The NYC COVID-19 Response & Impact Fund raised and distributed funding to nearly 800 local nonprofits in the early days of the COVID-19 pandemic. It demonstrates what philanthropic support from scores of funders, including Carnegie Corporation of New York, can accomplish through a shared goal of providing emergency support to hundreds of vital arts, cultural, and human service nonprofits. A new report from the New York Community Trust looks at how those organizations put the funding to work.
The NYC COVID-19 Response & Impact Fund announced that more than $110 million in emergency support has been distributed to 768 New York City–based social services and arts and cultural nonprofits affected by the coronavirus public health crisis. More than $73 million in grant funding was managed by the New York Community Trust and over $37 million was managed by Nonprofit Finance Fund for no-interest loans. Small to mid-sized nonprofits across New York’s five boroughs applied for grants or interest-free loans to ensure the continuity of their daily operations and to help counteract lost revenue that challenged their ability to pay rent, make payroll, or fulfill their public service missions.
FROM THE PRESIDENT | 04.23.2020
Today, all around us, we see the heroic efforts of so many exceptional individuals and organizations as they respond to COVID-19 with selflessness, dedication, and urgency. Their ranks include many of our grantees. To all of them, we express our admiration and gratitude.
In this sixth week of working remotely, the Corporation is fully operational and responding to the emergency needs of our grantees with greater flexibility. We are reviewing developments in our program areas of democracy, international peace and security, African higher education, and education. In the realm of our national education program alone, our grantees have faced widespread disruption, requiring the need for our collaboration, expert guidance, and the reallocation of funding.
The NYC COVID-19 Response & Impact Fund today announced that 276 New York City-based social services and arts and cultural nonprofits affected by the coronavirus pandemic have received support since the Fund was established on March 20, 2020, through a philanthropic collaboration. The Fund has raised $95 million and has awarded $44 million in grants and interest-free loans to small and midsize nonprofits with plans to issue additional funds to more organizations in the weeks to come.
The goal is to assist community organizations across New York’s five boroughs with support ranging from $8,000 to $250,000 per grant, and from $100,000 to $3 million per loan. The funds will help nonprofits continue their daily operations and offset lost revenues that are hurting their ability to pay rent, make payroll, and fulfill their public service missions.
NEWS RELEASE | 03.20.2020
Carnegie Corporation of New York and its peer institutions have announced the formation of a new fund to assist New York City in addressing the many hardships caused by the coronavirus pandemic. Following the model of generosity and collaboration established by the New York City philanthropic community during the aftermath of 9/11 and Hurricane Sandy, the NYC COVID-19 Response & Impact Fund will provide $75 million in grants and interest-free loans to small and midsize nonprofit organizations to help them respond to emerging needs, cover losses associated with the disruption of their operations, and help them continue their critical work.
FROM THE PRESIDENT | 03.19.2020
We will continue without interruption our mission of promoting the advancement and diffusion of knowledge and understanding around issues of peace, education, and democracy — enduring causes established by Andrew Carnegie that are increasingly important in light of current crises. Indeed, it is our goal to strengthen our foundational work and further the role of the philanthropic and nonprofit sectors.