Funding Restrictions Considered

 

A new policy could be put into effect tonight for non-profit organizations seeking short-term loans from the Municipality. civic-centre-chatham-300x225

Non-profit organizations can seek bridge financing from the municipality if they need a boost getting to their fundraising goals, but Council is looking at putting a firm policy in place.

The new policy will require organizations to have raised 75% of their projects costs before a short-term loan will be considered.

Groups will also have to provide full financial disclosure, including a business plan and breakdown or project costs.

Repayment of the loan would also last no longer than five years.

Council will vote on the new policy tonight.

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