Kimco relaunches program to help tenants access PPP funds
Retail REIT Kimco Realty has relaunched its tenant assistance program to help tenants access the latest round of PPP financing. Kimco tenants will be able to access funds through BlueVine or Asset Enhancement Solutions. With the latest round of PPP funding providing $ 284 million to small businesses, the company’s goal is to speed up the process and give its tenants a better chance of securing financing.
BlueVine is an official non-bank direct PPP lender. He created an online PPP application to speed up the funding process. In recent rounds of PPP financing, BlueVine has facilitated $ 4.5 billion in PPP loans to 155,000 small businesses, with some clients receiving same-day financing.
Financial advisory firm Asset Enhancement Solutions will help tenants who need more personalized service. Since the start of the pandemic, it has facilitated $ 100 million in PPP funding to more than 800 small businesses. The company works directly with a network of banks to provide better access to financing as well as advice in the application process.
Many landlords have demanded that tenants get P3 financing in exchange for a postponement or reduction in rent during the pandemic. However, in the last round of PPP funding, many retailers did not receive enough funds to cover costs. In an April interview after the initial launch of the PPP program, Craig S. Coan, lawyer at Greenberg Glusker, said many companies were only getting 25% of their initial request, and said more should be spent. money available. . It was in April, before the bitter debate over additional funding.
Kimco’s tenant assistance program helped secure $ 20 million in relief funding last year. This time, the company has revamped the program to address some of the challenges tenants have faced accessing funds in previous cycles. The company does not receive fees or other compensation from BlueVine or AES for the use of their services by tenants.
Kimco has found several ways to support tenants. In addition to working with tenants to secure PPP financing, the REIT launched a curbside pick-up program in its shopping centers to support tenants, many of whom have benefited from a 200% increase in withdrawal orders. Through the program, the company formalized and extended the curbside pickup process for national retailers as well as local mom-and-pop stores.