How to Apply

Applying for a loan from Nonprofits Assistance Fund is the first step in a strategic collaboration that will give you the time and resources to realize your organizational vision.  We provide financing and partnership as you transform your organization and turn your passions into achievable goals.

Getting Started

The first step in applying for a loan is to review Borrowing Funds and Loan Guidelines and think through your organization’s finances and goals.  When you meet with a Loan Officer, you will be asked to tell your organization’s story, so it is helpful to have recent, accurate financial information, a plan for the use of the funds, and a repayment plan.  The Loan Officer will also have questions about your organization’s history, plans, cash flow, management and board.  Having this information will allow our Loan Officers to provide the best possible guidance to you during the application process and throughout the life cycle of the loan. 

If you are having challenges preparing the financial information, Nonprofits Assistance Fund is always available to lend a hand.  There is also a wealth of tools, templates, and other resources available online that you can download by visiting Financial Management Resources. 

Contact a Loan Officer by phone or email for an initial conversation about your needs and situation.  Meeting with a Loan Officer is more than just the next step in an application process; it is the beginning of a financial partnership.  Our goal is to provide you with guidance and assistance that will help you and your organization thrive. 

Application Process

If you and your Loan Officer determine that a loan is the best fit to achieve your organization’s goals, the next step is to fill out a loan application.  When you apply for a loan, you will be asked to submit the following information in addition to the completed application form:

  • Financial statements – balance sheet and income statement – for the current and last two fiscal years
  • Operating budget for the current fiscal year
  • Cash flow projections for the next 12 months
  • Current members of the Board of Directors

Application Review

Once you submit a complete application, the review process generally takes one to three weeks.  In reviewing applications, the loan committee considers such questions as:

  • Is a loan the right financial tool to meet the organization’s goals?
  • Does the leadership of the organization have a vision to guide them in the future?
  • Is it likely that organization will be able to repay the loan based on cash flow projections, budget, sources of revenue, and history of operations?
  • Who are management and Board leaders?
  • Is there collateral that could provide a secondary source of repayment?

Loan Closing

If the application is approved, a loan closing fee and additional documentation will be required.  Once all the closing requirements have been met, funds can usually be disbursed within a week.