JERICHO, NY – (COMMERCIAL THREAD) –Kimco Realty Corp. (NYSE: KIM), one of North America’s largest publicly traded owners and operators of outdoor shopping malls, anchored grocery stores and mixed-use assets, today announced that the company has Newly rolled out its Tenant Assistance Program (TAP) to help small business tenants apply for a share of the $ 284 billion in Paycheck Protection Program (P3) funds recently approved under the latest bill federal COVID-19 relief.
Kimco has identified two forms of assistance to choose from for tenants wishing to apply for PPP funds, both of which are completely complementary. First, Blue Vine, a leading provider of small business banking solutions and an official non-bank PPP lender, has created an online PPP application for tenants that uses cutting-edge technology to speed up and automate the application process. The company reported that it has provided nearly $ 4.5 billion in PPP loans to 155,000 small businesses in previous funding rounds, with some applicants receiving same-day funding, although many banks were unable to follow the high volume of requests. BlueVine will support both initial drawdown and second drawdown PPP loans for existing and new customers through their online dashboard.1
For tenants looking for more personalized assistance, Asset Improvement Solutions, LLC (AES), a financial advisory firm that helped more than 800 small businesses access more than $ 100 million in PPP financing last year, is also available to help tenants assess their options, eligibility, understand the loan terms and put together the required application documents. AES is an agent for a number of major banks and can advise tenants on their options based on their individual business needs. The AES team will provide detailed assistance to tenants throughout the application process and can also provide multilingual support to tenants speaking Mandarin, Spanish, Vietnamese and Portuguese.
“Many of Kimco’s small business tenants are still in desperate need of additional financing, and it remains our top priority to do what we can to help them survive,” said Conor Flynn, President and CEO of Kimco. “While our Tenant Assistance Program helped tenants access approximately $ 20 million in relief funds earlier this year, we learned from that experience and redesigned a program that we believe will eliminate many of the barriers that small business owners face in accessing PPP loans. the first time. Our goal is that every eligible tenant in need of financing can get a loan. ”
The Tenant Assistance Program is just one part of Kimco’s multi-pronged approach to supporting tenants throughout the COVID-19 crisis. Since the outbreak of the virus in the United States, Kimco has focused on regular communication with tenants by email and via COVID-19 Response Web Page, where the company continues to share information on federal and local funding programs as well as proprietary initiatives such as Kimco Curb Pickup® Program and accelerating outdoor dining approvals for restaurant tenants.
Kimco does not receive any fees or other compensation from BlueVine or AES for the use of their services by tenants.
Kimco Realty Corp. (NYSE: KIM) is a real estate investment trust (REIT) headquartered in Jericho, New York that is one of North America’s largest publicly traded owners and operators of centers open-air commercial and mixed-use assets. . As of September 30, 2020, the company held interests in 400 U.S. shopping centers and mixed-use assets comprising 70 million square feet of gross rental space primarily concentrated in major metropolitan markets. Listed on the NYSE since 1991 and included in the S&P 500 index, the company has specialized in the acquisition, development and management of shopping centers for over 60 years. For more information, please visit www.kimcorealty.com, the company’s blog on blog.kimcorealty.com, or follow Kimco on Twitter at www.twitter.com/kimcorealty.
The company announces important information to its investors using the company’s investor relations website (investors.kimcorealty.com), SEC filings, press releases, public conference calls and webcasts. The company also uses social media to communicate with its investors and the public, and information that the company posts on social media can be considered material information. Therefore, the company encourages investors, the media and others interested in the company to review the information it posts on the company blog (blog.kimcorealty.com) and social networks, including Facebook (www.facebook.com/kimcorealty), Twitter (www.twitter.com/kimcorealty), Youtube (www.youtube.com/kimcorealty) and LinkedIn (www.linkedin.com/company/kimco-realty-corporation). The list of social media channels the Company uses may be updated from time to time on its Investor Relations website.
1 Paycheck Protection Program (“PPP”) loans through BlueVine are made by one or more lenders approved by the US Small Business Administration (“SBA”). Loan agreements identify the issuing small business lender upon signing. The approval and cancellation of the loan is subject to the ability of the applicant to meet the eligibility criteria set by the government.