In this time of uncertainty, nonprofits and social enterprises are being hit hard. Many of you have reached out to Open Road directly to share how COVID-19 is already impacting your organization and work.
The effect of the COVID-19 pandemic on the impact sector has reached natural disaster proportions in its scope and scale, which means that the global need for our ‘emergency’ capital vastly outstrips our available resources. Given this reality, we have decided to use our limited resources to best serve the sector under the following circumstances:
- As of June 2020, we updated our grantmaking process to reflect our original criteria with our broader focus on keeping impact on track, beyond just flattening the curve. Details provided below.
Open Road will be offering four loan products to organizations affected by COVID-19:
- Lost Event Revenue
- Accelerating Incoming Emergency Funds
- Co-investment to Support Social Enterprises
- Deep Impact Loans
As always, all of our grant and loan products will be subject to Open Road’s traditional criteria:
We only make a loan or grant to an organization that is (1) otherwise fully funded, then (2) hit an unexpected, external roadblock (i.e., COVID-19), where (3) Open Road’s loan can fully solve the problem at hand and (4) demonstrate the potential to create catalytic impact. In this time of exceptional need, we will be prioritizing impact.
Reward: Up to $100,000 USD
Deadline: Accepted on a continuous basis