Posted on January 30, 2009

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Jewish Funders Network Establishes Fund to Help Nonprofits Harmed by Madoff Scheme

The New York City-based Jewish Funders Network has announced the launch of a $5 million fund to assist nonprofits harmed by Bernard Madoff's alleged $50 billion Ponzi scheme.

Created through a collaboration of JFN members, the Crisis Loan Fund will provide bridge financing and interest subsidies to eligible 501(c)(3) nonprofits facing budget shortfalls caused by the scheme and made worse by the current credit crisis. Loans of $100,000 to $300,000 will be distributed to cover operating and program costs based on several criteria, including the strategic impact of the loan on the organization or its programs and the organization's ability to re-pay the loan.

In addition, JFN has established a Pro Bono Resource Bank, which will provide nonprofits struggling in the economic downturn with managerial, legal, accounting, development, and other resources from JFN members and other groups.

"The Crisis Loan Fund represents an immediate first step to aid nonprofits who are already scrambling to meet increased demand with rapidly diminished resources," said JFN president Mark Charendoff. "It's our hope that philanthropists will join with JFN to continue to meet the demand in the months to come."

“JFN Announces $5 Million for Nonprofits in Crisis.” Jewish Funders Network Press Release 1/29/09.

Primary Subject: Philanthropy and Voluntarism
Secondary Subject(s): Economic Crisis
Location(s): National

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