Independent Sector, a coalition of charities and foundations, said today it is working on a proposal for a government revolving-loan fund to help cash-strapped nonprofit groups respond to growing caseloads as the economic crisis takes its toll.
“There’s simply not enough cash to respond to the amount of the needs,” Diana Aviv, president of the group, told a Congressional briefing in Washington. “The demand is much greater and the dollars that are secured from traditional sources are shrinking.”
Ms. Aviv told House staff members that her organization planned to hold a meeting on Wednesday with affected charities and others to discuss how to structure such a loan fund. She said some groups are unable to get “bridge loans” from banks as they did in the past to tide them over when expected revenues have not yet arrived.
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