving loan fund for local non-profits is set to launch next week, the Inland Empire Community Foundation announced.
The Inland Empire Nonprofit Loan Fund is supported by $2.8 million from the Riverside Nonprofit Resilience Fund, approved by the Riverside City Council last year, and by $3 million from the San Bernardino County Nonprofit Revolving Loan Fund.
Starting Dec. 1, local nonprofits can apply for flexible, affordable loans designed to help them strengthen operations, manage cash flow and expand their work, particularly in underserved and low-income communities, the foundation announced.
“Non-profits do so much of the heavy lifting that bolsters the efforts of local government,” Riverside Mayor Patricia Lock Dawson said. “This revolving loan fund will assist non-profits in growing their reach and the loan repayment will ensure those resources are available for future needs.”
Those sentiments were echoed by Michelle Decker, CEO of the loan fund.
“Nonprofits carry so much of the work that holds our region together. This fund gives them access to capital that helps them stay strong and keep serving, especially in communities where support is often hardest to find,” Decker said. “The city of Riverside, San Bernardino County and IECF share a belief that strong communities start with strong nonprofits. By investing together, we’re helping local organizations build stability and impact across the Inland Empire.”
The fund will oversee loan administration to help local organizations grow, adapt and serve their communities, the IECF said. Nonprofits in Riverside or San Bernardino County may apply for below-market loans ranging from $100,000 to $400,00. As loans are repaid, funds will be available to other nonprofit borrowers.
“Loan awards will be based on thorough assessments of each applicant’s operational strength, financial stability and repayment capacity, with priority given to organizations that demonstrate strong community impact and alignment with local needs,” the IECF announced.
The first application window opens from Dec. 1 through Jan. 31. Nonprofit organizations interested in applying can find more information at iegives.org/funds/ie-nonprofit-loan-fund/.