The Maryland Department of Commerce, in partnership with the Maryland Nonprofit Development Center, is now accepting applications from nonprofit organizations seeking short-term operational support.
The Nonprofit, Interest-Free, Micro Bridge Loan Account (NIMBL) is an interest-free, micro bridge loan fund that provides funding up to $25,000 to qualifying nonprofits between the award date of a government grant or contract and the actual receipt of those funds.
“Many nonprofits depend on government grants or contacts to pay operational expenses, and when there is a delay in the delivery of those funds, it can seriously impact an organization’s ability to carry out its mission,” said Maryland Commerce Secretary Mike Gill. “This program will address an important and often overlooked gap in the nonprofit community, and provide an immediate solution to a short-term cash flow problem.”
The first recipient through the NIMBL loan program is Adventure Theatre MTC located in Montgomery County. The nonprofit was formed when two separate organizations – Adventure Theatre and the Musical Theater Center – merged in 2012, creating an academy to inspire new generations of artists and the admirers of the arts. In the past year, Adventure Theatre MTC has received numerous nominations through the Annual Helen Hayes Awards for its adaptations of Jumanji, The Emperor’s Nightingale, James and the Giant Peach, and The Lion, the Witch and the Wardrobe. Did you know the nonprofit arts sector in Maryland generates more than $1 billion to the state’s economy?
“The staff of Maryland Commerce helped us pull together all the information we needed and supported us through a very straightforward process,” said Leon Seeman, managing director Adventure Theatre MTC. “This legislation has enabled us to meet payroll while waiting on our government funding, and we are thrilled with the results.”
Nonprofits receiving NIMBL funding must be located in the state and determined by the Internal Revenue Service to be exempt from taxation under Section 501(c) (3), (4) or (6) under the Internal Revenue Code.
Applications are only accepted from qualifying nonprofits with written confirmation from a government entity for funds via government grants or contracts that have not yet been received. Repayment of the loan can be no later than the date of the final grant or contract payment to the nonprofit. NIMBL loans can only be used for operating expenses.
According to the Office of the Attorney General, Maryland is home to more than 30,000 nonprofit organizations, employing nearly 263,000 workers and 11% of the workforce. If you are interested in applying or learning more about NIMBL, visit commerce.maryland.gov/nimbl.
The post Maryland Commerce accepting applications for nonprofit funding appeared first on MDBIZNews.
from https://mdbiznews.commerce.maryland.gov/2018/01/maryland-commerce-accepting-applications-nonprofit-funding/
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