Jericho, NY Kimco Realty Corp. is piloting a Tenant Assistance Program (TAP), complimentary to tenants, to assist them in identifying and applying for applicable federal and state loans to help their businesses survive the financial impact of the coronavirus disease 2019 (COVID-19) pandemic.
Kimco and its subsidiaries are working in partnership with law firms to provide assistance to tenants seeking government-sponsored disaster relief loans. The company is providing this program at no cost to its tenants. Legal professionals will assist tenants in identifying suitable loan programs, identifying potential lending institutions, and preparing and submitting applications.
“We are fully committed to the long-term success of our tenants, and we understand that immediate access to capital may be critical in keeping their businesses afloat over the coming months,” stated Conor Flynn, Kimco’s CEO. “We’re also aware that the process of identifying, evaluating, and applying for the many available funding opportunities can be overwhelming and daunting for business owners. Our Tenant Assistance Program will enable our tenants to act quickly in applying for much-needed assistance that can help ensure their future viability.”
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TAP services are now being rolled out to tenants in California and Florida with plans to extend the program to other states across the portfolio in the coming days and is one facet of Kimco’s multi-pronged approach to tenant support throughout the COVID-19 crisis.
The Tenant Assistance Program is one facet of Kimco’s multi-pronged approach to tenant support throughout the COVID-19 crisis. Since the outbreak of the virus in the U.S., Kimco has focused on regular communication with tenants both via email and through the company’s COVID-19 Response webpage, which includes a host of resources and funding opportunities for small businesses. Additionally, through Kimco’s national partnership with SCORE, America’s premier source of free and confidential advice for small businesses, the company is offering an exclusive webinar for its tenants that will provide an overview of various funding opportunities available through the U.S. Small Business Administration. Kimco tenants will also have access to SCORE’s free remote mentoring services.