NYC COVID-19 Response & Impact Fund Provides More Than $ 110 Million In Emergency Funding To New York-Based Nonprofits | News

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NEW YORK, July 29, 2020 / PRNewswire / – The NYC COVID-19 Response & Impact Fund today announced that more than $ 110 million in the event of an emergency, support was distributed to 768 New York-based social services, arts and culture organizations affected by the coronavirus-related public health crisis. More … than $ 73 million in grants has been managed by the New York Community Trust and more $ 37 million was managed by the Nonprofit Finance Fund for interest-free loans. Small and medium-sized not-for-profit organizations New York five boroughs requested grants or interest-free loans to ensure the continuity of their day-to-day operations and to help compensate for the loss of income that called into question their ability to pay rent, pay salaries or fulfill their service missions public.In total, the NYC COVID-19 Response & Impact Fund provided relief, including:

  • More than $ 110 million raised for grants and zero-interest loans
  • 73 098 950 $ awarded in the form of grants to 754 non-profit organizations
  • Grants range from 5 000 $ at 250 000 $
  • 374 non-profit health and social service organizations received grants
  • 380 artistic and cultural associations received grants
  • 37 005 000 $ is granted in the form of loans to at least 43 non-profit organizations (*35 490 000 $ in loans has been issued to date; the remaining funds will be allocated in August 2020)
  • Loans range from 100 000 $ at 3 000 000 USD
  • 33 social and health service organizations received loans
  • 10 artistic and cultural associations received loans

Eighteen founding donors quickly came together in March to create this emergency response fund with initial contributions totaling $ 75 million. Less than a month later, $ 44 million was awarded to 276 reviews New York City Nonprofit. Thanks to additional contributions from nearly 1,300 foundations, companies and individuals, the Fund has grown by more than $ 35 million in the months that followed, bringing the total to $ 110 million.

Founding members of the NYC COVID-19 Response & Impact Fund include Bloomberg Philanthropies, Carnegie Corporation of New York, Doris Duke Charitable Foundation, Ford Foundation, Joan Ganz Cooney & Holly Peterson Fund, Kenneth C.Griffin Charitable Fund, The JPB Foundation, The Estée Lauder Companies Charitable Foundation, The Andrew W.Mellon Foundation, The New York Community Trust, Jennifer et Jonathan Allan Soros, Jon Stryker et Slobodan Randjelović, Charles H. Revson Foundation, Robin Hood, Rockefeller Brothers Fund, Laurie M. Tisch Illumination Fund, UJA-Federation of New Yorkand the Wells Fargo Foundation. A list of the main contributors to the fund’s grants and loans program is available here and here.

“The emergency relief fund that we launched in March to help New York City Arts and social service organizations have attracted many donors and I want to thank all the companies, foundations and individuals who have stepped up and given to these vitally important groups, ”said Michael R. Bloomberg, founder of Bloomberg Philanthropies and Bloomberg LP, three terms as mayor of New York City. “The fund, which we designed in conjunction with the Ford Foundation, Carnegie Corporation and many other generous partners, shows the value of partnerships in times of crisis. And the strong support it receives shows how essential these groups are to the life of our city. ”

“We are grateful to know that we are not alone in this crisis and that you are with us,” said Jonelle Procope, President and CEO of the Apollo Theater. “We are confident that we will see the other side of the pandemic and resurrect ourselves stronger than before. ”

“As an organization that provides direct support to immigrant survivors of domestic violence, sexual assault, trafficking and child abuse, we have faced many intimidating stories from our clients during this public health crisis. and this economic crisis ”, declared Fisherman Jeehae, Executive Director of the Korean American Family Service Center. “These survivors and their children are among the most vulnerable in crises like the one we are currently facing. NYC COVID-19 Response & Impact Fund has enabled many nonprofits like the Korean American Family Service Center (KAFSC) to serve those in need.With critical support from the Fund, KAFSC is in able to turn these stories of desperation into hope during these unprecedented times. ”

The NYC COVID-19 Response & Impact Fund was administered by the New York Community Trust (NYCT), which was also a donor to the effort, with an advisory committee of leaders in public health, community development and the arts helping to guide their efforts. . NYCT oversaw the grants and the Nonprofit Finance Fund (NFF) administers the interest-free loans from the NYC COVID-19 Response & Impact Fund, as well as additional resources to organizations receiving loans under this initiative. In human services, priority has been given to direct service providers, such as those supporting essential health care, housing and food insecurity. In the arts and culture sector, the fund has provided support to organizations that are community pillars, providing jobs as well as creative content and enrichment for youth, adults and families.

“As we have learned from past crises, the way to meet this challenge is to work together,” said Lorie Slutsky, Chairman of the New York Community Trust. “The Trust was honored to be a part of this wonderful collaboration, which has been an inspiration and a financial lifeline for hundreds of New York nonprofits and the people they serve. ”

“We are proud that the rapid and coordinated deployment of the Fund’s emergency funding has helped keep the doors open to nonprofits as the COVID-19 crisis strikes,” said Antony Bugg-Levine, PDG de Nonprofit Finance Fund. « New York Nonprofits are engaged, creative and responsive, and are ready to foster equitable recovery in our communities if they can access continued financial support. ”

As the NYC COVID-19 Response & Impact Fund completes its work, the Trust and the NFF continue to meet the needs of New York City nonprofits are moving forward, providing additional funds and free planning and budgeting resources.

Full lists of Fund beneficiaries and loan beneficiaries are available through the links provided.

To learn more about the unique stories of the organizations supported by the Fund, click here for videos.

This initiative provided grants and interest-free loans for needs including:

  • Flexible funding to meet new and urgent needs and meet community demands, especially for service offerings outside of normal operations required to address social distancing, isolation and quarantine.
  • Technology to support remote work and services – laptops and remote calling capability (eg, Zoom) for staff.
  • Temporary staff support to cover shortages due to employee illness, quarantine or staying home to care for family members or children during school closings.
  • Equipment and supplies such as masks, hand sanitizer, gloves and cleaning products.
  • Additional cleaning services to increase internal operations.
  • Support to assist with loss of operational revenue resulting from facility closures, canceled programs, events and other disruptions.

To be eligible, an organization had to meet the following criteria:

  • 501 (c) 3 non-profit organization
  • Based in New York
  • New York government and / or New York State funding recipient
  • No more than $ 20 million in annual non-government revenue
  • Robust programming and service experience for New York residents

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