Bloomberg Philanthropies along with other foundations has launched the new $75 Million Fund that will Provide Grants and Loans to New York City-Based Social Services and Cultural Organizations to Support Them in the COVID-19 Pandemic.
The new $75 million fund will provide grants and interest-free loans to small and mid-size nonprofits to help them respond to emerging needs, cover losses associated with the disruption of their operations, and help them continue their critical work.
The founding member foundations, companies, and individuals are building on their prior experience in local disaster recovery and funding, including 9/11 and Hurricane Sandy.
New York City residents rely on a network of local nonprofit organizations to provide a wide range of important services. Social service organizations provide food, home healthcare, housing, childcare, afterschool services, and more.
Arts and cultural organizations provide programs throughout our neighborhoods that contribute significantly to the City’s economy and quality of life. Now, thousands of these vital community organizations across New York’s five boroughs are being impacted by the coronavirus pandemic, risking the continuity of their daily operations and challenging the stability of the critical services they provide.
While many organizations are continuing to respond to the immediate needs of impacted, vulnerable community members, too many are struggling due to lost revenue that will diminish their ability to pay rent, make payroll, and continue to fulfill their public service missions. Most of the organizations facing business interruption are unlikely to collect insurance that would be available for other types of disasters.
The NYC COVID-19 Response & Impact Fund will be administered by the New York Community Trust and will provide grants and interest-free loans. Among social services groups, priority will be given to direct service providers, such as those supporting essential healthcare and food insecurity. In the arts and cultural sector, the Fund will provide support to small and mid-size organizations that work from and are attentive to their communities.
President of the Mellon Foundation, Elizabeth Alexander said, “We at the Mellon Foundation recognize the arts and humanities’ unique power to cultivate hope in the midst of challenges and uncertainty. As artists and cultural institutions adjust to new fiscal realities, we call on funders, businesses, and individuals to join us in supporting the arts and the strength, inspiration, and perspective they bring—in New York City and around the world.”
President of the Ford Foundation, Darren Walker said, “The Ford Foundation believes we must respond immediately to the human services needs of vulnerable New Yorkers and also support the arts and culture infrastructure across the five boroughs.”
Recognizing best practice from past experience working through crises, this initiative will provide grants and no-interest loans for needs including:
- Unrestricted, flexible funding to support new and emergency needs and meet community demands, particularly for service offerings outside normal operations required to respond to social distancing, isolation and quarantine.
- Technology to support remote work and services – laptops and remote calling capacity (ie. Zoom) for staff, securing staffing and training to fulfill their mission.
- Temporary staff support to cover for shortages caused by employees who are ill, may have to quarantine, or stay home to care for family members or children during school closures.
- Equipment and supplies such as masks, hand sanitizer, gloves, and cleaning supplies.
- Additional cleaning services to augment in-house operations.
- Support to aid the loss of operational revenue from facility closings, cancelled programs, events, etc.
The New York Community Trust is New York’s community foundation. It brings together individuals, families, foundations, and businesses to support nonprofits that make a difference. Since 1924, The Trust has been and continues to be a critical part of New York’s philanthropic response. The Trust co-created the September 11th Fund after the attack on the World Trade Center and has worked on issues affecting New Yorkers for decades.
Nonprofit Finance Fund (NFF), a nonprofit lender and consultant with 40 years of local and national experience, will administer NYC COVID-19 Response & Impact Fund loans. NFF will offer implementation support and additional resources to organizations receiving loans through this initiative.