The JP UP Date: Some Good News

Katie Arnold The JP UP date


Number 60                             March 27, 2020                                   St. Louis


Justine PETERSEN Rolls out Covid-19 Assistance Plan to Borrowers
An unprecedented week of challenge for our borrowers demands unprecedented action.  JP staffers have been fielding calls from clients in distress every day, every hour and in turn, attempting to remedy with timely solutions that are both immediate and forward-looking.
Here’s a quick rundown of what we are doing for our borrowers:
•Offering reduced monthly payments on outstanding small business and consumer loans for the next 6 months.
•Offering deferments on loans originated from specific loan funds for the next 6 months.
•Offering workout payment plans for SBA Community Advantage and USDA loans.
•Waiving late payment fees for the months of April and May.
•Reducing the interest rate for new SBA microloans originating in April and May to 6%.
•Connecting borrowers to seasoned professionals for pro-bono technical assistance.
•Offering unabated support, attention and stewardship to each and every client.
CNote and JP Partner to Launch $1Million “Wisdom Fund”
Justine PETERSEN is proud to announce the launch of the “Wisdom Fund” in partnership with CNote.  The $1 million fund will exclusively serve businesses owned by women of color and women-owned businesses located in low-income communities.  CNote is a leader in dynamic and innovative social impact investing, “making it easy for individuals and institutions to invest in a more inclusive economy.”  More specifically, CNote prioritizes partnered investment opportunities with CDFIs (community development financial institutions) such as Justine PETERSEN/Great Rivers Community Capital.  CNote co-founder Yuliya Tarasava site visited Justine PETERSEN recently and shared a photo op with Sheri Flanigan-Vazquez of Justine PETERSEN and Allan Ivie of Simmons Bank, Chair of JP’s Finance Committee.
State of Illinois Announces Hospitality Emergency Grant Program
Illinois Governor J.B. Pritzker announced this week a grant assistance program for small businesses in the hospitality sector that have been impacted by the Covid-19 pandemic.  Justine PETERSEN urges our Illinois-based small businesses to apply in a timely manner, as the application deadline is April 1.
Here is the link to apply:
https://www2.illinois.gov/dceo/SmallBizAssistance/Pages/EmergencySBAIntiatives.aspx
The program is structured as follows:
• Bars and restaurants that generated less than $500,000 in annual revenue last year will be eligible for up to $10,000.
• Bars and restaurants that generated between $500,000 and $1M in annual revenue last year will be eligible for up to $25,000.
• Hotels that generated less than $8 million in annual revenue last year will be eligible for up to $50,000.