Number 81 August 21, 2020 St. Louis
First Bank Invests $250k into JP’s Covid 19 Relief Fund for Illinois Small Businesses
Justine PETERSEN is most grateful to First Bank’s recent $250k investment into Justine PETERSEN’s recently birthed Covid 19 Relief Fund for Small Businesses located in central and southern Illinois. The innovative loan fund is structured as a special purpose vehicle (SPV) that allows financial institutions and others to make investments into a fund that would provide deployable capital to central and southern Illinois businesses impacted by Covid 19.
The capitalized loan fund will deploy small business loans as part of the Illinois Department of Commerce and Economic Opportunity’s (DECO) Covid 19 relief program for small businesses. Justine PETERSEN is the CDFI partnering with DCEO for small businesses located in central and southern Illinois. The maximum loan size is $50,000, amortized over 5 years at a fixed 3%.
JP’s Tamra Thetford Discusses Credit Builder Loans on Credit Builders Alliance (CBA) Webinar
Tamra Thetford, JP’s Chief Program Officer, presented on the Credit Builders Alliance webinar: The Mechanics of Credit Builder Loans. Credit Builder Loans (CBLs) are unique in the small dollar lending world. Secured by the loan proceeds with no money exchanged up front, they have the sole purpose of helping people (re)build credit. CBLs are a credit building stepping stool and gateway to other financial products. Tamra shared Justine PETERSEN’s experience offering credit builder loans with other nonprofits and our lessons are included in the Credit Builder Loan Toolkit.
JP Staffers Participate in Spitfire Strategic Communication Training thru JPMorgan Chase
JP staffers Maria Gomez and Tamra Thetford recently attended the St. Louis JPMorgan Chase Spitfire Strategic Communication Training. This virtual three half-day training program was customized to enhance the communication capacity and skills of nonprofits, focusing on crisis communications with tips on how to best communicate during and after the pandemic. Participants learned SMARTIE objectives, messaging, ethical storytelling, and how to share a quick and meaningful spiel. Spitfire coaches supported staff members in the development of a successful strategic communication plan to achieve our goals. It was incredibly lifting to see so many powerful leaders and change-makers learn, exchange, and grow together—all for the benefit of our beloved community. Now more than ever, clear communication strategies are vital to organizational success, and we are looking forward to the impact this training will produce in our organization for our clients.
Pandemic Pet Picture (the “other” PPP)
JP staffer Megan Cron is handling the life during Covid “in stride.” Along with her horse-friend Grayson, they are combatting the stampede of various stresses by remaining committed to their training regimen. Pictured are Megan and Grayson just a few weeks ago kicking up some dust on a hot July evening.