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The Foundation sponsors the Marin Community Foundation Loan Fund. Created by MCF in 1989, its mission is to provide access to alternative financing as an additional means of maximizing the programmatic impact, management skills, and efficiency of nonprofit organizations serving Marin County.
The Goals of the Loan Fund:
- Expand Access to Debt Financing: Provide loans to nonprofits in Marin when other financial possibilities have been exhausted. Loans will be considered for nonprofits that cannot afford or qualify for commercial debt. Loans to nonprofits are made for a number of uses, including:
- Fiscal Restructuring or Relief - to provide a means for nonprofits to make more efficient use of present resources or offer fiscal relief during financial or organizational restructuring through bridge loans, debt consolidation, lines of credit, or other appropriate lending vehicles.
- Capacity Building – to provide a financial bridge to take organizations or programs to a new level of programmatic effectiveness and/or management and financial proficiency.
- Site Acquisition – to provide a resource for site acquisition, construction, or rehabilitation, to help stabilize nonprofits for the future, and for projects aimed at the County’s affordable housing market.
- Develop Financial Expertise: Enhance the fiscal management skills of the County’s nonprofit boards and staff through technical assistance workshops and trainings.
- Assure Loan Fund Integrity: Maintain a healthy loan portfolio so that money can be lent out to other nonprofits in need on a continuous basis.
- Develop New Products: The Loan Fund plans to develop new loan products based on market feedback and the needs of Marin County nonprofits.
Through its loan fund, the Foundation has provided financing for a variety of projects, including a senior housing project, an arts center, a low-income houseboat community, and a women's services center.
Typical Loan Terms:
- Amount: $150,000 - $1,000,000
- Interest Rate: Prime minus 1.5%
- Term: 1-10 years (30 year amortization schedules possible)
- Collateral: Fixed assets, pledges of future fundraising, guarantees
What We Evaluate When Considering New Loans:
Evaluations will focus on an applicant’s financial stability, project strength and impact, repayment source, management strength, and collateral.
Contact Information:
To find out more about the Marin Community Foundation Loan Fund, contact Marc Rand, Loan Officer, at 415.464.2522 or by email. |
