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Q&A
Discussion on collaboration with Fund for the City of New York for bridge loans
1:00:00
ยท
67 sec
Council Member Brewer inquires about MOCS's collaboration with the Fund for the City of New York regarding bridge loans for nonprofits. Director Flores confirms their partnership and ongoing efforts to address funding issues.
- Brewer suggests a meeting with bridge loan providers to address ongoing frustrations
- Flores affirms a strong partnership with the Fund for the City of New York
- MOCS runs the Returnable Grant Fund (RGF) program in collaboration with the Fund
- There is ongoing communication and collaboration to improve loan programs and decision-making processes
Gale A. Brewer
1:00:00
The only other thing I'll stop is fun for the city of New York.
1:00:02
I assume you're in touch with them because they're the ones doing some of these bridge loans.
1:00:06
Yes.
1:00:06
Obviously, are other places too.
1:00:08
They're frustrated beyond belief.
1:00:10
So I don't know, maybe having a conversation with them in addition because they too are getting massive complaints or anybody else who's doing these bridge loans to have a, like, bridge loan meeting or something so that you can see.
1:00:24
Because anybody who's taken out these loans is not getting their money, and they're owed money.
1:00:28
Otherwise, they wouldn't get the bridge loan.
Lisa Flores
1:00:30
Yeah.
1:00:30
We have a great partnership with Frontline the City of New York, as you know, that goes back many years.
1:00:35
And in addition to running the RGF program out of our office, that coordination and partnership is also informing the other programs that they have and informing us in how we're making decisions on loans.
1:00:47
But there is no lack of collaboration and open, honest communication around where we need to do better.
1:00:57
And I commit to you, and as I said at the beginning of this hearing, the staff at MOX is 1000% committed to this work, and this work will continue.
1:01:06
MOX