Prudential Loan Fund

The Dodge Foundation has offered the Prudential Loan Fund biannually for the past five years to Arts grantees. The Loan Fund offers no-interest, no-fee loans to bridge cashflow gaps or cover upfront expenses for galas or annual benefits.

As a result of the negative financial impact of the COVID-19 pandemic on the arts sector, and the delayed state fiscal year, which will delay New Jersey State Council on the Arts grant payments, this year the Loan Fund will be limited to this one round to offset some portion of first round NJSCA payments.

For this round, eligibility has been expanded to include Dodge Education grantees in addition to Arts grantees that have been part of the program. Applicants' annual operating budget cannot exceed $1 million.

Please review the application steps below. 

 

How to Get Started

If you are a Dodge Arts or Education organization interested in learning more about the Prudential Loan Fund, please read through the following steps. If you have any questions, please contact Richard Simon

 

  • 1. Read the Prudential Loan Overview

    Get upcoming deadlines and review our eligibility requirements to determine if your organization qualifies for the program. We've also compiled some Frequently Asked Questions and encourage you to check them out. 

     

    Go to Prudential Loan Fund Overview

     

    Go to Frequently Asked Questions

     

  • 2. Register for a Clinic

    All prospective applicants are required to attend a Prudential Loan Clinic led by facilitator Hilda Polanco. Organizations planning to apply for funding that have not attended a clinic should contact Richard Simon.

     

  • 3. Complete Financial Worksheets

    You will need to complete and upload a cash-flow projection.

     

    Click here to download the cash-flow projection worksheet

     

  • 4. Get Your Paperwork In Order

    Also, please be prepared to submit the following financial documents with your application:

       

    • Brief narrative describing how the loan will be used
    • 2019 NJSCA grant award letter
    • Board authorization of loan application
    • Most recent audit and/or 990
    • One-year cash flow analysis out from July 1, 2020 (see above for form)
    • COVID-19 financial contingency plan(s) if available.
    •  

  • 5. Start Your Application

    Applicants who have met eligibility requirements, including attending the Prudential Loan Fund Clinic, may apply using the following link. 

     

    Go to Prudential Loan Fund Application

     

  • 6. Wait for a Response

    Dodge staff will review applications for completeness and correct supporting documents. 

     

    Foundation staff will contact the applicant if additional information or clarification. If the loan is approved, a loan documentation form will be sent to the applicant prior to the release of the funds.

     

Upcoming deadline

For 2020, applications will be accepted from Wednesday, July 15 through Friday, August 14. The Loan Fund Committee will meet in late August with notification and disbursement by the end of September.
 

Required Clinic

Participation in a Prudential Loan Fund workshop is required. Those who have not attended a workshop within the past three years should plan to attend one of the two offered with Hilda Polanco on:

  • Wednesday, July 22 at 10 a.m.
  • Monday, July 27th at 3:30 p.m.

Email Richard Simon or call him at 973-695-1186 to schedule. Registration is on a first-come, first-served basis and capacity is limited.

 

Have a Question?

Could your organization use a bridge loan? We compiled answers to some commonly asked questions to help your organization decide if the Prudential Loan Fund is right for you. Go to Frequently Asked Questions

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