We recognize that our community-based partners are on the front lines of this crisis and many are facing great urgency to respond to the needs of the people they serve. As always, we will be vigilant and flexible in order to be as responsive as possible to those most affected by the spread of COVID-19.
In response to the Covid-19 crisis, LISC has made several changes to our existing lending policy to better support our borrowers and communities. These changes are outlined below. If you have any questions, please contact email@example.com.
If you are an existing LISC borrower and are facing financial hardships with your construction or small business loan payment, please complete our Construction Impact Survey or Business Impact Survey to help us identify your needs. For any urgent questions or concerns, please reach out to Schirra Hayes, WSHayes@lisc.org.
The following changes will be effective 4/1/20 until further notice;
- LISC will waive late loan payment penalty fees for up to 60 days through 9/30/20 for borrowers who are experiencing business disruption.
- Loan origination periods may be extended by up to 60 days for construction projects that experience delays.
- Good Faith deposits, received within 60 days of 3/17/20, will be refunded to any borrower who, after consideration of the current environment, has decided not to move forward with their project.
Short-term Bridge Loans
We will also offer short-term bridge loans to approved government subsidies until 9/30/20 for borrowers awarded Federal, State or Local Government business disruption support, subject to LISC’s standard terms and conditions; however, LISC’s customary Good Faith deposit of $5,000 will be waived for existing borrowers.
Existing LISC Borrowers, Help Us Identify Your Needs
LISC is committed to working with our private and government funders and non-profit partners to ensure that grant resources continue to flow into the communities that we serve; particularly now when people and neighborhoods need our help more than ever.
Specifically, LISC is:
- Talking to private and government funders about how we could potentially re-focus grant priorities and funding streams to support organizations facing the loss of operational capacity and increased costs due to the COVID-19 crisis. We are also exploring other grant modifications, such as no-cost extensions and budget adjustments so that we can offer similar flexibility to our own grantees.
- Reaching out to LISC’s federal funders, including the Department of Housing and Urban Development, the Department of Labor and the Department of Treasury, to determine how we can temporarily ease some of the compliance burden shouldered by our grantees.
If you currently have an open LISC grant and are concerned that the COVID-19 crisis might impact your organization’s ability to carry out a program or project supported by LISC grant funds, please reach out to your Local LISC Program representative, so that you can discuss the possibility of extending your grant term, or other necessary grant modifications.