Combining financial know-how with local experience is crucial
The Lyle S. Hallman Foundation (LSHF) and the Community Forward Fund (CFF) will be working together to increase financing options for the charitable sector. The Lyle S. Hallman Foundation’s board of trustees has expressed interest in committing $2 million in capital to provide loans for nonprofits and charities in Waterloo Region. The Community Forward Fund is a new initiative that brings extensive expertise in loan application reviews, due diligence and financial coaching services.
LSHF Executive Director Laura Manning states, “The Community Forward Fund’s focus on regional partners was an important element in our decision to get involved. We know that organizations in this area are innovative and entrepreneurial. They should have access to a full range of financing options in order to meet current and future challenges, and to able to achieve their goals. CFF offers not only loan services, but also financial coaching and a deep understanding of nonprofits. This made them an excellent fit for us.”
Because loans historically are not easily accessible to a large portion of the nonprofit and charitable sectors, LSHF, in partnership with CFF and the Kitchener-Waterloo Community Foundation, recently conducted a survey of local organizations to gauge their interest in loans. The return rate itself was amazing, with more than 50 organizations responding. The organizations clearly indicated an interest in financing and financial education. As a result, the Kitchener Waterloo Community Foundation, the Lyle S. Hallman Foundation and CFF held an education workshop in early October that filled up to full capacity within days. CFF is looking forward to following up with interested participants and with other organizations that would like to participate.
CFF President and CEO Nora Sobolov adds, “We are pleased to see the response to our workshop and inspired by the incredible stories of nonprofit resilience and the great management and staff attending. We look forward to working with the Lyle S. Hallman Foundation in making financing and services available in the Region of Waterloo.”