New York’s Bloomberg Expands Loans to Aid Struggling Nonprofits

April 6, 2009, Bloomberg — New York City will expand loan opportunities and find ways to help the city’s 40,000 nonprofit organizations reduce costs and find new donors in the midst of the economic downturn, Mayor Michael Bloomberg said.

The program will focus on nonprofits that conduct job training, provide health services and promote the city’s arts and culture, all of which have experienced cash-flow problems and declines in operating support, said Bloomberg, a billionaire who has given away hundreds of millions of dollars.