City staff updates council on nonprofit revolving loan fund; members press for budget detail and timeline

Riverside — City staff provided an update on a nonprofit revolving‑loan fund intended to provide capital to local nonprofit organizations, but councilmembers pressed for more detailed financial reporting and a clearer timetable for loan closings.

Jeffrey Club, working with the city manager, said the City and a community foundation partner have established a loan committee and held outreach events; staff reported multiple application windows planned in 2026 and said initial administrative, due‑diligence and program‑design work had been completed in the rollout phase.

Council members repeatedly asked how the figure $75,000,000 — cited during earlier approvals and in public materials — has been allocated and whether loans have closed after roughly 15 months. Staff said an initial $75,000,000 concept is part of the program design and confirmed that a portion of funds remains subject to a plan‑of‑release and that some program setup expenditures (presented in the meeting) are in process; staff said no final loan closings had been reported at the time of the presentation and described ongoing work to finalize the management and launch plan.

Council members asked for a line‑item accounting in future updates and for clearer public materials to show where money has been spent, how much remains available and the schedule for deploying funds to nonprofits. Staff said they will return with additional budget detail and the loan‑committee’s distribution plan.

The update concluded with staff offering follow‑up briefings and the council thanking staff for outreach efforts; a member asked staff to archive the update in the official record.