IECF is excited to announce that the Riverside City Council passed a motion on March 12 to create the Riverside Nonprofit Resilience Fund! The revolving loan fund is designed to help nonprofits with their growth using low- to no-cost loans with terms that allow for repayment, making sure the fund continues for other organizations ready to grow. The $2.8 million program will be administered in partnership with the Foundation to provide non-profits with financial stability that can otherwise be hard to achieve.
“This is the kind of public-private partnership that will give our nonprofit sector a chance to innovate and grow,” said CEO Michelle Decker. “At IECF, we want to build a culture of philanthropy that gives the generous donors of the Inland Empire new ways to make an impact. This fund will make that possible, and we hope to expand impact investing for nonprofits across the Inland Empire, starting here in Riverside.”
A special thank you to Councilmember Erin Edwards and the entire City Council for their partnership, vision and commitment! We are especially grateful to our almost 30 nonprofit partners who provided in-person and online comments in support – their stories of how hard it is to access capital for growth or use public funds that require working capital loans were powerful. You were heard!
Next step – the City Council will approve the contract to put this in place! Stay tuned for more updates!
Read more in the press release here: https://www.riversideca.gov/press/city-riverside-makes-historic-investment-non-profit-organizations-through-revolving-loan-fund
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