Maryland Nonprofit, Interest-Free, Micro Bridge Loan Account
Last Updated on Sep 11, 2023 at 10:28am | Financial Incentives
The program provides short-term financing support to qualifying nonprofit entities between the award date of a government contract and the actual receipt date of those awarded funds.
Nonprofits receiving NIMBL funding must be located in the State of Maryland and determined by the Internal Revenue Service to be exempt from taxation under Section 501(c) (3), (4), or (6) under the Internal Revenue Code.
?Other Requirements Include:
- Nonprofit entity must provide written confirmation from the government entity of funding from government grants or contracts but have not yet received funding.
- Loans cannot exceed $25,000.
- Repayment of the Loan must be no later than the date of the final grant or contract payment to the nonprofit entity.
- Loan funds may be used for operating expenses only.
To learn more about NIMB, please visit the the NIMBL web page
or contact Darla Garrett at (410) 767-6963.