NEW YORK CITY TO PROVIDE LOANS TO STRUGGLING NONPROFITS
New York City will expand loan opportunities and find ways to help the city’s 40,000 nonprofit organizations reduce costs and find new donors in the midst of the economic downturn, Mayor Michael Bloomberg said.
The program will focus on nonprofits that conduct job training, provide health services and promote the city’s arts and culture, all of which have experienced cash-flow problems and declines in operating support, said Bloomberg, a billionaire who has given away hundreds of millions of dollars.
The program would enable organizations to save money by group purchasing insurance, information technology and other goods and services. A city-run loan program for nonprofits will be expanded to $20 million from its current $8 million, Bloomberg said. Nonprofits employ more than 490,000 people, more than 15 percent of the city’s non-government workforce, the mayor said.