Diverse Loans for a Dynamic Community

Since 1994 we have offered nonprofit organizations across the state with below-market interest rates and sound financial direction. Whether you are acquiring new land, embarking on a construction project, buying new equipment, expanding your capacity, or addressing a cash flow challenge we can help.

We offer the following types of loans:

Secured Real Estate or Equipment Loans

Your loan can be used to purchase property, build a building, buy equipment, refinance existing debt or for other expenditures related to your organization. In exchange for a secured loan, your organization pledges some asset (e.g. property) as collateral for the loan.

Bridge Loans

We understand that after you raised the money or received the promise of a grant, donation, government loan or development fees, there is often a timing gap between the promise and when the money makes its way to your organization. Meanwhile, the project needs to get done! A bridge loan can provide money to keep the project moving forward while you are waiting for the dollars to come in the door. These loans are usually secured by a promise of the money to come or by a building, equipment or other asset of your organization.

Working Capital Loans

When current assets are less than current liabilities, a nonprofit has a working capital deficiency.

If your working capital becomes too low, your nonprofit risks running out of cash. We are here to help you meet those times when working capital is tight, oftentimes due to a late government payment or a cancelled contract or seasonality of fundraising revenues. Although these loans are not used to purchase or refinance something tangible, they still need to be secured by some asset of your organization.

• Short-Term Loan: A short-term loan (less than one-year) used to finance day-to-day operations of a nonprofit. It is normally a one-time loan for a comparably small amount that funds immediate needs.
• Line of Credit: A line of credit is an arrangement between FCI and a nonprofit borrower that extends a maximum amount of credit to be used for short-term purposes (e.g. payroll shortfalls). The money is required to be repaid ("rested") with interest and can later be re-drawn again for a similar short-term purpose.

Construction Loans

Construction loans are short-term, usually 12 to 18 months in duration, and used to build or rehabilitate a physical  structure. A construction loan is usually provided in phases as the construction takes place. Construction loans are secured by the real estate and are generally repaid through refinancing as the construction loan is "taken out" by a permanent, long-term loan.

Predevelopment Loans

Predevelopment loans are short-term loans that provide the initial seed money for a project. These loans are used to cover expenses that happen prior to the onset of property acquisition or construction. Typical expenses for which this loan is used include environmental testing and remediation, land acquisition, architect and design fees, and other professional fees. Often a pre-development loan is repaid by either the construction loan or permanent financing. Predevelopment loans are usually secured by land or another asset of the borrower, contribution or donor or grant pledges.