Amid the increasing closures brought on by the coronavirus, a consortium of 18 foundations has created a $75 million fund to support small and midsize nonprofit arts and cultural organizations as well as others offering social services.
The NYC COVID-19 Response & Impact Fund, which will be administered by the New York Community Trust, allows organizations to apply for grants and zero-interest loans to “to help them respond to emerging needs, cover losses associated with the disruption of their operations, and help them continue their critical work,” according to a release announcing the fund.
To qualify, organizations must be New York City–based 501(c)(3) organizations that have previously received funding from the city or the state, with an annual operating budget of less than $20 million and a “track record of robust programming and services for New York residents.” More…