POUGHKEEPSIE – The Community Foundations of the Hudson Valley is now offering loans through its Local Impact Fund for Tomorrow, providing bridge loans to non-profits with projects in the works.
The program provides bridge loans of up to $50,000 for the projects, and Community Foundations’ President Laura Washington said they have provided their first loan.
“These are all bridge loans and the first loan that we made was literally to support a bridge – Walkway Over the Hudson, which is using this bridge loan to finance the final part of their lighting project,” she said.
The loan will allow Friends of the Walkway to replace and supplement lighting at overlooks and with color changing LED lighting.
The Community Foundation’s next loan is to Rosendale Theater Collective for building upgrades.
The loans are offered at two percent interest with Ulster Savings Bank contributing 10 percent of each loan and originates and services the financing.
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