The Community Foundation of Northern Colorado is accepting applications for low-cost loans from nonprofit organizations that meet criteria in Northern Colorado now to provide financing.
The program was put in place by the CFNC in 2017 in order to provide nonprofit organizations that serve the people of Northern Colorado with loan financing.
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The main purpose of loan financing is to aid nonprofit organizations with pressing matters involving “pledge receivables, payment of an approved government or foundation contract, or some other verifiable form of repayment,” according to their website at https://www.nocofoundation.org/nonprofit-loan-program
The first four nonprofit recipients of these loans include Crossroads Safehouse, Teaching Tree Early Childhood Learning Center, No Barriers, and the Gardens on Spring Creek.
All of the loans underneath the program require collateral such as real estate or assignment of deposit accounts. The criteria required to receive eligibility include things such as no prior loan defaults and an annual operating budget of at least $500,000.
A few driving factors behind the program are impact and duration. All investments under the program will inspire hope and connect the Northern Coloradan communities. In terms of duration, loans are to be paid fully after a total of five years but are open to extensions case-to-case.
For more information on the program and the CFNC, visit their website at https://www.nocofoundation.org/nonprofit-loan-program.