The borrower should submit a complete and accurate application with a Board of Director's resolution authorizing the loan and:
- Capital budget with confirmed and projected income streams and expenses
- Current year's operating budget with year-to-date actuals
- Cash flow projections for the term of the loan (cash flow should reflect the use of the proposed loan and the loan repayment.) Click here for a Budget Template.
- Approved contract or grant award letter
- Most recent audit or financial statement
- Board of Directors resolution authorizing the loan (form attached to application)
- List of Board Members with officers designated, affiliations, addresses, phone numbers and email addressed
- 501(c)3 determination
- Certificate of Incorporation
- Current charities registration form (Char 500)
The fee to process the loan is one and one-half (1.5) percent, which will be deducted when loan funds are disbursed. If the loan is repaid within two months, the borrower is refunded one-half percent. If the loan is not repaid within three months, an additional service fee may be charged.
First time borrowers will be invited for a meeting to discuss their applications and terms of the loan. They can expect to receive funds within three to five days of approval. Return borrowers in good standing can receive funds three days from approval of the loan.
Submissions should be sent via mail, email or fax to Andrew Walrond, Fund for the City of New York, 121 Avenue of the Americas, 6th Floor, New York, NY 10013; awalrond@fcny.org; Fax: 212-925-5675.
