NeighborWorks Capital offering loans to network members impacted by government shutdown

All of us are seeing the impact of the shutdown in our communities – impacting homeowners, renters, friends, neighbors, and the organizations that are critical to delivering services and affordable housing. NeighborWorks Capital is here to provide some assistance. NC is offering short-term bridge loans to NeighborWorks network members who are experiencing delays in funding or reimbursements from federal contracts or grants for affordable housing programs (Section 8 and RHS rental assistance, capital funding for construction, and other rental or single-family programs) or that assist people or partners in your community.

The terms of this loan are:

Amount:                     $10,000 to $75,000, unsecured. Larger amounts will be considered

Term:                          30-90 days

Interest Rate:              0% 

Fees:                           None

Disbursement:            Approved loans will be fully disbursed at closing, to allow you to respond quickly to the needs of your organization and your community. Turnaround from request to funding expected to be no more than 10 business days.

Info needed:                One-page case statement describing the financial need, the amount needed, timeframe of loan, source of funds to repay loan signed by Chief Executive Officer or Chief Financial Officer

Documentation:          Note, Board resolution, Insurance Certificate, Wiring Instructions

These will be processed in the order they are received. If you have any questions please contact Stephen Peelor, Chief Lending Officer at 240-595-1561. Also, please send your requests to speelor@neighborworkscapital.org