The Community Foundation Enhances Program Offering Based on Nonprofit Needs
ATLANTA – August 12, 2015 – Armed with data gained through quantitative and qualitative insights provided by more than 500 nonprofit leaders across the 23-county metro area, The Community Foundation for Greater Atlanta announced today an enriched program to assist nonprofits with cash flow challenges, access to loan capital and related issues.
The Nonprofit Bridge Loan Fund, located at www.NonprofitBridgeLoanFund.org, can help organizations with a 501-3c status thrive. Services and tools available through this program include:
- Video training programs on topics like cash flow projection;
- Cash Flow Coach program – one-on-one seasoned consultants who work with nonprofit staff to build or improve cash flow worksheets and insights;
- Application materials and step-by-step instructions to guide nonprofits to apply for a bridge loan from the Nonprofit Bridge Loan Fund;
- Financial information, resources and calendar listings of places where nonprofit representatives can access online and/or in-person financial learning opportunities;
- Interest rates comparable with banks and a straight forward loan process that is intuitive and easy to use, with prime + 2% interest rates.
The program, originally launched in 2010, was expanded and improved after a year-long independent research initiative with nonprofit leaders. These findings helped The Community Foundation understand nonprofits’ current needs and challenges, including:
- Predicting cash flow rests largely on the executive director’s shoulders, with some input/approval from the board;
- Making accurate financial projections is quite difficult based upon resources and human capital;
- Financial acumen is outside the skill set of most nonprofit leadership directors, many of whom self-educate over time;
- Loans had negative implications for some nonprofits, but the perception of loans are more acceptable today;
- Bridge loans are perceived differently than loans in general – they are simply a tool organizations can use to have stable programs and operations until the promised funds arrive.
“As a leader of a $900+ million dollar foundation, I know what keeps me up at night,” commented Alicia Philipp – president, The Community Foundation for Greater Atlanta. “Our organization intimately knows these nonprofit organizations and the challenging work they do every day to make metro Atlanta a better place. The research revealed that 60% of nonprofits would consider applying to the Nonprofit Bridge Loan Fund and that cash flow issues are constantly on the minds of nonprofit leaders. Our job is to help them be the best they can be and give them the tools they need.”
Completed applications can become underwritten loans within five to 10 business days, at the competitive rate of prime + 2%. To learn more, please visit www.NonProfitBridgeLoanFund.org.
About The Community Foundation for Greater Atlanta
Since 1951, The Community Foundation for Greater Atlanta has been connecting donors, nonprofits and community leaders to strengthen the 23-county Atlanta region through philanthropy. By uniting the passions of donors with the purposes donors strive to improve, The Community Foundation provides quality services and innovative leadership on community issues. Led by four goals: engaging philanthropists; strengthening nonprofits; advancing public will; and practicing organizational excellence; in 2014 The Community Foundation for Greater Atlanta received more than $79.8 million from donors (unaudited) and the Foundation distributed more than $106.2 million to support nonprofits throughout the region and beyond. For more information, visit: www.cfgreateratlanta.org.
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