Trinity Church Wall Street Provides $6.5 million in No-Interest Loans to NYC Nonprofit Organizations in Partnership with Nonprofit Finance Fund
NEW YORK, NY, August 18, 2021- Trinity Church Wall Street announced no-interest loans totaling $6.5 million to respond to the needs of nonprofit organizations in New York City. The Trinity Church Grantee Loan Fund is administered by Nonprofit Finance Fund (NFF) and is providing no-interest loans to 12 Trinity grantees that are working in housing, homelessness, and racial justice. The loans will ensure that New Yorkers can continue to access critical services while the nonprofits providing those services grapple with disruption from the COVID-19 pandemic and dire delays and reductions in government payments.
“From the ongoing impacts of COVID to months-long delays in payments from the City government, nonprofits face continued and increased challenges in providing the critical programs and services they offer daily in neighborhoods across New York City,” said Neill Coleman, Executive Director, Trinity Church Wall Street Philanthropies. “With these loans, nonprofits can have some breathing room and we can all advance our shared goals of ending mass incarceration and ending mass homelessness.”
The Fund was designed with a simplified and expedited application process, allowing even small nonprofits with no prior experience applying for loans to access this financing. NFF’s team of underwriters provided individualized levels of support and guidance to ease the experience for busy nonprofit leaders.
One loan recipient, the Center for NuLeadership on Human Justice and Healing (CNHJH), offers a variety of programs for formerly incarcerated people and their loved ones, including a youth development program, a cooperative workforce development program, an arrest diversion program, and a Human Justice Training and Resources Lab. CNHJH secured funding from the Mayor’s Office of Criminal Justice and Young Men’s Initiative, but the contract payments have been delayed. Now, a no-interest bridge loan will help support operations until that funding arrives.
“We never curb our ambition, even during a pandemic—especially during a pandemic—because our community expects us to stay resilient to fight alongside them,” said Chino Hardin and Kyung-Ji Kate Rhee, Co-Directors of the Center for NuLeadership on Human Justice and Healing. “Funders can’t always be counted to stand with you during times like that, but Trinity Church Wall Street did. Their support helped us continue being of service and community during one of the most challenging times we’ve faced. Trinity Church Wall Street's partnership with NFF is a model to emulate for philanthropic institutions to address the structural inequities that beset community-based leadership, innovations and institutions.”
Several loan recipients are owed hundreds of thousands of dollars, or even millions, from the New York City government.
One of those nonprofits is Bowery Residents Committee (BRC), which provides housing and services to thousands of New Yorkers who are able to lead safer and healthier lives because their basic needs are met. At the request of the City, BRC dramatically expanded its work to provide lifesaving food and shelter as the pandemic took hold. But because the City delayed payments and didn’t activate new contracts as quickly as the work expanded, BRC soon had millions in unpaid billed invoices, which doubled in a matter of months. To help, BRC applied for and received a $1 Million no-interest loan from the Fund.
“Most human services nonprofits – BRC included – aren’t designed to absorb wild fluctuations in revenue, or to indefinitely float millions of dollars in unpaid invoices,” said Muzzy Rosenblatt, BRC President and CEO. “We are proud to be able to step up and respond to community needs, but can only do that if we can pay our hard-working staff and cover the costs of providing services.”
In addition to BRC and CNHJH, nonprofits that have received financing or are in the closing process include: Bronx Defenders, Brooklyn Community Bail Fund, Housing Plus Solutions, Hudson Link for Higher Education in Prison, Immigrant Defense Project, Kings Against Violence Initiative, The Ladies of Hope Ministries, Violence Intervention Program, Women’s Prison Association, and Youth Justice Network.
Approximately half of loans are to organizations led by people of color; these organizations have been under-represented in many other COVID relief efforts.
“New Yorkers rely on a skilled and passionate nonprofit workforce – a system that is in financial peril because of City and State funding problems, exacerbated by COVID-19 disruption,” said Norah McVeigh, Managing Director, Financial Services, of NFF. “We’re thrilled to support Trinity Church Wall Street in providing quick financial help, and join many of our peers in advocating for full and fair government funding to address the underlying issues spurring demand for this Fund.”
To complement the loans, NFF will provide interested Trinity grantees with finance workshops and tailored coaching to help them build toward resilient financial futures, and will survey grantees to understand their needs for additional loan funds and consulting support.
About Trinity Church Wall Street
Now in its fourth century, Trinity Church Wall Street is a growing and inclusive Episcopal parish of more than 1,200 members that seeks to serve and heal the world by building neighborhoods that live Gospel truths, generations of faithful leaders, and sustainable communities. The parish is guided by its core values: faith, integrity, inclusiveness, compassion, social justice, and stewardship. Members come from the five boroughs of New York City and surrounding areas to form a racially, ethnically, and economically diverse congregation. More than 20 worship services are offered every week at its historic sanctuaries, Trinity Church and St. Paul’s Chapel, the cornerstones of the parish’s community life, worship, and mission, and online at trinitywallstreet.org. The parish welcomes approximately 2 million visitors per year.
About Nonprofit Finance Fund
Nonprofit Finance Fund® (NFF®) is a nonprofit lender, consultant, and advocate. For more than 40 years, we’ve worked to strengthen nonprofit organizations and improve the way money flows to social good. We are committed to building a more equitable and just social sector, and helping community-centered organizations led by and serving people of color access the money and resources they need to realize their communities’ aspirations. To learn more, visit nff.org.
Learn more about NFF's financing and consulting.