$12M available to nonprofits through NDC's Paycheck Protection Program
When the SBA Paycheck Protection Program relaunches, Delaware nonprofits will have exclusive access to $12 million in funds designated by the National Development Council, through the underwriting of Longwood Foundation, Welfare Foundation, the Jessie Ball duPont Fund and with support from Discover Bank.
As part of the COVID-19 Emergency Response Initiative, nonprofits provided feedback that they did not receive support from the PPP before the first round of funds were exhausted. Congress will be voting on legislation shortly to provide additional funds for the PPP, and the funding will most likely be consumed as quickly as the first round of congressional allocations.
Delaware nonprofits will be able to apply for specifically designated funds through the NDC, a Community Development Financial Institution which has worked with Delaware nonprofits and foundations to increase the flow of capital to low-income communities. The NDC is partnering with Stepping Stones Community Federal Credit Union, a Delaware financial institution dedicated to serving limited income communities in Wilmington, to help Delaware nonprofits access the SBA PPP loan.
Though the funding is not yet available, nonprofits are encouraged to prepare their applications by watching a webinar — at delawarenonprofit.org/covid-19-related-funding — that NDC created. Applications will not be processed unless they are completed correctly with all necessary signatures and documentation. The loan application will be available for nonprofits to apply to NDC beginning at 9 a.m. two days after the legislation passes. The link will be available at https://delawarenonprofit.org.
Any Delaware 501c3 which is eligible to apply for the SBA PPP loan and has not yet received confirmation that it was approved by another financial institution can apply; note the SBA will only offer one loan per organization. Because this funding is set aside for Delaware nonprofits, there is a smaller waiting list to the SBA. If they find out they received an SBA approval through another lending institution, nonprofits are encouraged to notify NDC, and vice versa. Additionally, nonprofits are encouraged to apply to NDC, but also to continue to seek PPP funding at their banking institution.
NDC has provided a pre-recorded training webinar, a wage calculator and the SBA loan application at delawarenonprofit.org/covid-19-related-funding.
DANA, the Delaware Alliance for Nonprofit Advancement, is offering support to nonprofits in the form of volunteers who will answer questions and walk nonprofits through filling out loan applications. To request volunteer help, visit delawarenonprofit.org/covid-19-related-funding.