Greetings!
As
we reported in our last communication, the economic crisis continues to negatively
impact nonprofit and community development organizations in NYC and across the
country. According to a national survey of more than 1,300 nonprofit leaders
recently released by Nonprofit Finance Fund (NFF), a national leader in social
sector finance, and referenced in several national media outlets, 2010 will be
financially more difficult or at least as difficult as 2009. (click here to see survey results)
In
response, "Contact Fund has brought important and scarce private capital to the
nonprofit market and enhanced borrowing opportunities for many
organizations. They are committed to using its capital to complement
other lenders in the market, filling gaps or finding ways to work
together. We value our lending partnership with the Contact Fund." Kristin Giantris, VP Northeast Region for Nonprofit Finance Fund.
Read More...
The Nonprofit Starvation Cycle
If you're interested in the implications of the Nonprofit Finance Fund survey, we thought the following webinar offered on May 12th by The Stanford Social Innovation Review would be of interest to you: The Nonprofit Starvation Cycle.
More than 65% of nonprofit leaders say they
are cutting overhead to get through these tough times. This is alarming,
given that most organizations already skimp on critical infrastructure
and capacity investments that are necessary to deliver results.
This session will help both nonprofit leaders and
funders think through the implications of the Starvation Cycle and will
focus on the most important actions leaders in both groups can take to
end it.
Find out more...
Contact
Fund is Growing!
 Contact Fund
wants to update our friends and partners with exciting news about our
recent growth. In the last round of notes issued in March, Contact
Fund's number of individual investors
increased by almost 60%! Investment dollars have increased not only through new investors, but
also through existing investors who have increased their investment in
Contact Fund, resulting in an almost 30%
growth in investment notes over the past 6 months!
Contact Fund has been
working hard to source new deals and set up a pipeline of funding
opportunities in areas such as microfinance, affordable housing, food
access and community facilities. Combined with investment-raising efforts, we'll be ready later this year
to deploy much-needed capital and expand our portfolio of borrowers in
the New York City community development community.
As
always, we encourage you to contact us at 212-209-3877 or info@contactfund.com
for more
information about our work with Nonprofit Finance Fund and the broader
community development and social investment marketplace in NYC.
Founder, Contact Fund
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