Coney Island, USA (Revolving Loan Recipient 1999)
Eak the Geek performs on a bed of nails.
The Revolving Loan Program provides short-term cash flow loans against approved government grants to non-profit cultural organizations. Since 1971, this program has provided over $55 million in loans to hundreds of arts groups across New York State. ELIGIBILITY
To qualify for a loan, an organization must have an approved grant from the New York City Department of Cultural Affairs.
Individuals are not eligible for the Revolving Loan Program.
DEADLINE & NOTIFICATION
Ongoing
LOAN AMOUNTS AND FEES
Loans may not exceed 80% of the contracted amount. The fee is 5% of the loan amount. To cover NYFA's interest costs, an additional low percentage fee will be chargd against loan amounts outstanding after 30 days and the fee percentage will increase every 30 days the loan is past due.
APPLICATION PROCESS
Contact Sebi Vitale, Director of Finance, to confirm eligibility and to receive an application form.
The application must be completed and signed by the appropriate parties for both the borrower and the agency supporting the loan.
The signed form and all supporting documentation should be submitted for approval and processing.
For further information, call (212) 366-6900 x 210, or email svitale@nyfa.org.
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