IE Business Daily Business news for the Inland Empire.
Riverside has helped establish a $5 million revolving loan fund designed to help local nonprofits.
The Inland Empire Nonprofit Loan Fund began Dec. 1, helped by $2.8 million it received from the Riverside Nonprofit Resilience Fund, according to a statement on the city’s website.
The Inland Empire fund also received $3 million from the San Bernardino County Nonprofit Revolving Loan Fund. Inland Empire nonprofits may now apply for affordable loans to help them manage their finances and serve more people, especially in underserved and low-income communities.
“Non-profits do so much of the heavy lifting that bolsters the efforts of local government,” Mayor Patricia Lock Dawson said in the statement. “This revolving loan fund will assist non-profits in growing their reach, and the loan repayment will ensure those resources are available for future needs.”
The Nonprofit Finance Fund, a lending, consulting and advocacy organization, will oversee the distribution of loans. Nonprofits serving in the city of Riverside or San Bernardino County may apply for below-market loans between $100,000 and $400,000, according to the statement.
Of the $5.8 million donated, $800,000 will be spent on startup/operating costs, said Charee Gillins marketing and communications director with the Inland Empire Community Foundation.
