TechSoup, a nonprofit provider of technology solutions for civil society organizations, has announced a $4 million loan from the Nonprofit Finance Fund in support of an expansion of its global distribution network.
The loan, which was made as part of the organization’s recently announced $11.5 million capital campaign, will enable TechSoup to scale its core programs, with the additional support targeted to late-stage research and development, product testing, and service expansion. In 2017, TechSoup connected more than a million nonprofits worldwide, distributing donated and discounted technology, knowledge, and other resources valued at nearly $2 billion. In 2004, San Francisco-based TechSoup established a line of credit with NFF to scale its NGO Tech Marketplace nationally. Double-digit growth of its customer base and revenue enabled the organization to pay back the loan ahead of schedule.
"We are proud to continue to partner with TechSoup as they increase access to much-needed technology across the U.S. and global social sectors," said Norah McVeigh, managing director of financing at NFF.
"We are grateful for NFF's support of the next-generation NGO Tech Marketplace and our growing Global Data and Validation Services initiatives," said TechSoup CEO Rebecca Masisak. "In an increasingly digital world powered by 'services first, cloud first' approaches and threatened by security and data privacy concerns, digital strategies are even more critical for the estimated twelve million NGOs. And TechSoup's 'Common Data Model' for global nonprofit validation will power collaboration at new levels."