LIFT (Local Impact Fund for Tomorrow) Opportunities

Nonprofit Bridge Loan Program

The Community Foundations LIFT Nonprofit Bridge Loan Program seeks to assist nonprofits

in Dutchess, Putnam and Ulster Counties continue essential community services while awaiting the receipt of approved grant funding.

CRITERIA FOR APPLICATIONS:

  • Applicant must be a nonprofit (not a government entity or fiscally sponsored program), located in Dutchess, Putnam or Ulster Counties
  • Nonprofit must have stable leadership – Management and Board
  • Nonprofit must be solvent with demonstrated ability to repay
  • An applicant with an outstanding CFHV loan may not apply for another CFHV loan
  • Purpose of the loan proceeds must comply with the mission of the CFHV and further the charitable purpose of the applicant.
  • If awarded a loan, applicant must establish an account with our partner, Ulster Savings Bank

Timely repayment is critical to the success of CFHV’s Bridge Loan Program so that the loan pool can be constantly revolving and serving as many nonprofits as possible.

It is not appropriate to apply for a cash flow loan:

  • against a contract that has been or is at serious risk of being defunded: or
  • if your organization is in financial crisis and your actual need is for emergency operating funds that cannot be repaid.

 AWARDS:
Loans made through this program will not exceed $50,000.

APPLICATIONS:
Online grant application. Click here to access the Grants Portal.

DEADLINE:
Rolling – process will close when pilot funds are expended

PROCEDURE and TIMELINES:

    • Nonprofit submits application to Community Foundations during rolling admission period
    • CFHV Staff complete initial review (1-2 weeks)
    • LIFT Committee reviews and makes recommendation to CFHV Board of Trustees (2-3 weeks)
    • Ulster Savings Bank conducts due diligence (2-4 weeks)
    • CFHV Executive approval (1-2 weeks)
    • Notification to applicant (within 1 week of approval)

Please note – these timeframes are estimates – we are hoping that many steps can be taken more quickly, to review, approve and close loans expeditiously.

QUESTIONS:
Contact lift@communityfoundationshv.org or 845-452-3077