The New $75 Million Fund will Provide Grants and Loans to New York City-Based Social Services and Cultural Organizations to Support Them in the COVID-19 Pandemic
NEW YORK, NY – March 20, 2020 – Lily Auchincloss Foundation, Bloomberg Philanthropies, Carnegie Corporation of New York, Doris Duke Charitable Foundation, Ford Foundation, Joan Ganz Cooney & Holly Peterson Fund, Kenneth C. Griffin Charitable Fund, The JPB Foundation, The Estée Lauder Companies Charitable Foundation, The Andrew W. Mellon Foundation, The New York Community Trust, Jennifer and Jonathan Allan Soros, Jon Stryker and Slobodan Randjelović, Charles H. Revson Foundation, Robin Hood, Rockefeller Brothers Fund, Laurie M. Tisch Illumination Fund, UJA-Federation of New York, and Wells Fargo Foundation today announced the launch of the NYC COVID-19 Response & Impact Fund to support New York City-based social services and arts and cultural organizations that have been affected by the current coronavirus public health crisis. The new $75 million fund will provide grants and interest-free loans to small and mid-size nonprofits to help them respond to emerging needs, cover losses associated with the disruption of their operations, and help them continue their critical work. The founding member foundations, companies, and individuals are building on their prior experience in local disaster recovery and funding, including 9/11 and Hurricane Sandy.
New York City residents rely on a network of local nonprofit organizations to provide a wide range of important services. Social service organizations provide food, home healthcare, housing, childcare, afterschool services, and more. Arts and cultural organizations provide programs throughout our neighborhoods that contribute significantly to the City’s economy and quality of life. Now, thousands of these vital community organizations across New York’s five boroughs are being impacted by the coronavirus pandemic, risking the continuity of their daily operations and challenging the stability of the critical services they provide. While many organizations are continuing to respond to the immediate needs of impacted, vulnerable community members, too many are struggling due to lost revenue that will diminish their ability to pay rent, make payroll, and continue to fulfill their public service missions. Most of the organizations facing business interruption are unlikely to collect insurance that would be available for other types of disasters.
“The coronavirus pandemic threatens to cripple New York City’s nonprofit organizations and the vitally important services they provide. This joint initiative with so many incredible philanthropic partners will help ensure that many of our city’s nonprofits can withstand this crisis and continue to serve all New Yorkers,” said Patricia E. Harris, CEO of Bloomberg Philanthropies. “In this crucial moment, thanks to Mike Bloomberg’s leadership, Bloomberg Philanthropies has also launched an effort to virtually convene U.S. local leaders to share knowledge and response strategies from experts at Johns Hopkins and Harvard. Additionally, we’ve begun an international effort with the WHO and Vital Strategies to stem the spread of coronavirus in low- and middle-income countries. In partnership with so many dedicated leaders and organizations on the front line, we can make a real difference and save lives.”
“We are grateful that once again the New York philanthropic community has come together to do its best in response to a catastrophe,” said Vartan Gregorian, President of Carnegie Corporation of New York. “The coronavirus pandemic is disruptive to our entire society, especially to our children, with the potential for lasting setbacks in their development. The Corporation is pleased to join peer institutions in assisting the City of New York with its many urgent needs, including services for the public school system, such as student meals and arts and cultural programs for 1.1 million children. In addition, our education grantees will have the flexibility needed to expand crucial services like online learning and teacher and parent resources to help communities nationwide.”
The NYC COVID-19 Response & Impact Fund will be administered by the New York Community Trust and will provide grants and interest-free loans. Among social services groups, priority will be given to direct service providers, such as those supporting essential healthcare and food insecurity. In the arts and cultural sector, the Fund will provide support to small and mid-size organizations that work from and are attentive to their communities.
“We at the Mellon Foundation recognize the arts and humanities’ unique power to cultivate hope in the midst of challenges and uncertainty,” noted Elizabeth Alexander, President of the Mellon Foundation, whose commitment will go to arts support. “As artists and cultural institutions adjust to new fiscal realities, we call on funders, businesses, and individuals to join us in supporting the arts and the strength, inspiration, and perspective they bring—in New York City and around the world.”
“The Ford Foundation believes we must respond immediately to the human services needs of vulnerable New Yorkers and also support the arts and culture infrastructure across the five boroughs,” said Darren Walker, President of the Ford Foundation.
“This is an unprecedented situation, but the philanthropic community has had experience joining together to respond,” said Lorie Slutsky, President of The New York Community Trust. “The NYC Covid-19 Response & Impact Fund will provide critical funding to shore up the safety net provided by nonprofits across the city as they struggle to keep up with the increased demand for their services. We hope everyone who is passionate about our city and its people will join us.”
Recognizing best practice from past experience working through crises, this initiative will provide grants and no-interest loans for needs including:
To be eligible, an organization must meet the following criteria:
An advisory committee of leaders in public health, community development, and the arts will help guide the efforts of the new Fund. The New York Community Trust will continue to solicit donations from foundations, corporate partners, and individuals committed to the health and wellbeing of New York City. The donors to the Fund are committed to an expedited process for decisions and payment of funds to recipient organizations.
The New York Community Trust is New York’s community foundation. It brings together individuals, families, foundations, and businesses to support nonprofits that make a difference. Since 1924, The Trust has been and continues to be a critical part of New York’s philanthropic response. The Trust co-created the September 11th Fund after the attack on the World Trade Center and has worked on issues affecting New Yorkers for decades.
Nonprofit Finance Fund (NFF), a nonprofit lender and consultant with 40 years of local and national experience, will administer NYC COVID-19 Response & Impact Fund loans. NFF will offer implementation support and additional resources to organizations receiving loans through this initiative.
Interested organizations can get more information and apply here.