MARYLAND COMMERCE SUPPORTS NONPROFIT ORGANIZATIONS WITH $25,000 MICRO BRIDGE LOANS
BALTIMORE, MD (December 12, 2019) – The Maryland Department of Commerce today announced that six nonprofit organizations have each received $25,000 in short term financing through the Nonprofit, Interest-Free, Micro Bridge Loan Account (NIMBL). The organizations, ranging from a National Historic Landmark to social welfare advocates, will use the funding to assist with ongoing operating costs.
Created in 2017 and administered by the Maryland Nonprofit Development Center and Maryland Commerce, the NIMBL program provides qualifying nonprofits with funding up to $25,000 between the award date of a government grant or contract and the actual receipt of those funds.
“The state’s NIMBL program can provide the necessary assistance that nonprofits need to continue operations while awaiting government funding,” said Maryland Commerce Secretary Kelly M. Schulz. “We’re proud to work with the Maryland Nonprofit Development Center to help these organizations carry out their mission across the state.”
The nonprofit organizations receiving assistance include:
- Mental Health Association of Frederick County – An organization dedicated to building a strong foundation of emotional wellness for the surrounding community.
- Generations Family Services, Inc. – A 501(C)3 agency that provides free and low-cost counseling support, as well as basic needs and employment services, to those who are under-insured.
- Delmarva Community Services, Inc. – A multi-service agency that provides support to Delmarva Peninsula community members to maintain an independent lifestyle.
- Historic Sotterley – A Southern Maryland-based educational and cultural resource that strives to preserve historic structures and the environment.
- Together We Own It – An organization that serves more than 500 children across the state by providing mentoring, educational enrichment, and recreational programs.
- Adventist Community Services of Greater Washington, Inc. – A faith-based nonprofit that aims to help those less fortunate in the local community with case management, food, clothing, and more.
The Maryland Nonprofit Development Center offers free technical assistance for nonprofit organizations of less than $750,000 in revenue and less than 10 years old, and is administered by Maryland Nonprofits.
“It’s so important for nonprofits to be able to offer critical programs and services while they are awaiting payment on a government grant,” said Heather Iliff, president & CEO of Maryland Nonprofits. “We are grateful to the state of Maryland for creating the NIMBL program that enables nonprofits to keep their programs up and running and avoid risks caused by cash flow difficulties.”
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.
To receive an application or obtain additional information, visit commerce.maryland.gov/
About Maryland Commerce
The Maryland Department of Commerce stimulates private investment and creates jobs by attracting new businesses, encouraging the expansion and retention of existing companies, and providing financial assistance to Maryland companies. The Department promotes the State’s many economic advantages and markets local products and services at home and abroad to spur economic development and international investment, trade and tourism. Because they are major economic generators, the Department also supports the Arts, film production, sports and other special events. For more information, visit commerce.maryland.gov.