The Transylvania Times -

United Way Gets $60,000 Loan – Transylvania County, NC

 

Last updated 10/16/2019 at 3:34pm



The United Way of Transylvania County recently signed an agreement to receive a $60,000 stop-gap loan from a private citizen to cover recent cash flow challenges, according to a press release.

The loan offer came about as a direct result of the announcement that United Way was delaying disbursement of its first-quarter allocations to funded partners for local programs.

“We were pleasantly surprised to receive a phone call from one of our neighbors who had read the article in The Transylvania Times,” said Rick Houck, interim United Way CEO. “The loan, which was made under the condition of anonymity, will help us fund important social services in our community until we can access a reserve fund in November.”

The loan allowed United Way to mail or hand-deliver first-quarter allocations checks for all 15 of its partnership programs.

“Of course, our hope is that we will receive enough donations to help us continue supporting local nonprofits,” Houck said. “We support a number of programs in a variety of ways, and we want to make sure that the services they provide to children, adults and seniors continue to thrive.”

As previously reported, the United Way had not met its projection of $315,000 to the nonprofit agencies the United Way agreed to fund by Sept. 30 but hoped to do so in November. Houck said there had been a $60,000 “shortfall” in funds “between what we hoped to have in total income and what we got.”

 
 

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