Kimco Realty’s Tenant Assistance Program (TAP) Will Help Small Businesses Access Latest Round of PPP Funding

Rhea-AI Summary

Kimco Realty Corp. (NYSE: KIM) has launched its Tenant Assistance Program (TAP) to aid small business tenants in accessing funds from the recently approved $284 billion Paycheck Protection Program (PPP). The program offers two assistance options: an online application through BlueVine, which previously facilitated nearly $4.5 billion in loans, and personalized support from Asset Enhancement Solutions for application materials and eligibility assessment. CEO Conor Flynn emphasized the priority of supporting tenants amid ongoing funding needs.

Positive

• Deployment of Tenant Assistance Program (TAP) to help tenants access $284 billion in PPP funds.
• Partnership with BlueVine for an expedited online PPP application process.
• Personalized support from Asset Enhancement Solutions for tenants needing assistance.
• Kimco's previous TAP helped secure approximately $20 million in relief funding.

Negative

• None.

Kimco Realty Corp. (NYSE: KIM), one of North America’s largest publicly traded owners and operators of open-air, grocery-anchored shopping centers and mixed-use assets, today announced that the company has once again deployed its Tenant Assistance Program (TAP) to assist small business tenants in applying for a share of the $284 billion in Paycheck Protection Program (PPP) funds recently approved under the latest federal COVID-19 relief bill.

Kimco has identified two forms of assistance to choose from for tenants interested in applying for PPP funds, both completely complimentary. First, BlueVine, a leading provider of small business banking solutions and an official direct non-bank PPP lender, created an online PPP application for tenants that uses advanced technology to expedite and automate the application process. The company reported that it delivered nearly $4.5 billion in PPP loans to 155,000 small businesses during the previous funding rounds, with some applicants receiving same-day funding, even as many banks were unable to keep pace with the large volume of applications. BlueVine will support Initial and Second Draw PPP loans for existing and new customers through their online dashboard.¹

For those tenants seeking more personalized assistance, Asset Enhancement Solutions, LLC (AES), a financial advisory firm that helped more than 800 small businesses access over $100 million in PPP funding last year, also is available to support tenants in evaluating their options, their eligibility, understanding loan terms and assembling the required application materials. AES is an agent for a number of large 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 for tenants speaking Mandarin, Spanish, Vietnamese and Portuguese.

“Many of Kimco’s small business tenants are still in desperate need of additional funding, and it continues to be our top priority to do what we can to help them survive,” said Conor Flynn, Kimco’s Chief Executive Officer. “While our Tenant Assistance Program helped tenants access approximately $20 million in relief funding earlier this year, we’ve taken the lessons learned from that experience and redesigned a program we think will eliminate many of the hurdles that small business owners faced in accessing PPP loans the first time around. It is our goal that every eligible tenant in need of funding is able to secure a loan.”

The Tenant Assistance Program is just one component 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 via both email and through the company’s COVID-19 Response webpage, where the company continues to share information on federal and local funding programs as well as proprietary initiatives such as Kimco’s Curbside Pickup® program and the fast-tracking of outdoor dining approvals for restaurant tenants.

Interested tenants who have not received information on the program should email TAP@kimcorealty.com for more information, or visit Kimco’s COVID-19 Response webpage.

Kimco is not receiving fees or other compensation from BlueVine or AES for tenants’ use of their services.

About Kimco

Kimco Realty Corp. (NYSE:KIM) is a real estate investment trust (REIT) headquartered in Jericho, N.Y. that is one of North America’s largest publicly traded owners and operators of open-air, grocery-anchored shopping centers and mixed-use assets. As of September 30, 2020, the company owned interests in 400 U.S. shopping centers and mixed-use assets comprising 70 million square feet of gross leasable space primarily concentrated in the top major metropolitan markets. Publicly traded on the NYSE since 1991, and included in the S&P 500 Index, the company has specialized in shopping center acquisitions, development and management for more than 60 years. For further information, please visit www.kimcorealty.com, the company’s blog at blog.kimcorealty.com, or follow Kimco on Twitter at www.twitter.com/kimcorealty.

The company announces material 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 the information the company posts on social media may be deemed material information. Therefore, the company encourages investors, the media, and others interested in the company to review the information that it posts on the company’s blog (blog.kimcorealty.com) and social media channels, 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 that the company uses may be updated on its investor relations website from time to time.

¹ Paycheck Protection Program (“PPP”) loans through BlueVine are made by one or more approved U.S. Small Business Administration (“SBA”) lenders. Loan agreements identify the issuing lender to small businesses at signing. Approval and loan forgiveness are subject to an applicant's ability to meet government-set eligibility requirements.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210114005177/en/

FAQ

What is Kimco Realty's Tenant Assistance Program (TAP)?

The Tenant Assistance Program (TAP) helps small business tenants access funds from the Paycheck Protection Program (PPP) approved under the federal COVID-19 relief bill.

How much funding is available through the PPP for small businesses?

The recently approved PPP provides $284 billion in funds for small businesses.

What assistance options are provided to tenants applying for PPP funds?

Tenants can choose between an online application via BlueVine or personalized support from Asset Enhancement Solutions.

What was the amount of relief funding accessed through Kimco's previous TAP?

Approximately $20 million in relief funding was accessed through Kimco's previous Tenant Assistance Program.

What is the role of BlueVine in Kimco's assistance program?

BlueVine provides an expedited online PPP application process for tenants, having previously issued nearly $4.5 billion in loans.