# Chain Bridge Bank 20M Credit to NRSC The **[[National Republican Senatorial Committee]]** (FEC **C00027466**) itemised **$20,000,000.00** from **[[Chain Bridge Bank]], N.A.** of McLean, Virginia on its September 2026 monthly report — file **2032982**, coverage 2026-09-01 to 2026-09-30, received 2026-10-20. Treasurer of record: Kristi Broghamer. | Amount | Date | Line | |---|---|---| | **$17,000,000.00** | 2026-09-01 | `SA13` | | **$3,000,000.00** | 2026-09-22 | `SA13` | | **$20,000,000.00** | | | > [!important] This is borrowed money, not given money > Line 13 is **Loans and Loan Repayments Received**. Chain Bridge Bank is a **lender**, not a donor, and > nothing here is a contribution. The $20 million is simultaneously cash in the committee's account and a > **liability on its balance sheet** that has to be repaid with interest. Any reading of the NRSC's > September cash position that treats it as income is wrong. ### The committee's month | Line | Figure | |---|---| | Cash on hand, 2026-09-01 | $18,680,182.61 | | Total receipts | **$51,357,719.11** | | Total disbursements | $41,747,656.12 | | Cash on hand, 2026-09-30 | **$28,290,245.60** | The borrowing is **38.9%** of everything the committee took in during September. The next largest block is $18,044,885.00 of transfers from the **[[Republican National Committee]]** across three rows. Between the two, **$38,044,885.00 of the month's $51.4 million is either borrowed or moved from another party committee** rather than raised from donors in the month. ## Why it matters **Borrowing is what a committee does when its spending schedule runs ahead of its fundraising.** Television and digital inventory in the closing weeks has to be reserved and paid for before the money to pay for it has come in. A $20 million line of credit six weeks out is a committee buying time, and it is a measurable statement about the gap between what the NRSC has committed to spend and what it has actually raised. **It is a cost that outlives the election.** Contributions are spent and gone; a loan is repaid out of next cycle's fundraising. Party committees have carried debt from one cycle into the next before, and the repayment rows on subsequent reports are where that shows up. **It is a lender with one kind of client.** Chain Bridge Bank is a small McLean institution whose name recurs across Republican committee registrations as the depository of record, including on committees formed weeks before the election. Extending eight figures of credit to the party's Senate committee is a different relationship from holding its deposits, and the federal record shows both. > [!note] Why this page exists at all > Until 2026-10-21 a loan fit no category in this site's rules for what gets its own page — it is not a > contribution, a grant, an independent expenditure or a committee formation — so $20 million of credit > would have been recorded nowhere. Loans at or above $5 million now get their own entry. ## Open questions - The terms: rate, maturity, security, and whether the $17M and $3M are one facility or two. - Repayment rows on the NRSC's October and post-election reports. - Whether any other party committee discloses borrowing at this scale this cycle. ## See Also - [[Chain Bridge Bank]] · [[National Republican Senatorial Committee]] · [[Republican National Committee]] - [[Donor Network Hub]] · [[Deals Hub]] · [[2026 Midterms Hub]]