| Terms
& Conditions for the Nonprofit Loan Fund:
- Amount:
Up to $60,000, not to exceed 10% of the borrower’s current annual
operating budget.
- Interest
Rate: Determined at the time of loan approval, but generally between
the prime rate and prime plus two percent (2%).
- Maturity:
One year or less. Repayment schedule is flexible, based on the borrower’s
projected cash flow. Borrower must be able to demonstrate a defined
source of repayment for the loan.
- Collateral:
Generally a first lien on cash and investments, contracts and accounts
receivable and present and future contributions. Based on the Center’s
analysis of the credit, the loan approval may require other or additional
support.
- Loan
Administration Fee: Ranges from $150 - $1,400, payable only if the
loan is approved. The amount of the fee is based on the size of the
borrower’s operating budget, whether the borrower is a member
of the Center and whether the loan request is on an emergency basis
or not.
For more information about the Nonprofit Loan Fund, contact Ryan Smith,
Associate Director of Financial Services, at
smith@cnmdallas.org or 214/826-3470, ext. 248. |
