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In what is perhaps an industry first, Kite this week rolled out a small business loan program to help its tenants weather the COVID-19-induced economic storm by offering expedited, low-interest, direct loans.
The program is designed to supplement other available sources of emergency help, such as the Small Business Administration’s Paycheck Protection Program (PPP). PPP initially received a whopping $349 billion in funding but ran out of money less than two weeks after its started. The Senate passed a bill on Tuesday for another stimulus deal that would be worth more than $484 billion, including more than $300 billion for PPP. The House is expected to vote on the bill on Thursday, and President Donald Trump has expressed support.
“Many small businesses in our shopping centers have done everything they can to make it through this period,” said John Kite, chairman and CEO of Kite, a publicly traded REIT. “However, they still need capital to cover expenses until they are fully operational. We recognized our unique ability to help our small businesses in an expedited manner by providing supplemental resources.”
Kite will accept applications from April 24 through May 1 only from tenants with fewer than five locations nationally. Required documents include two years’ worth of operating financials and a current credit report. Tenants may request loans of as much as three months’ worth of operating expenses, including rent, and must personally guarantee the loans.
Kite will award the loans based on a variety of criteria, including tenant credit history, length of tenancy and financial performance. In all, the company — which owns a 17.5 million-square-foot portfolio of neighborhood, community and lifestyle centers — will provide as much as $5 million in assistance under the program.
According to John Kite, his company “has one of the strongest balance sheets and liquidity profiles in the sector, which gives us the unique ability to help our tenants in this trying time.”
By Anna Robaton
Contributor, Commerce + Communities Today