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Over $5 million disbursed to San Diego nonprofits in 0% interest loans

by | Apr 1, 2022 | News

It’s official—the San Diego County COVID-19 Small Business and Nonprofit Loan Program (SBNLP) has successfully disbursed all available capital to 26 nonprofits in San Diego County impacted by COVID-19.

This collaborative initiative was launched in May 2020 by the County of San Diego, County Supervisor Nathan Fletcher, The San Diego Foundation, Mission Driven Finance, Accion San Diego (now Accessity), the San Diego & Imperial Small Business Development Center Network, and the California Southern Small Business Development Corporation, in response to the region’s economic disruptions caused by COVID-19.

Seed funding for the nonprofit loan pool of the SBNLP came from The San Diego Foundation and Alliance Healthcare Foundation, while the County of San Diego provided funding for small businesses through Accion San Diego (now Accessity). Mission Driven Finance performed the loan underwriting for the nonprofit loan pool.

As things slowly return to a new normal, Mission Driven Finance is proud to announce that over the lifecycle of the program, we received applications from 72 nonprofits, 26 of which received $5,200,000 in 0% interest loans spanning diverse industries: education services, arts, entertainment & recreation, health care, social industries & services, environment & support activities, and affordable housing. The loans supported these nonprofits with their operations, employee retention (and even growth), rent, and other vital community programs during a difficult and extraordinary time.

While the 0% interest rate made it possible for some nonprofits to consider taking on debt, we ensured the funding amount was the right size for their activities and repayment plans. As we do with other loan products, we work closely with the leadership of each organization, acting as their financial partner.

“The loan helped us pull through in a time of uncertainty. Knowing there’s money coming in stabilized progress on major projects, including purchasing land and formulating a multi-year strategic plan. The cash flow provided organizational continuity; where other organizations were pulling back; we were able to move forward. It also helped us feel lighter; when things were getting pretty dark due to the pandemic, it helped lift the scarcity mindset and allowed us to think differently about our finances.”

— Brianna (Bri) Fordem, Executive Director, The Anza-Borrego Foundation

“As a nonprofit, it has been crucial for us having Mission Driven Finance as a financial partner during the pandemic. The capital from the San Diego County COVID-19 Small Business & Nonprofit Loan Program and The San Diego Foundation has contributed to my confidence that we can continue offering essential services to children in foster care during this time.”

—Jeff Wiemann, Executive Director, Angels Foster Family Network (SBNLP)

Here are all the nonprofits that received SBNLP funding and their diverse range of services (listed in order of funding):

  1. Angels Foster Family Network connects children in foster care with loving families
  2. Anza-Borrego Foundation protects and preserves the Anza-Borrego Desert State Park.
  3. Bayside Community Center provides critical services to vulnerable Linda Vista residents.
  4. Be There San Diego/San Diego Healthcare Quality Collaborative is a coalition of patients, communities, and healthcare systems working to prevent heart attacks and strokes.
  5. Dreams for Change services the needs of families and individuals experiencing homelessness and other low-income individuals.
  6. Fred Finch CARES provides services for children living with autism and other neurodevelopmental disorders
  7. Gold Youth Arts Organization prepares students with the skills necessary to succeed.
  8. Harmonium promotes well–being and self-sufficiency in children, youth, and their families
  9. Mainly Mozart creates an environment for artists to share their musical talents and creativity.
  10. Multicultural Health Foundation brings health justice and wellness to the multicultural communities of San Diego County.
  11. The National Foundation for Autism Research prepares young adults with autism for the workforce.
  12. The New Children’s Museum engages children and families with contemporary art.
  13. Rise Up Industries offers job training and professional development to people who used to be involved with gangs. The nonprofit received two separate loans through SBNLP.
  14. San Diego Habitat for Humanity increases homeownership for families across the county.
  15. San Diego Health Connect enables healthcare stakeholders to share important
    health information.
  16. San Diego River Park Foundation is dedicated to creating a better future for the San Diego River and the communities through which it traverses.
  17. SAY San Diego offers social services catering to the needs of infants, youth, and
    families.
  18. Somali Family Service of San Diego provides culturally appropriate services to
    refugees and immigrants.
  19. Tree San Diego is the leading urban forestry nonprofit for San Diego County.
  20. Via International fosters community initiatives that support community members to become agents of change.
  21. The Water Conservation Garden educates and connects the community to nature.
  22. Mindset Charter Schools’ School for Entrepreneurship & Technology prepares students to thrive in a global, tech-driven society.
  23. Space 4 Art establishes a dynamic creative center where artists live, work, mentor youth, and interact with the community in an innovative and educational environment.
  24. Think Dignity works to advance basic dignity for people experiencing homelessness through advocacy and innovation.
  25. Heartbeat Music & Performing Arts Academy bridges the gap in traditional education by introducing at-risk and underprivileged youth to the benefits of music and dance.
  26. San Diego Hunger Coalition leads coordinated action to end hunger in San Diego County supported by research, education, and advocacy.

At Mission Driven Finance, we are proud to have served the San Diego nonprofit sector through the SBNLP. To learn more about current financing options, check out missiondrivenfinance.com/financing.

Categories: News