New York, NY —
Some local non-profits are praising the Bloomberg Administration's plan to assist social service agencies and cultural institutions that are struggling during the recession. Several initiatives are aimed at streamlining the contracting process so those that do business with the city get paid faster.
Ronald Soloway of the UJA Federation says traditionally it takes six months or more to receive money once a contract is approved.
SOLOWAY: So if we can get that time frame down to two or three months, which is probably a reasonable time frame, that's going to make a major difference in terms of the ability of agencies to manage their finances and provide the level of service that's expected from them.
REPORTER: The city will also sponsor mentorships between business executives and non-profit directors who are trying to cope with shrinking contributions and endowments.
There's also a proposal to increase bridge loans for organizations with cash flow problems. The plan must be approved by the City Council.