No, a group of Lenders and donors are already on LENDonate’s platform and represent a new pool of potential supporters. However, a campaign is more likely to garner attention and be successful if users can see early support through loan bids and donations from the nonprofit’s existing network. For this reason, we recommend that nonprofits ask their network to demonstrate their support on the LENDonate platform early in the campaign.
After receiving completed loan application: 1-2 days for loan approval.
Length of the campaign (prep to funding): 3 weeks to 3 months, depending on size of loan.
Solidarity Loan: we expect a faster turnaround but still dependent on availability of lender funds.
Once the campaign is finished, you will receive the promissory note reflecting the final loan terms; you will receive the loan disbursement 1 to 2 days after forms are signed.
Various use of proceeds is supported – from bridge loans to real estate and construction loans. Visit our Success Stories to read about some of our past borrowers.
Some loans are guaranteed by their supporters. To see how this collateral guarantee feature works, click here. If you are interested, fill out an application and we will contact you.
IRS determination letter
Two most recent IRS Form 990s
Last two years of financial statements (audited, if available)
YTD financials depending on fiscal year end
Most recent debt schedule (if applicable)
2 recent bank statements
Note: Other documents may be requested.
Yes. Click here to preview the application questions.
Your sponsors will be those closest to the organization: executives and board members, and sometimes foundations. Three specific ways to sponsor are:
1. Pledge of cash and/or marketable securities securing 100% of loan by leadership and/or board members.
2. Board member guarantee on 100% of loan – verified as accredited investor.
3. Leadership subordinated debt (at least 50% of loan)
