Short Term Lending Fund

The Forbes Funds has partnered with Bridgeway Capital to establish a short-term lending fund for nonprofits whose reimbursements are affected by the late state budget.  
 
Below you will find the basic information and documentation that each nonprofit will need to provide to access this new financing option.  If you have any questions please contact The Forbes Funds.  Staff from The Forbes Funds and Bridgeway Capital will work with your organization through this process.

Basic Terms:

  • Term loans (with draw features)
  • Loan amounts determined by need and financial strength
  • Short terms 90-180 days
  • Rates from 5.50% to 7.00% risk based
  • 1.00% origination plus any applicable fees
  • Minimum UCC filing against Accounts Receivable
  • Additional collateral where required ( i.e. Business assets/real estate)
  • Proof of bank approval to acquire more debt (if applicable- existing bank debt may have restrictive covenants prohibiting them from adding additional debt)
  • Forbes Fund to collect complete loan package prior to submitting to Bridgeway
  • 2 to 3 week turnaround time

Loan Documentation Needed (additional information may be required)

  1. Intake form
  2. Application
  3. Debt schedule
  4. Bylaws
  5. 501c(3) 
  6. Articles of incorporation
  7. List of board members including demographic info (see attached intake form)
  8. 3 years 990
  9. 3 years financial statements
  10. A/R aging report
  11. How much funding is needed (how is amount derived)
  12. Proof of funding – contracts etc…
  13. Narrative about community plan impact
  14. Current year budget
  15. Projected budget (next year)
  16. Narrative on nonprofit history/programs
  17. Sources and uses – listing committed funds documentation of grant notification/ sponsorships
  18. Resume of Executive Director
  19. Client demographic info ( how many, low income, etc..)
  20. Use of loan proceeds ( how will funds be applied)

Prior to submitting this documentation, please contact us to let us know that you are planning to do so.  Note that turnaround time for loan origination may be up to three weeks once all documentation is received.  Documentation should be submitted to info@forbesfunds.org where The Forbes Funds staff will review and confirm receipt of all needed documents then pass along the complete package to Bridgeway Capital lending staff.