Helping Nonprofits That Give Back
In the wake of the COVID-19 pandemic, the BECU Foundation and Mastercard have partnered to support nonprofit organizations in Washington state to enable the recovery, resiliency and stabilization of nonprofits and micro, small, and medium enterprises (MSMEs) that have been the most affected. The Momentum Grants Program is by invitation only, will help to facilitate recovery by replenishing funds lost during this difficult time, enable economic development organizations to make capital available to entrepreneurs in unique ways and create a space for testing, learning, and long-term scale. If approved, grant amounts of $50,000 will be awarded.
These grants expand the reach of recipient nonprofit organizations by:
- Making capital available to entrepreneurs, either directly through loans, or indirectly by acting as collateral or loan loss reserves
- Supporting the ongoing and deep technical assistance provided to entrepreneurs by these nonprofits
- Building capacity within Community Development Financial Institutions (CDFIs), specifically related to using technology to increase efficiencies for underwriting, origination, and loan servicing