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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, identified lending partners and developed outreach and management plans; ICF convenes a loan committee monthly and the first in‑person information meeting is scheduled for Jan. 13 at the main library, McLaughlin said.
Michelle Decker of the Inland Empire Community Foundation told council the foundation has received six full or partial applications from Riverside nonprofits since the program opened and that San Bernardino County has pledged $3,000,000 to expand geographic reach and bolster the city’s investment.
Council members sought more financial detail. Council Member Mill asked how the previously authorized $75,000 had been spent; McLaughlin said $75,000 funded program setup, including a nationwide RFP for a lending partner and legal groundwork, and that the second half of setup funding had not been released pending completion of management and outreach plans. Decker added that the Community Foundation has not billed the city for its partnership work and that philanthropic donors (Weingart Foundation) have contributed for staffing support.
Council Member Falcone expressed skepticism about using limited city funds for startup costs while critical local services were underfunded; other councilors pressed staff to provide a spend breakdown and background materials to the council and public.
Next steps: staff agreed to provide the requested budget breakdown and continue outreach; applications will be reviewed in upcoming cycles. Council did not take a vote on policy changes at this meeting.
