New Line of Credit Established for Nonprofits in CNY
CNY Community Foundation teams up with NBT Bank to provide low-interest bridge loans to nonprofits in need of cash The Central New York Community Foundation’s local impact investing program has closed on a $750,000 deal to secure a low interest line of credit for Volunteer Lawyers Project of CNY, Inc. (VLPCNY).The funding will help the organization continue its legal aid services until funding from state grant contracts are fulfilled.This will be the first project receiving funding from a new certificate of deposit (CD) funding program the Community Foundation has established in partnership with NBT Bank.VLPCNY is a nonprofit legal aid organization that engages the legal community in volunteer service to low-income community members throughout Central New York. Its volunteer panel consists of over 500 lawyers who serve more than 3,500 clients a year with civil law needs.The new agreement will allow the organization to continue funding legal aid and anti-poverty programming while awaiting reimbursement from state agencies such as the Department of State and the Department of Health for multiple executed contracts.“VLPCNY, like so many nonprofit organizations, receives most of its funding from New York state to provide critical services that that State has identified as essential to life,” said Sal (more…)