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.
In 2019, the next application deadline for the Prudential Loan Fund is:
- Oct. 4, 2019
PRUDENTIAL LOAN CLINIC
All prospective applicants are required to attend a Prudential Loan Info Session led by facilitator Hilda Polanco, founder and CEO of FMA Associates. Organizations may opt to attend a one-on-one clinic to dig deeper into financial management after the workshop.
Only organizations that meet the following criteria may apply for a loan:
- 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
Required documents include:
- Two years of financial statements (audit and/or 990) for your organization's most recently completed fiscal years (If your organization's most recent audited financial statements or 990 are more than a year old, unaudited or interim financial reports should be provided for the subsequent fiscal year)
- Statement of Activities (also known as the Profit and Loss Statement)
- Current Balance Sheet
- Aligned side by side on the same page, your organization's 2018 and 2019 or 2019 and 2020 board approved operating budget, depending on your fiscal year
- Two Financial Worksheets: Cash flow projection for the next 12 months and the Loan Readiness Financial Health Worksheet. Click here for links to download both.
- Board resolution authorizing your organization to borrow funds from the Prudential Loan Fund
- Demonstration of two years of successful fundraising events, ONLY if applying for an advance on a fundraising event