The Colorado Nonprofit Bridge Loan Fund provides the short-term capital nonprofits need to maintain services while waiting for government reimbursements.
Nonprofits across Colorado are delivering essential services, often under government contracts or grants. These contracts and grants are reliable in the long term, but payment delays can threaten the continuity of services. The Colorado Nonprofit Bridge Loan Fund fills this gap by providing short-term, low-cost loans.
Eligibility:
- Any Colorado-based nonprofit with a federal, state or local executed grant agreement or government contract receivable is eligible for this fund
- No restrictions on nonprofit type, issue area, geographic region, or sector
Loan details:
- Max loan amount: $250,000
- Rate: 2%
- 6-month term with option for 6-month renewal
- Unsecured
Questions? Contact Charlene Thomas or Eric Guttormson
All loans are subject to credit approval.
The Colorado Nonprofit Bridge Loan Fund is supported by The Denver Foundation, Colorado Gives Foundation, The Colorado Trust, the Boettcher Foundation, the Gates Family Foundation, First Southwest Community Fund and Colorado impact investors. First Southwest Bank administers the fund.
FAQs
Q: Who has funded the Colorado Nonprofit Bridge Loan Fund?
A: The Denver Foundation, Colorado Gives Foundation, The Colorado Trust, the Boettcher Foundation, the Gates Family Foundation, First Southwest Community Fund and Colorado impact investors.
Q: Before you get to the application, you have to verify your identity. Do you use your personal address or business address?
A: Use your personal address to verify your identity.
Q: Will personal information be connected to the loan application, even if it's not used to determine if we are approved for the loan?
A: Personal information is needed to enter the application platform. This ensures an actual person is filling out the application; therefore, you will need to enter your SSN, DOB, and answer security questions. Once in the application, contact information for the organization and authorized signers can be designated but this information will not be used to determine creditworthiness. The primary purpose of collecting this personal information is to verify the applicant’s identity and protect against fraudulent activity. Rest assured that while these details are required for access and security, they are not factored into the evaluation of your loan application.
Q: Is interest due monthly or at maturity?
A: At maturity.
Q: Do any of the application questions related to people served and type of services affect the loan amount or loan acceptance?
A: No
Q: Why is this information being requested?
A: This information is collected for impact reporting.
Q: What documentation is acceptable for a debt schedule? This is one of the documents requested on the application.
A: A template is available in the document tab of the application; this is the preferred form.
Q: Is there a ranking scale for which applications get approved?
A: No
Q: How many applications will be approved?
A: Currently the loan fund is $17 million, so up to $17 million in loans can be approved.
Q: Is there a due date for the cycle of applications?
A: No, it is a revolving loan fund, so applications are accepted on an ongoing basis.
Q: Is a nonprofit able to apply more than once?
A: Yes, if the Colorado-based nonprofit has more than one approved and current federal, state, or local government grant or contract.
Q: If we apply for a loan and we don't use the full amount for any unexpected reason, are we only required to pay back the amount we use, or how would that work?
A: You are required to repay the full amount of the loan.
Introduction to the Bridge loan Fund webinar