Indianapolis-based Kite Realty Group Trust (NYSE: KRG) has launched the KRG Small Business Loan program. The real estate investment trust says the program is designed to provide low-interest loans to its small business tenants.
Kite says the program will provide up to $5 million in assistance and will allow tenants to request a loan amount of up to three months of operating expenses.
“We have many small businesses in our shopping centers who have made every effort to make it through this crisis, but who need additional funds to cover expenses until they are able to fully re-open,” said John Kite, chairman and chief executive officer of Kite Realty Group. “This program is designed to supplement other available sources to help them pay employees, vendors, and other expenses. Our small-shop, local tenants are an extremely important part of our business and our local communities, and we will continue to look for creative ways to help them through this period.”
Kite says its will accept applications through May 1. Loans will be awarded to tenants based on credit history, length of tenancy, and financial performance.
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