Small business owners in Park City now have a Guardian Angel to help their businesses survive the COVID-19 shutdown.
The Change Reaction, a non-profit organization founded by part-time philanthropists and Parkites Greg and Jodi Perlman, has launched the Small Business Angel Fund, which will be administered by the Jewish Family Service.
The funds will provide interest-free loans ranging from $ 5,000 to $ 25,000 to eligible local businesses, said Ellen Silver, executive director of the Jewish Family Service.
To be eligible, businesses must be located in Park City and submit proof of one-time 12-month rent payment through March 2020, Silver said.
“We will work with every business owner to make payment arrangements,” she said. “The loan repayment terms will be tailored to the borrower’s ability to repay, and when people repay their loans, the money is added to the fund to help others. “
Applications will also be accepted from sole proprietors who depend on the income generated by their business and need support to meet their basic needs until they can reopen their doors, Silver said.
In addition to the loan, companies will receive ongoing support, including assistance with restructuring lease obligations, credit reviews and a review of operational plans, she said.
The Perlmans, who have set up funds across the country to help small business owners, contacted the Jewish Family Service a few weeks ago, according to Silver.
“As a result of the reaction to the change, they set up programs with Jewish free loan organizations in Los Angeles and New York,” she said. “Since they have a second home here in Park City, their heart is here and they wanted to make sure they could help the local business owners here. So they contacted Jewish Family Service because we have an interest free loan program that we offer to individuals. “
“What we’re trying to do here is provide a simple, streamlined process to help local small businesses in need in a city we love very much,” said Greg Perlman. “We all have a role to play in supporting the most vulnerable during this crisis. My wife and I have decided to dramatically increase our philanthropy during this crisis because if not now, when?
Silver is excited to be working with the Perlmans with the Angel Fund, which is part of the Jewish Family Service’s mission to be a care management resource for the Park City area.
“JFS has provided mental health and safety net services to Park City, and this is an exciting new way for us to help our community,” she said. “These small business owners are so important to our economy. We hope the loans will help them stay open or reopen. We are honored to be asked to manage this fund.