The Wayne County, Indiana, Foundation, Inc. exists to foster and encourage private philanthropic giving, to enhance the spirit of community and to improve the quality of life in the Wayne County, Indiana now and for future generations.
- History of predictable revenues (whether seasonal, earned, or contributed).
- 3-year operating history as a 501(c)(3)
- No prior loan defaults
- Is located in Wayne County
HOW MUCH CAN OUR ORGANIZATION BORROW AND WHAT ARE THE LOAN TERMS?
Loan amount up to $25,000 or no more than 10% of your annual revenues (final loan amount will be determined based on the outcome of underwriting)
Loan term from 6 to 36 months
2-3% annual interest rate
No prepayment penalties
Deferral of 1st payment up to six months
WHO WILL BE APPROVING THE LOAN APPLICATION?
The Wayne County Foundation nonprofit loan committee, with support from First Bank Richmond.
The loan application, which you should download and save as a PDF prior to completing, will request the following general information and story.
- Applicant Name
- Organization Website
- Year established
- Number of Employees on 1/1/2020
- Current number of Employees
TELL US YOUR STORY
– A brief summary of your nonprofit’s charitable purposes and activities.
– Summarize how your organization has been affected by the COVID-19 pandemic and economic downturn.
– Please identify how your organization can benefit from this loan and how the funds would be utilized if selected
– Summarize how you are adapting to these uncertain time as an organization. What have you done recently to maintain operations, reduce anticipated debt or expenses, etc.
– Are you currently operational?
– Have you applied for other assistance programs? Check all that apply:
- SBA Payroll Protection Program
- SBA Economic Injury Disaster Loan
– If you applied for programs listed above, which did you receive funding and for what amount?
DOCUMENTS TO INCLUDE IN THE APPLICATION SUBMISSION:
* Financial Statements for the last three years and year-to-date (YTD financials, including statement of financial position and statement of activities (audited as applicable for revenue of more than $2 million)
* Documented revenue from grants/contracts, and letters of intent, if any
* Copies of the nonprofit’s 501(c)(3) determination letter, articles of incorporation and bylaws
* Bios of your management team, organization chart and listing of the board of directors
* Most recent IRS Form 990
* Financial forecast or expected budget through the requested loan term, detailing the repayment
* Schedule of any other debt obligation and liabilities, including leases, lines of credit, mortgages and credit cards.
* Board resolution for the assumption of debt (before closing)
The completed application should be submitted via email to firstname.lastname@example.org along with all supporting documentation requested. Questions can be sent to the same email address or by calling the Foundation Office at 765-962-1638 Monday-Friday between the hours of 8:00am – 5:00 p.m. Please download the application and save the PDF prior to filling out.