A new small business loan program recently launched by Kite Realty Group Trust (NYSE: KRG) is trying to give its tenants a “bridge to the other side” during the current economic uncertainty, said Kite Realty chairman and CEO John Kite.
In the May 1 edition of the REIT Report, Kite said the company is “on the front lines of this thing as it relates to the small business community.” The KRG Small Business Loan program will provide up to $5 million in total assistance and allow Kite’s small business tenants to request a loan amount of up to three months of operating expenses.
Kite said the idea to assist the REIT’s tenants, who were having difficulty accessing the Paycheck Protection Plan, “gained steam very quickly inside the company.”
The reaction to the program so far has been positive. “We fully anticipate looking to lend out as much as we can in this program,” Kite said.
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