The JP UP Date: More Good News

Katie ArnoldThe JP UP date

Number 61                            April 3, 2020                                   St. Louis

Justine PETERSEN Offers SBA Payment Protection Program Loans under CARES Act
Today witnessed the nationwide launch of a new SBA loan product aimed at addressing businesses across the nation impacted by the Covid-19 pandemic.  Justine PETERSEN, as an SBA approved lender, is offering the new loan program which will provide up to $349 billion in forgivable loans to small businesses to pay their employees during the Covid-19 crisis.  Sole proprietors may also apply, and in addition to payroll expenses, costs associated with mortgage interest, rent and utility costs may also be covered.  For more information on how to apply for a PPP loan with JP, please contact Aida Richardson at arichardson@justinepetersen.org.
Illinois Dept. of Commerce & Economic Opportunity Rolls Out Covid-19 Relief Program
The Illinois Department of Commerce & Economic Opportunity is partnering with Justine PETERSEN and other CDFIs (community development financial institutions) throughout the state to offer low interest small business loans to Illinois businesses impacted by the Covid-19 pandemic.  Maximum loan size is $50,000 with an interest rate of 3% amortized over 5 years.  Loan proceeds may be used for working capital or to address other costs incurred during or as a result of the Covid-19 crisis.  For more information contact JP staffer Galen Gondolfi at ggondolfi@justinepetersen.org or call 314.565.2223.
Kuts by Kurtis Purchases Commercial Storefront on Chippewa Street in South St. Louis City
There are indeed good things happening amidst the Covid-19 pandemic. Long time neighborhood business and community anchor Kuts by Kurtis recently closed on the purchase of a commercial property located at 3328 Chippewa Street in South St. Louis that has housed one of two barber shops owned and operated by St. Louis hair icon Curtis York. Curtis’s two locations, on Cherokee Street and Chippewa Street, have served as neighborhood hubs for community engagement and information sharing over the years. Justine PETERSEN, in partnership with Simmons Bank and 20th Ward Alderwoman Cara Spencer, crafted a financing package that realized Curtis’s ambition to purchase the Chippewa location.
This Bud’s for YOU!
The equivalent of drinking a cold one on a summer afternoon in the Lou is your business receiving exacting financial guidance and counsel from Bud Carlson during this time of crisis.  Bud has been at the beck and call of JP small businesses experiencing duress during the Covid-19 pandemic.  An amazingly seasoned financial expert, Bud has served as Chief Financial Officer (CFO) for various entities, and is currently the General Manager of the Philadelphia Shakespeare Theater.  Based in St. Louis, Bud is partnering with JP to not only provide financial triage for our small businesses during this time of unprecedented duress, but also to provide comprehensive financial counsel that is forward-looking and nimble.