In response to the substantial impacts from hurricanes, floods, fires and other disasters over the past year NeighborWorks Capital, in partnership with Enterprise Community Loan Fund and Mercy Loan Fund, have committed $15 million in Funding For Rapid Recovery and Rebuilding. Eligible uses for the financing includes affordable housing and community facilities in need of immediate repair, as well as costs associated with the planning of rehabilitation and new development. Organizations will benefit from unsecured loans up to $500,000 to meet organizational needs without the requirement of collateral with a quick turnaround.
Organizations will benefit from:
- Unsecured loans up to $500,000, to meet organizational needs without the requirement of collateral
- Quick turnaround, with approval in approximately half the normal time
- Capital to bridge insurance and/or FEMA proceeds
More details on the product is available from the Funding for Rapid Recovery Rebuilding term sheet.
As a national CDFI, NeighborWorks Capital has prior experience in supporting recovery efforts across the country. In response, the Board of Directors made a commitment of $6 million to this current effort and will assess the demand going forward. We look forward to working with our sister CDFIs in this effort. To apply for financing please contact Stephen Peelor at speelor@neighborworkscapital.org.
