Trinity Church Wall Street Partners with Nonprofit Finance Fund to Provide $8 Million for No-Interest Loans to NYC Nonprofit Organizations
The loans will support organizations working in housing, homelessness, and racial justice
NEW YORK, Dec. 17, 2020 /PRNewswire/ -- Trinity Church Wall Street announced an $8 million investment in a new loan fund to respond to the needs of nonprofit organizations in New York City. The Trinity Church Grantee Loan Fund will be managed by Nonprofit Finance Fund (NFF) and will provide no-interest loans to Trinity grantees that are working in housing, homelessness and racial justice. The focus will be on supporting grantees that provide direct services.
The loans will support New York City nonprofit organizations suffering financial challenges related to the COVID-19 pandemic. These challenges may include delays in payment from government contracts, cancelled fundraising events or increased operating expenses incurred to provide critical services.
"We know that as the second wave of the COVID-19 pandemic impacts our city, nonprofits face continued and increased challenges in providing the critical programs and services they offer daily in neighborhoods across New York City," said Neill Coleman, Chief Philanthropy Officer at Trinity Church Wall Street. "It is our hope that this loan fund will help us to continue to build our partnerships with grantees that are doing vital direct services and are key to our shared goals of ending mass incarceration and ending mass homelessness."
"We are developing the loan fund parameters in partnership with Trinity's grantees to ensure that support meets current community needs," said Ines Marino-Torres, Director of Business Development at NFF. "We're proud to partner in this effort to ensure those on the front lines of social change have the resources they need to meet their missions now and in the future."
NFF is a nonprofit lender and consultant with forty years of national and local experience. It managed the NYC COVID-19 Response and Impact Fund, which Trinity supported with a $2 million contribution when it was launched earlier this year. The new Trinity Church Grantee Loan Fund will use the infrastructure developed for that fund, and loan decisions will be made by NFF.
Trinity grantees will have the opportunity to express interest in no-interest financing and technical assistance and will receive a link to a short questionnaire. Loan applications will be accepted starting in late February, with more information available in mid-February. It is expected that most loans will range from $250,000 to $500,000. They will be no-interest loans to be repaid over a period of up to three years. NFF will also provide financial capacity assistance to the organizations as needed.
About Trinity Church Wall Street
Now in its fourth century, Trinity Church Wall Street is a growing and inclusive Episcopal parish of more than 1,200 members that seeks to serve and heal the world by building neighborhoods that live Gospel truths, generations of faithful leaders, and sustainable communities. The parish is guided by its core values: faith, integrity, inclusiveness, compassion, social justice, and stewardship. Members come from the five boroughs of New York City and surrounding areas to form a racially, ethnically, and economically diverse congregation. More than 20 worship services are offered every week at its historic sanctuaries, Trinity Church and St. Paul's Chapel, the cornerstones of the parish's community life, worship, and mission, and online at trinitywallstreet.org. The parish welcomes approximately 2 million visitors per year.
About Nonprofit Finance Fund
Nonprofit Finance Fund® (NFF®) is a nonprofit lender, consultant, and advocate with 40 years of experience working with a wide range of nonprofit organizations. We are on a mission to ensure community-centered organizations led by and serving people of color to gain equitable access to the financial resources and knowledge they need to realize their communities' aspirations. As a community development financial institution (CDFI) NFF manages a portfolio of over $335 million. Since 1980, we have provided $954 million in financing and access to additional capital in support of over $3 billion in projects for thousands of organizations nationwide.
Contact: Tiani Jones 917.710.3289, [email protected]
Tricia McKenna 617.784.3192, [email protected]
SOURCE Nonprofit Finance Fund; Trinity Church Wall Street
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