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CHEFA is pleased to announce our intention to issue loans through the CHEFA Revolving Loan Fund Program. This Program was established in order to assist CHEFA clients who are suffering a financial impact from the COVID-19 pandemic. CHEFA is making funds available to provide low-cost financing to eligible CHEFA clients for working capital purposes. The Annual Funding Cycle Notices attached provides the terms of the loans, eligible borrowers and eligible uses of the loan proceeds.
For organizations interested in financing, there is a streamlined application process. Organizations will be asked to complete a brief application and submit the following financial information:
•Year-to-date Unaudited Financial Statements including a breakdown of Net Assets Without Donor Restrictions and Net Assets with Donor Restrictions
•Projected cash flow for the period 7/1/2020 – 12/31/2020
•List and Amounts of all emergency COVID-19 financial resources received or expected to be received (e.g. DECD Bridge Loan, SBA Economic Injury Disaster Loan, Payroll Protection Program Loan, Grants)
Loan applications will only be accepted during the Application Acceptance Window, which opens on June 15, 2020 and closes on June 29, 2020. The loan application will be posted on our website, at www.chefa.com, no later than June 12, 2020.