Returnable Grant Fund
The Returnable Grant Fund issues loans to nonprofit providers awaiting contract registration. Created in 1992, the program is a collaboration among the Mayor's Office, the Office of Management and Budget, and the Fund for the City of New York (FCNY).
RGF loans are interest-free and service fee-free and typically cover one, two, or three months of critical program expenses such as rent, utilities, and payroll. Nonprofit providers can apply for an RGF loan by completing and submitting the loan application to the Agency Chief Contracting Officer (ACCO).
What to expect from the RGF loan process:
- After submitting all required contract documents to the ACCO, the nonprofit organization can apply for an RGF loan.
- Upon approval of the loan application, the ACCO submits it to the Mayor's Office of Contract Services (MOCS).
- MOCS reviews and submits to FCNY to issue the loan.
- The organization signs a loan agreement with FCNY.
- The funds typically become available within 24 to 48 hours after MOCS authorizes the loan.
- The contracting agency repays the loan balance on behalf of the non-profit organization by assigning payment on the registered contract to FCNY before the due date of the loan repayment.
- Where the collateral contract is not registered before the loan balance is due, non-profit organizations should work with the ACCO in order to identify other options for the remittance of repayment.