The DNC arranged a $15 million loan in October to rebuild party infrastructure and increase support for state parties. The borrowing came about a month before Democratic wins in Virginia and New Jersey and a key California referendum. The RNC held a significant cash advantage entering October (about $85M to $12M), and the DNC reported roughly $18M on hand after the loan. Chair Ken Martin says the funds are being used to boost monthly transfers to states and to invest early in competitive races.
DNC Takes $15M Loan to Rebuild Infrastructure and Boost State Support
The DNC arranged a $15 million loan in October to rebuild party infrastructure and increase support for state parties. The borrowing came about a month before Democratic wins in Virginia and New Jersey and a key California referendum. The RNC held a significant cash advantage entering October (about $85M to $12M), and the DNC reported roughly $18M on hand after the loan. Chair Ken Martin says the funds are being used to boost monthly transfers to states and to invest early in competitive races.
11:29 AM, 11/21/2025Politics
The Democratic National Committee took out a $15 million loan in October, an unusually large borrowing this far from a national election, as party leaders work to rebuild organizational capacity and shore up state operations under new leadership.
Federal Election Commission filings show the loan was arranged at the start of October — roughly a month before Democrats recorded important wins in gubernatorial races in Virginia and New Jersey and succeeded in a key redistricting referendum in California, along with several other down-ballot victories.
Those results have energized the party after a difficult previous cycle, even as public polling has shown low favorability for Democrats in many areas. While national committees commonly borrow in the final weeks before an election to fund get-out-the-vote work, taking such a large loan a year out from a national contest is uncommon.
The Republican National Committee entered October with a substantial cash advantage over the DNC, roughly $85 million to $12 million. The DNC’s filing shows it closed the month with about $18 million on hand after completing the $15 million loan.
DNC Chair Ken Martin defended the borrowing as a strategic investment in party infrastructure and state parties. He said the national committee has increased monthly transfers to state parties to more than $1 million and directed more than $3 million apiece to Virginia and New Jersey ahead of those contests — moves that have reduced the DNC’s available reserves for the next nationwide campaign.
“We can’t win elections or fight back against Trump if the D.N.C. downsizes operations like it often does after a presidential cycle,” Martin said. “I made a bet that investing early would build power, rack up wins and rally supporters back to the table. That bet is paying off.”
Party officials framed the loan as a deliberate decision to spend earlier and strengthen state organizations rather than hoard cash — a strategy they say helped deliver recent victories and aims to build momentum ahead of the next national contest.