$20M in bonds for nonprofits

The state recently opened a new source of funding for a broad swath of nonprofits.

Gov. Dannel P. Malloy recently announced the launch of a new bond pool of  up to $20 million specifically designated for nonprofit community-based organizations that provide health and human services through contracts or agreements with state agencies.

The program is designed to help nonprofits that do business with the state invest in new efficiencies so they can enhance the delivery of services.

“Connecticut”™s nonprofit organizations serve every resident of Connecticut and play a substantial role in maintaining our safety net,” said Malloy, who proposed the program earlier this year. “By supporting capital purchases that enhance service delivery, efficiency and effectiveness and addressing health, safety and accessibility issues, nonprofit agencies can focus on what they do best ”“ getting services to those who need them most.”

Under legislation adopted during the recently adjourned legislative session, the State Bond Commission is authorized to issue up to $20 million in bonding to support eligible projects, which are dependent upon the review and approval of the Office of Policy and Management.

Applications for the first round of funding must be received by Oct. 4. Guidelines and application instructions will be made available on the OPM and Department of Administrative Services websites, according to the governor”™s office.