Foundation of NACE Chapter Grant/Loan Program

NACE Chapter Grant/Loan Program

About the Foundation of NACE Chapter Grant/Loan Program

To assist NACE chapters that are experiencing financial issues and opportunities during the Covid-19 pandemic, the Foundation of NACE has created a Chapter Grant/Loan Program.

The Chapter Grant/Loan Program provides grants of $2,000, $3,000 or $4,000 to NACE Chapters to use toward education programming, program development, membership development or general operations. 50% of the financial support will be in the form of a forgivable grant, with the remaining 50% treated as an interest-free loan repaid to the Foundation through annual chapter giving (see below for example repayment schedules).

A chapter receiving a grant/loan is eligible for additional Foundation grants and programs during the grant/loan period as long as loan repayments are current. If a loan repayment is behind, a chapter will be ineligible for additional Foundation grants and programs during the period of time that the chapter is in arrears.

Application and Application Requirements

The Chapter Grant/Loan Program is accepting online applications until September 30, 2020. Before applying, chapter officers must agree on applying to the program and must accept the terms, conditions and policies of the program.

Applications must include a description of the program, the benefit to the chapter and members and include a plan and budget for using the grant/loan.

If approved for funding, chapters must provide the following documentation before funds will be released:

  • Official board meeting minutes approving the grant/loan request, the amount of the request and the repayment schedule for the loan portion
  • Official board meeting minutes acknowledging that the grant/loan request is a board decision for the next several years and not one-year obligation (unless paid back in one year)
  • Official board meeting minutes acknowledging and committing the chapter to budget to repay the loan over its term during the Foundation’s annual Parade of Giving

Application Deadline

Applications must be complete and submitted by September 30, 2020 at 5:00 PM Eastern Time.

Repayment Schedules

Repayment of the loan portion of the Foundation’s investment into the chapter begins in the second year after funding, using the payment schedule outlined below. Loans may be repaid early at any time.

Example Three Year Loan Repayment

  $1000 Loan $1500 Loan $2000 Loan
2020 Grant Loan Funded Grant Loan Funded Grant Loan Funded
2021 $333.33 $500.00 $666.66
2022 $333.33 $500.00 $666.66
2023 $333.34 $500.00 $666.68

 

Example Four Year Loan Repayment

  $1,000 Loan $1,500 Loan $2,000 Loan
2020 Grant Loan Funded Grant Loan Funded Grant Loan Funded
2021 $250.00 $375.00 $500.00
2022 $250.00 $375.00 $500.00
2023 $250.00 $375.00 $500.00
2024 $250.00 $375.00 $500.00

 

Questions and Assistance

If you have questions about the Foundation of NACE Chapter Grant/Loan Program or need additional assistance, please contact us at foundation@nace.net or call us at 410-290-5410.

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