Kite Realty Launches $5M Small Business Loan Program for Retail Tenants
Applications will be accepted beginning on April 24 through May 1.
INDIANAPOLIS—Kite Realty Group Trust has launched its KRG Small Business Loan program, a $5 million initiative aimed at KRG tenants. It will provide low-interest loans to select KRG small-business tenants.
“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 Chairman and CEO John Kite, in prepared remarks.
The program is meant to supplement other available sources to help them pay employees, vendors, and other expenses, he added.
The tenants can request a loan amount of up to three months of operating expenses. Applications will be accepted beginning on April 24 through May 1.
Loans will be awarded to tenants based on a variety of criteria, including credit history, length of tenancy, and financial performance.
Kite joins other landlords that have extended financial assistance to tenants during this tumultuous period. Multifamily lender Arbor Realty Trust has rolled out a national $2 million rental assistance program and Camden Property Trust established a $5 million Resident Relief Fund for its residents experiencing financial losses caused by the COVID-19 pandemic. Another example is the Houston Apartment Association, which has kickstarted a fund aimed at providing assistance to apartment renters who have been financially affected by the COVID-19 pandemic. \