Forbes Funds, Bridgeway Capital create short-term lending fund
June 29, 2015 | Patty Tascarella | Pittsburgh Business Times
Whether Pennsylvania’s budget is signed Tuesday remains a question, so The Forbes Funds and Greater Pittsburgh Nonprofit Partnership are directing Pittsburgh’s nonprofit community to prepare in case of a delay in Harrisburg.
The Forbes Funds on Monday said it has worked with Bridgeway Capital to create a short-term lending fund for nonprofits impacted if the new budget isn’t approved.
An organization of The Pittsburgh Foundation, Forbes Funds surveyed nonprofits in the Pittsburgh region and found that half said access to additional short-term credit would be helpful should the budget not pass by its June 30 deadline, also the close of the fiscal year for nonprofits.
“For most social service agencies, their long-term funding trend has been flat or in decline. This, combined with the growth in demand, has left many nonprofit agencies with very little cash reserves to dip into. We are thrilled to partner with Bridgeway Capital as one additional way to support publicly funded agencies to manage cash flow needs during a late state budget.”
-Kate Dewey, President, The Forbes Funds