Kite sets up $5 million loan program for local retail tenants

Kite Realty Group, which owns and operates scores of power centers and community centers in the United States, has set up a low-interest loan program with a fund aggregate of $5 million for its smaller, local tenants.

Small business tenants can apply between April 24 and May 1 for loans of up to three months of operating expenses. Applicants will be judged based on a variety of criteria that include credit history, length of tenancy, and financial performance. 

“We have many small businesses in our shopping centers that have made every effort to make it through this crisis, but who need additional funds to cover expenses until they are able to fully re-open,” said company chairman and CEO John Kite.

Kite owns interests in 90 properties totaling 17.5 million sq. ft.  anchored by national retailers the likes of Ross Dress for Less, Burlington, Publix, and Target. The heaviest concentrations of the company’s centers are found in Florida, Texas, and the Carolinas. 

“Our small-shop, local tenants are an extremely important part of our business and our local communities,” Kite said. “This program is designed to supplement other available sources to help them pay employees, vendors, and other expenses.