IE Business Daily Business news for the Inland Empire.
Riverside has established a revolving loan program designed to help local nonprofits.
The $2.8 million Riverside Non-Profit Resilience Fund will help nonprofits achieve financial stability, according to a statement on the city’s website.
The program will be run by the city and the Inland Empire Community Foundation and paid for with funds from the American Rescue Plan Act.
“The Riverside Non-Profit Resilience Fund can be a lifesaver for an organization that is doing great work,” Mayor Patricia Lock Dawson said in the statement. “The beauty of this approach is that, as the loans are repaid and the fund refreshed, even more organizations will be helped.”
The program will help nonprofits, especially ones just getting started, get the capital they need to provide services that are not provided by any other entity, according to the statement.
