Program Related Investments

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The Community Foundation of Northern Illinois is complementing its grantmaking program with a Program-Related Investment (PRI) initiative. Through the PRI, the Foundation will make funds available, in the form of loans, to area charitable organizations.

Program Related Investments are closely connected to our grantmaking program in that the Foundation is looking to improve the effectiveness and longevity of the charitable organization, strengthen their infrastructure, broaden their base of support, increase their visibility in the community, and encourage collaboration and partnerships. The PRI will allow us to broaden the impact of our grants, to provide additional funding opportunities to area charitable organizations, and to maintain the focus that has made our grant making effective.

Eligibility

To be eligible for a PRI, an applicant must:

  • Tax exempt status or have a charitable purpose
  • Be in operation for at least a year
  • Have appropriate/competent staffing
  • Have commitment to developing the organization and its leadership
  • Have sound record keeping procedures and accounting controls
  • Be committed to expanding their base of support and attracting further resources

Specifications

Definition: A PRI is a loan to support a charitable project or activity.

Limits: The Community Foundation will consider PRI amounts on a case-by-case basis. The terms of the loan will be negotiable.

Repayment: Plans for repayment of the PRI must be included in the application. The recipient organization must have the skills, financial resources, and capability to meet the agreed upon repayment schedule. The rate of interest to be charged on the outstanding balance will be negotiated on a case-by-case basis. PRI recipients will be required to submit a copy of their annual audit while the loan is outstanding.

Criteria: PRIs will be awarded up to $25,000.00. The Community Foundation welcomes PRI applications from organizations in the Illinois counties of Winnebago, Boone, Ogle, and Stephenson. Collateral should be provided, where appropriate.

Application

Application Process

Applications are reviewed and approved by the PRI Committee. All applicants are informed in writing of CFNIL’s decision, including any conditions and reporting requirements. Applicants interested in applying should submit 1 copy of the completed application to: Jon Bates, Vice President of Finance and Administration, Community Foundation of Northern Illinois, 946 N Second Street, Rockford, IL 61107. If you have questions, call 962-2110 ext. 13.

Program Related Investments Application

Online Application

In order to receive grants from the Community Foundation, you will need to complete an online application through our Applicant Web Portal. (See below.) No paper copies will be accepted.

Deadlines

The online application must be received on or before 5:00 p.m. on the deadline date.  If the deadline falls on a weekend or holiday, applications are due by 5:00 p.m. on the next business day.  Incomplete or late applications will not be accepted.

 

How to Register & Apply

Apply Now

Questions?

Contact Jon Bates

  +1 (779) 210-8201

 Email Jon

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