PRUDENTIAL LOAN FUND
Dodge arts grantees with short-term cash-flow gaps that meet the eligibility requirements below are invited to apply for zero-interest, no-fee loans through the Prudential Loan Fund.
The fund is administered by Dodge and was created in partnership with the Prudential Foundation last year to help organizations bridge unavoidable cash gaps associated with government grant payments or upfront expenses incurred related to annual galas or fundraising events.
Loan amounts range from $10,000 to $50,000 and require repayment in six months. Every effort will be made to expedite the application process to enable applicants, if approved, to receive loan funds in a timely fashion.
The next round of Prudential Loan Applications are due October 21, 2016.
- Dodge Foundation Arts grantee for at least three years
- An annual budget of $5 million or less
- NJ State Council on the Arts funding or any state, federal, or local contracts (CDBG, school, etc)
- Attendance at Prudential Loan Info Session workshop
- Complete online application
- Complete financial health assessment
- Document two-year track record of successful fundraisers
- Provide most recent audit/IRS 990 form
- Provide reconciled budget-to-actual for current fiscal year and budget projection for next fiscal year
- Provide proof of identified source for repayment funds
PRUDENTIAL LOAN INFO SESSION
All prospective applicants are required to attend a Prudential Loan Info Session.
The workshop is led by facilitator Hilda Polanco, founder and CEO of FMA Associates.
The workshop includes the following:
- Overview of the Prudential Loan Fund
- Strategic financial management
- Understanding nonprofit financial health
- Cash-flow projections
- Financial reports