The NYC COVID-19 Response & Impact Fund has announced that it distributed more than $110 million in emergency support to seven hundred and sixty-eight social services and arts and cultural nonprofits impacted by the coronavirus pandemic.
Launched in March, the fund was administered by the New York Community Trust, which managed more than $73 million in grant funding; another $37 million in no-interest loans was managed by the Nonprofit Finance Fund, which expects to make additional loans in August.
In the months after the fund’s launch, small to mid-size nonprofits across New York’s five boroughs were invited to apply for grants or interest-free loans to ensure the continuity of their daily operations and/or offset lost revenue that compromised their ability to pay rent, make payroll, or fulfill their public service missions. Grants ranging from $5,000 to $250,000 were awarded to 374 social service organizations and 380 arts and cultural groups, while loans ranging from $100,000 to $3 million were made to at least 43 nonprofits, including 33 social service groups and ten arts organizations.
In addition to NYCT, philanthropies supporting the fund include Bloomberg Philanthropies, the Carnegie Corporation of New York, the Joan Ganz Cooney & Holly Peterson Fund, the Kenneth C. Griffin Charitable Fund, Robin Hood, the Rockefeller Brothers Fund, the Laurie M. Tisch Illumination Fund, the UJA-Federation of New York, and the Doris Duke Charitable, Ford, JPB, Estée Lauder Companies Charitable, Andrew W. Mellon, Charles H. Revson, and Wells Fargo foundations, as well as Jennifer and Jonathan Allan Soros and Jon Stryker and Slobodan Randjelović.
“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 Korean American Family Service Center (KAFSC) executive director Jeehae Fischer. “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 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.”
“As we have learned from crises in the past, the way to address this challenge is to work together,” said New York Community Trust president Lorie Slutsky. “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.”
Source: PND
