The has announced that the has extended, through 2020, its partnership with the New York City-based organization to provide loans to the foundation's small and midsize arts grantees.
Administered by NFF, the foundation's Revolving Loan Fund makes zero-interest loans to arts and cultural heritage organizations in need of funding to bridge budget gaps, weather financial setbacks, or implement new strategies. Loans that are repaid are used to fund loans to other groups in need. Since July 2009, the fund has loaned more than $3.8 million to twenty-seven Mellon grantees around the country.
"This is a powerful example of how financial innovation can extend the impact of philanthropic dollars," said NFF managing director Norah McVeigh. "Grants aren't the only way that foundations can support nonprofits. There is tremendous need for flexible money that nonprofits use to invest in ways that promote both short- and long-term financial health."