Kresge invests more than $2 million to help nonprofits access PPP loans

Kresge Foundation and other funders have stepped up to help nonprofits that struggled to access Payroll Protection Program loans the first time around. The Troy-based foundation made a $2 million program-related investment in Community Resource Fund, a nonprofit community development financial institution, to exclusively fund U.S. Small Business Administration-backed PPP loans to nonprofits and is supporting technical assistance to help them apply. Loans funded with Kresge's investment were disbursed by CRF to nonprofits before the application period for the $310 billion second round of PPP loans to small businesses and nonprofits even opened on Monday, Aaron Seybert, managing director of Kresge's Social Investment Practice, said in an emailed statement late Monday.