To help The Progress Fund’s borrowers during the business crisis tied to COVID-19 concerns, The Progress Fund has halted automatic withdraws from borrower’s accounts and will not send out invoices for the month of April 2020.
Every small business owner we know is concerned about the ramifications of the business shut-downs that have been suggested or ordered. To immediately help our borrowers, we decided to halt our monthly withdraws and invoicing for April so they can muster their cash for other immediate expenses. We are not charging any fees whatsoever with this relief.
Our borrowers are an important part of the communities we serve. We are pleased our nonprofit organization can support them in this manner at this time. We consider ourselves their long-term partners.
We will continue to evaluate this situation and consider other possible actions to help our borrowers. One possibility under consideration is to roll-out an Emergency Fund to help more businesses with cash-flow issues. Emergency Fund details will be forthcoming if launched.
Inquiries about our loans should be addressed to: email@example.com
Thank you and best regards during this time,
David A. Kahley, President & CEO
Karen Post, Treasurer & CFO