Like so many nonprofit organizations, HERE Arts Center encountered a cash crunch this year, and also like so many nonprofits, its borrowing options were limited. The organization had assets, including a recently renovated building serving as its theater, community space, and headquarters, but the building was already mortgaged by a bank. They needed a lender that approached the relationship with mutual trust, support, and collaboration, rather than simply credit risk and collateral.
They found just that kind of lender with FJC and HERE Arts Center Board Chair Jennifer Suh Whitfield. She and her husband Benjamin quickly opened a Donor Advised Fund (DAF) account at FJC and contributed appreciated stock that, when liquidated, capitalized a $200,000 loan to the organization. FJC closed in the loan within two days of opening the account.
“The loan came at a crucial time of transition for HERE, and has been a key part of setting our new leadership team up for success as we steward this season of extraordinary art and build towards a thriving future for the organization.”
– The Co-Directors of HERE Arts
“Through our DAF account, FJC provided a loan to HERE quickly, and at a lower interest rate than what was otherwise available from FJC or other lenders,” explains Ms. Whitfield. “We have long been supporters of this organization, and this is just another tool we can use to help the organization smooth out its business operations.”
Founded in 1993, HERE was envisioned as a welcoming, safe environment that could attract and launch a variety of artists. Since its inception, HERE has been home to such acclaimed artists and works as Eve Ensler’s The Vagina Monologues, Taylor Mac’s The Lily’s Revenge, and Basil Twist’s Symphonie Fantastique. HERE has produced and presented over 1,200 original works, served over 15,000 artists, and welcomed over one million audience members. HERE’s work and artists have received 16 OBIE Awards, 2 Pulitzer Prizes, 6 Drama Desk nominations, 2 MacArthur “Genius Grant” Fellowships and most recently, 7 Tony nominations.
“We have long been supporters of this organization, and this [loan] is just another tool we can use to help the organization smooth out its business operations.”
– Jennifer Suh Whitfield
“We are thrilled to receive this support from Jennifer, Benjamin, and FJC,” the co-directors of HERE Arts Center—Annalisa Dias, Jesse Cameron Alick, Lanxing Fu, and Lauren Miller—said in a statement. “The loan came at a crucial time of transition for HERE, and has been a key part of setting our new leadership team up for success as we steward this season of extraordinary art and build towards a thriving future for the organization.”
