NYC COVID-19 Response & Impact Fund Has Issued Over $110 Million In Emergency Funds To New York City-Based Nonprofits

NEW YORK, July 29, 2020 /PRNewswire/ -- The NYC COVID-19 Response & Impact Fund today announced that more than $110 million in emergency support has been distributed to 768 New York City-based social services and arts and cultural nonprofits affected by the coronavirus public health crisis. More than $73 million in grant funding was managed by the New York Community Trust and over $37 million was managed by Nonprofit Finance Fund for no-interest loans. Small to mid-sized nonprofits across New York's five boroughs applied for grants or interest-free loans to ensure the continuity of their daily operations and to help counteract lost revenue that challenged their ability to pay rent, make payroll or fulfill their public service missions.

In total, the NYC COVID-19 Response & Impact Fund provided relief including:

• Over $110 million raised for grants and zero-interest loans
• $73,098,950 awarded in grants to 754 nonprofits
• Grants range from $5,000 to $250,000
• 374 social service and health nonprofits received grants
• 380 arts and culture nonprofits received grants
• $37,005,000 is being awarded in loans to at least 43 nonprofits (*$35,490,000 in loans has been issued to date; the remaining loan funds will be allocated in August 2020)
• Loans range from $100,000 to $3,000,000
• 33 social service and health nonprofits received loans
• 10 arts and culture nonprofits received loans

Eighteen founding donors came together quickly in March to create this emergency response fund with initial contributions totaling $75 million. Less than a month later, $44 million had been awarded to 276 critical New York City nonprofits. Thanks to additional contributions from nearly 1,300 foundations, corporations, and individuals, the Fund grew by more than $35 million in the months following, raising the total to $110 million.

The founding members of the NYC COVID-19 Response & Impact Fund include Bloomberg Philanthropies, Carnegie Corporation of New York, Doris Duke Charitable Foundation, Ford Foundation, Joan Ganz Cooney & Holly Peterson Fund, Kenneth C. Griffin Charitable Fund, The JPB Foundation, The Estée Lauder Companies Charitable Foundation, The Andrew W. Mellon Foundation, The New York Community Trust, Jennifer and Jonathan Allan Soros, Jon Stryker and Slobodan Randjelović, Charles H. Revson Foundation, Robin Hood, Rockefeller Brothers Fund, Laurie M. Tisch Illumination Fund, UJA-Federation of New York, and the Wells Fargo Foundation. A list of the major contributors to the fund's grant program and loan program can be found here and here.  

"The emergency relief fund that we launched in March to help New York City's arts and social service organizations attracted many donors, and I want to thank all of the businesses, foundations, and individuals who have stepped up and given to these vitally important groups," said Michael R. Bloomberg, founder of Bloomberg Philanthropies and Bloomberg LP, three-term mayor of New York City. "The fund, which we conceived in collaboration with the Ford Foundation, the Carnegie Corporation, and many other generous partners, shows the value of partnerships in a crisis. And the strong support for it shows how critical these groups are to the life of our city."

"We are grateful to know that we do not face this crisis alone, and that you are with us," said Jonelle Procope, President and CEO of the Apollo Theater. "We are confident that we will see the other side of the pandemic, and that we will rise stronger than before."

"As an organization that provides direct support to immigrant survivors of domestic violence, sexual assault, trafficking, and child abuse, we have encountered many daunting stories from our clients during this public health crisis and economic shut down," said Jeehae Fischer, Executive Director of Korean American Family Service Center. "These survivors and their children are among the most vulnerable in crises like the one we are facing right now. The NYC COVID-19 Response & Impact Fund empowered many nonprofits like Korean American Family Service Center (KAFSC) to care for those who need it most. Because of the critical support of the Fund, KAFSC is able to transform these stories from despair to hope during these unprecedented times."

The NYC COVID-19 Response & Impact Fund was administered by the New York Community Trust (NYCT), which also was a donor to the effort, with an advisory committee of leaders in public health, community development, and the arts helping guide their efforts. NYCT oversaw the grants and Nonprofit Finance Fund (NFF) is administering the NYC COVID-19 Response & Impact Fund interest-free loans, as well as providing additional resources to organizations receiving loans through this initiative. In human services, priority was given to direct service providers, such as those supporting essential healthcare, housing, and food insecurity. In the arts and cultural sector, the fund provided support to organizations that are community anchors, providing employment as well as creative content and enrichment for young people, adults, and families.

"As we have learned from crises in the past, the way to address this challenge is to work together, said Lorie Slutsky, President of the New York Community Trust. "The Trust has been honored to have been a part of this wonderful collaboration, which has been an inspiration and a financial lifeline for hundreds of New York's nonprofits and the people they serve."

"We're proud that the Fund's rapid, coordinated deployment of emergency funding helped keep the doors open at nonprofits as the COVID-19 crisis hit," said Antony Bugg-Levine, CEO of Nonprofit Finance Fund. "New York's nonprofits are committed, creative, and responsive, and poised to drive equitable recovery in our communities if they can access continued financial backing."

While the NYC COVID-19 Response & Impact Fund is concluding its work, both The Trust and NFF continue to address the needs of New York City nonprofits moving forward, by providing additional funding and free planning and budgeting resources.

Full lists of Fund grantees and loan recipients are available through the links provided.

To learn more about the unique stories of the organizations supported by the Fund, click here for videos.

This initiative provided grants and no-interest loans for needs including:

• Flexible funding to support new and emergency needs and meet community demands, particularly for service offerings outside normal operations required to respond to social distancing, isolation and quarantine.
• Technology to support remote work and services – laptops and remote calling capacity (e.g. Zoom) for staff.
• Temporary staff support to cover for shortages due to employees becoming ill, having to quarantine, or stay home to care for family members or children during school closures.
• Equipment and supplies such as masks, hand sanitizer, gloves, and cleaning supplies.
• Additional cleaning services to augment in-house operations.
• Support to aid the loss of operational revenue from facility closings, cancelled programs, events, and other disruptions.

To be eligible, an organization had to meet the following criteria:

• 501(c)3 nonprofit organization
• Based in New York City
• Recipient of New York City and/or New York State government funding
• No more than $20 million of annual non-governmental revenue
• Track record of robust programming and services for New York residents

Press Contacts: 
Rachel Nagler, Bloomberg Philanthropies, [email protected] 
Marty Lipp, New York Community Trust, [email protected] 
Tricia McKenna, Nonprofit Finance Fund, [email protected]

SOURCE Bloomberg Philanthropies

Related Links

www.bloomberg.org

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