Application Process:
To apply for funds through The Laundromat Project Creative Sustainability Fund, individuals must complete a simple loan application form. This form requires applicants to provide personal information, including their name, contact details, and LP alumni status. Additionally, applicants must specify the amount requested, detail the purpose of the loan, and provide an expected repayment date. The application should also include a brief description of the applicant's current financial situation and explain how the loan will help sustain their livelihood or bridge funding gaps in their creative projects. Once the application is submitted, The Laundromat Project will review the request and, if approved, will discuss the loan terms with the applicant. A Promissory Note outlining the repayment terms will be provided. No credit check is required for the application, ensuring the process remains accessible and supportive for all eligible individuals. For any questions or further information, applicants can contact csf@laundromatproject.org.
Payment Process:
Applications will be accepted and reviewed by The LP’s Director of Finance & Operations and Executive Director twice per calendar year.
Once a Creative Sustainability Fund application is approved, The Laundromat Project will provide a Promissory Note outlining the repayment schedule, which specifies the amount to be repaid by a certain date without interest. Promissory notes must be returned within 3 business days of approval or applications will be canceled and applicants can reapply. The LP will submit the payment request within 5 business days of receiving the signed Promissory Note. After submission, Payment processing typically takes 4-7 business days to complete.
All Borrowers are expected to follow these terms to ensure the fund is available for others. If repayment difficulties arise, borrowers should contact The Laundromat Project as soon as possible to discuss possible extensions or revisions to the loan terms. In some cases, the loan may be converted to a discretionary grant. This ensures support for our alumni community while maintaining the program's sustainability.
Funds will be paid out by our program partner, Brooklyn Cooperative Federal Credit Union, via cash, cashiers check, or electronic deposit to the recipient's bank account. The payment process will be administered directly by Brooklyn Cooperative.
By default, all distributions will include a one-year grace period. Applicants are eligible to receive funds through this program no more than once in each 12 month cycle.