A collaboration among two California foundations aims to bring dollars and expertise to the aid of struggling nonprofits in the Los Angeles area.
The California Community Foundation and the Bank of America Charitable Foundation are working with the Nonprofit Finance Fund to provide working-capital loans and consulting services to nonprofits in the region.
In addition to the loans, the Nonprofit Finance Fund will offer a series of workshops, consulting engagements and business analyses to help nonprofits strengthen their financial stability.
“Many Los Angeles nonprofits are facing a ‘perfect storm’ of challenges,” David Greco, vice president of the Nonprofit Finance Fund’s western region, says in a statement.
“Demand for services has increased, funding has decreased and fallout from the California budget crisis adds to financial instability.”
By providing needed cash, along with services to bolster their financial planning and decision-making skills, the effort aims to improve nonprofits’ “near-term survival and long-term sustainability,” he says.