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City staff outline nonprofit revolving loan fund plan; council presses for budget details
Summary
City staff told the Riverside City Council the nonprofit revolving loan fund is set up with an initial $75,000 release and partnerships with the Inland Empire Community Foundation and San Bernardino County, but council members pressed for a line‑item budget and clarity on how startup dollars were spent.
City staff on Jan. 6 updated the Riverside City Council on progress establishing a nonprofit revolving loan fund intended to provide accessible working capital and real‑estate loans to local nonprofits.
Jeff McLaughlin of the city manager’s office summarized the program’s history: Council approved the initial framework in March 2024 and $150,000 for startup costs was authorized in 2024. City staff and partners at the Inland Empire Community Foundation (ICF) have set up a loan committee,…
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