The following information was published by IFF on April 14, 2020. Visit IFF's website for more information and to apply.
Many nonprofits like you have struggled to access the new Payroll Protection Program (P3) enacted as part of the federal government’s response to COVID-19. IFF has been working hard behind-the-scenes to find a way to interrupt those challenges, and we’re pleased to announce a new partnership that will facilitate greater nonprofit participation in the program.
Nonprofits can now apply for an SBA Paycheck Protection Program loan through IFF’s nonprofit SBA lending partner, Community Reinvestment Fund, USA (CRF).
This is an extraordinary time, and it calls for an extraordinary response. By working together, IFF and CRF aim to deploy $50 million of P3 loans to Midwest nonprofits (IA, IL, IN, KS, MI, MO, MN, OH, WI).
CRF is a fellow nonprofit CDFI and a long-time friend of IFF’s. This new partnership brings together a powerful combination of IFF’s nonprofit-focused knowledge and relationships with CRF’s experience as an SBA-qualified lender. We anticipate high demand, and we’re doing everything we can to be ready to respond. Importantly:
You do not need to be an existing borrower to apply (tell your fellow nonprofit friends!)
We welcome smaller loan applications (we understand the power of small nonprofits!)
Unfortunately, if you’ve already submitted an application with another financial institution, you cannot also apply with IFF/CRF (or anyone else). If multiple applications are submitted, it might disqualify your application.
At our core, IFF exists to strengthen nonprofits and the communities they serve. That’s why we are leaning in – as IFF and other CDFIs always have – to ensure critical dollars are flowing to you. Smaller nonprofits, nonprofits serving lower-income communities, and nonprofits led by and/or serving people of color should all be able to fully access and reap the benefits of the SBA’s Payroll Protection Program.
Step 1: Tell Us You’re Interested in P3 through IFF
The first step is to submit this form, and then someone from our dedicated P3 staff will be in touch with you very soon. IFF is here to answer your questions about the program and coach you through the process to ensure your application is complete. We are committed to making sure our nonprofit partners understand the requirements of the program and feel empowered to make the best decisions possible toward their long-term resiliency.