New York City mayor Michael Bloomberg has announced the launch of a $26 million loan program to assist nonprofit organizations working to recover from Superstorm Sandy.
Sponsored by the Ford Foundation, the New York Community Trust, the Robin Hood Foundation, Capital One Bank, and the Mayor's Fund to Advance New York City, which will administer the program, the NYC Nonprofit Recovery Loan Program will provide interest-free loans ranging from $5,000 to $100,000 to nonprofit organizations that have suffered severe losses and/or are operating in the hardest-hit areas. The loans will be made against expected claims to be filled with the organizations' own insurance companies and/or by FEMA, as well as against committed government, corporate, or philanthropic funding.
"We're proud to join the mayor and the city in making this fund possible," said Ford Foundation president Luis Ubiñas. "By helping the nonprofits people rely on most get back on their feet, this fund will go a long way in restoring communities."
Mayor Bloomberg also announced that other services have been made available to New York City nonprofits, including a pro-bono legal assistance initiative that will mobilize fourteen hundred volunteer attorneys from the Lawyers Alliance for New York City to assist nonprofits with real estate issues, employment law, government grants and loans, disaster relief programs, and insurance coverage; an updated nonprofit assistance page at NYC.gov; and at restoration centers across the city.
"In the days after a disaster like Hurricane Sandy, the city relies more than ever on nonprofit partners for help," said Bloomberg. "They are trusted by their communities, and their close relationships and local knowledge makes them invaluable when it comes to rapid-response. But they too are struggling in the wake of this disaster, and the NYC Nonprofit Recovery Loan Program will help them rebuild as they help the city rebuild."